indie Semiconductor, Inc. (INDI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: November 07, 2025

Risk Assessment Details

Potential Dilution: 82.03% of current shares
Recent Dilution: 18.94% (2 years)
Historical Dilution Factor: moderate recent dilution
Outstanding Shares
200M
Potential Supply
160M
Additional shares possible
Splits
None
Past 2 years

Summary

INDI currently has 199M outstanding shares. with significant dilution risk as 164M authorized shares could dilute existing holders by 82.0%. The company has diluted shareholders by 18.94% over the past 2 years through share issuances.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Nov 07, 2025

10-Q filing | 199.3M shares outstanding

200M 160M
Aug 08, 2025

10-Q filing | 195.4M shares outstanding

200M 160M
May 12, 2025

10-Q filing | 191.5M shares outstanding

190M 160M
Mar 03, 2025

10-K filing | 175.0M shares outstanding

180M 160M
Nov 08, 2024

10-Q filing | 179.5M shares outstanding

180M 160M
Aug 09, 2024

10-Q filing | 170.2M shares outstanding

170M 160M
May 10, 2024

10-Q filing | 164.6M shares outstanding

160M 160M
Mar 21, 2024

S-3 filing: This S-3 filing relates to a secondary offering of up to 525,000 shares of Class A common stock by a selling securityholder.

160M 160M
Feb 29, 2024

10-K filing | 164.5M shares outstanding

160M 160M
Nov 13, 2023

10-Q filing | 147.0M shares outstanding

150M 160M
Nov 09, 2023

8-K filing: Indie completed an exchange offer, issuing 7,027,517 shares of Class A common stock for 24,658,461 warrants, and subsequently issued 703,176 shares for the remaining 2,741,426 untendered warrants.

140M 160M
Oct 25, 2023

8-K filing: Indie Semiconductor, Inc. closed its offer and consent solicitation relating to its outstanding warrants and will exchange all remaining untendered warrants for Class A common stock at an exchange ratio of 0.2565 shares of Class A common stock for each warrant, with November 9, 2023 as the exchange date.

140M 160M
Sep 18, 2023

8-K filing: Indie Semiconductor, Inc. completed the acquisition of Exalos AG and issued approximately 6.6 million shares of Common Stock at closing, with the potential to issue additional shares up to $20 million based on earnout targets.

140M 160M
Sep 18, 2023

S-3 filing: This is an S-3 filing for a secondary offering of up to 10,070,008 shares of Class A common stock by selling securityholders.

140M 160M
Aug 11, 2023

10-Q filing | 142.0M shares outstanding

140M 150M
May 15, 2023

10-Q filing | 131.5M shares outstanding

130M 150M
Mar 31, 2023

S-3/A filing: This is an S-3/A filing for a secondary offering of up to 20,481,660 shares of Class A common stock by selling securityholders.

140M 150M
Mar 28, 2023

10-K filing | 140.3M shares outstanding

140M 150M
Mar 14, 2023

S-3 filing: This is an S-3 filing for a secondary offering of up to 20,481,660 shares of Class A common stock by selling securityholders.

120M 150M
Mar 03, 2023

8-K filing: Indie issued approximately 9.4 million shares of Common Stock at the closing of the Merger and may issue up to a maximum of approximately 10.6 million shares of Common Stock to the then existing securityholders of GEO assuming full achievement of the earnout targets.

120M 130M
Feb 22, 2023

8-K filing: indie Semiconductor, Inc. acquired Silicon Radar GmbH through its subsidiary Symeo GmbH, with consideration including $9 million in cash and approximately 980,000 shares of Class A common stock.

