MultiSensor AI Holdings, Inc. (MSAI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: April 13, 2026

Risk Assessment Details

Potential Dilution: 1150.42% of current shares
Recent Dilution: 307.08% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
760K
Potential Supply
8.8M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

MSAI currently has 763K outstanding shares. with significant dilution risk as 8.78M authorized shares could dilute existing holders by 1150.4%. The company has significantly diluted shareholders by 307.08% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Apr 13, 2026
Stock Split

8-K filing: Stock split 1-for-40 | Outstanding: 30,526,052 → 763,151

760K 8.8M
Mar 19, 2026

10-K filing | 30.5M shares outstanding

31M 350M
Dec 23, 2025

8-K filing: MultiSensor AI Holdings, Inc. completed an initial closing of a private placement on October 30, 2025, issuing 6,970,890 shares of common stock and warrants to purchase up to 13,941,780 shares of common stock to investors for gross proceeds of $2.85 million. ($2.85M proceeds)

34M 350M
Dec 23, 2025

S-3/A filing: This S-3/A filing registers the resale of common stock and Series A Preferred Stock by the holders thereof.

34M 350M
Dec 12, 2025

S-3 filing: This S-3 filing from MultiSensor AI Holdings, Inc. relates to the resale of up to 34,229,826 shares of common stock and up to 68,459,652 shares of common stock issuable upon the exercise of warrants or conversion of Series A Convertible Preferred Stock.

34M 230M
Nov 13, 2025

10-Q filing | 34.5M shares outstanding

34M 130M
Nov 05, 2025

8-K filing: MultiSensor AI Holdings, Inc. completed a registered direct offering of common stock and pre-funded warrants, resulting in net proceeds of approximately $13.6 million. ($14.44M proceeds)

33M 130M
Oct 30, 2025

8-K filing: MultiSensor AI Holdings, Inc. completed a private placement issuing 6,970,890 shares of common stock and warrants to purchase up to 13,941,780 shares of common stock for gross proceeds of $2.85 million. ($5.7M proceeds)

33M 130M
May 13, 2025

10-Q filing | 32.7M shares outstanding

33M 130M
Mar 28, 2025

10-K filing | 12.0M shares outstanding

12M 130M
Jan 23, 2025

S-3 filing: This S-3 filing relates to the resale of common stock and private placement warrants by selling stockholders, as well as the issuance of common stock upon the exercise of warrants.

32M 130M
Jan 23, 2025

S-3 filing: MultiSensor AI Holdings, Inc. may offer and sell up to $75,000,000 in the aggregate of common stock, preferred stock, debt securities, depositary shares and purchase contracts from time to time in one or more offerings.

32M 130M
Jan 08, 2025

8-K filing: MultiSensor AI Holdings, Inc. sold 1,581,213 shares of common stock to B. Riley Principal Capital II, LLC for net proceeds of approximately $4.3 million, resulting in a total of 32,107,265 outstanding shares as of January 7, 2025. ($4.3M proceeds)

32M 100M
Nov 12, 2024

10-Q filing | 30.4M shares outstanding

30M 100M
Aug 14, 2024

10-Q filing | 13.7M shares outstanding

14M 100M
Jul 16, 2024

S-1 filing: This S-1 filing includes information on up to 9,375,000 shares of common stock offered by selling securityholders, including PIPE Shares and Warrant Shares issuable upon exercise of Pre-Funded Warrants.

14M 100M
Jul 01, 2024

8-K filing: MultiSensor AI Holdings, Inc. consummated a public offering of 6,250,000 shares of common stock at $1.60 per share, generating gross proceeds of $10.0 million, and a private placement of 2,772,561 shares of common stock at $1.60 per share and pre-funded warrants to purchase up to 6,602,439 shares