120M 130M
Nov 21, 2022

8-K filing: Indie Semiconductor, Inc. sold $160 million aggregate principal amount of 4.500% Convertible Senior Notes due 2027 and concurrently repurchased approximately 1.1 million shares of common stock for approximately $7.4 million in privately negotiated transactions. ($7.4M proceeds)

120M 130M
Nov 14, 2022

10-Q filing | 120.5M shares outstanding

120M 130M
Aug 26, 2022

S-3 filing: The filing is for a shelf offering of common stock, preferred stock, debt securities, warrants, rights, and units with an aggregate initial offering price not to exceed $300,000,000. A portion of the common stock is being offered at the market

120M 130M
Aug 12, 2022

10-Q filing | 117.0M shares outstanding

120M 130M
Jul 05, 2022

S-3 filing: This S-3 filing indicates a secondary offering of 94,881,534 shares of Class A Common Stock and 10,150,000 Warrants to Purchase Class A Common Stock, as well as the issuance of up to 27,400,000 shares of Class A common stock upon exercise of warrants.

110M 130M
May 13, 2022

10-Q filing | 111.2M shares outstanding

110M 0
Apr 14, 2022

POS AM filing: This POS AM filing relates to an offering of Class A common stock by selling securityholders. The company will not receive any proceeds from the sale of these shares.

110M 0
Apr 14, 2022

POS AM filing: This prospectus relates to the issuance by us of the shares of Class A common stock issuable upon the exercise of warrants.

110M 0
Apr 11, 2022

10-K filing | 113.2M shares outstanding

110M 41M
Feb 09, 2022

S-1/A filing: This S-1/A filing relates to an offering of Class A common stock by selling securityholders of indie Semiconductor, Inc.

140M 41M
Jan 21, 2022

S-1/A filing: This S-1/A filing relates to the offering of Class A common stock by selling securityholders of indie Semiconductor, Inc.

140M 41M
Dec 22, 2021

S-1/A filing: This S-1/A filing registers Class A common stock for resale by selling stockholders and also covers an indeterminate number of additional shares of Class A common stock and warrants to purchase Class A common stock that may be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.

140M 200M
Nov 22, 2021

S-1 filing: This S-1 filing registers Class A common stock and warrants for indie Semiconductor, Inc., covering potential dilution from stock splits, resale of shares from the TeraXion acquisition, and includes details on outstanding shares and risk factors.

100M 29M
Nov 15, 2021

S-1 filing: This S-1 filing includes the registration of Class A common stock for resale by selling stockholders and an indeterminate number of additional shares of Class A common stock and warrants for anti-dilution purposes.

100M 23M
Nov 12, 2021

10-Q filing | 96.4M shares outstanding

96M 17M
Oct 25, 2021

8-K filing: indie Semiconductor, Inc. entered into a Share Purchase Agreement with ADI to purchase all of the outstanding capital stock of Symeo GmbH for up to $30.0 million, with a portion payable in indie Class A common stock based on revenues earned in subsequent periods.

96M 17M
Oct 15, 2021

8-K filing: Indie Semiconductor, Inc. completed the acquisition of TeraXion Inc. and issued 5,805,144 shares of Class A common stock to TeraXion stockholders as part of the consideration.

96M 17M
Sep 02, 2021

8-K filing: Indie Semiconductor, Inc. will acquire TeraXion, Inc. by issuing approximately 7,926,000 shares of Class A common stock valued at US$10 per share, along with cash, to TeraXion stockholders as part of the acquisition, subject to adjustments and regulatory approvals. ($79.3M proceeds)

96M 17M
Aug 13, 2021

10-Q filing | 96.2M shares outstanding

96M 17M
Jul 02, 2021

S-1 filing: This is an S-1 filing for a secondary offering of Class A common stock and warrants to purchase Class A common stock, as well as the issuance of Class A common stock upon the exercise of outstanding public warrants.

N/A 17M
Jun 16, 2021

8-K filing: Indie Semiconductor, Inc. consummated a PIPE Financing involving the issuance of 15,000,000 shares of Class A common stock at $10.00 per share, resulting in gross proceeds of $150.0 million. ($150.0M proceeds)

N/A 0
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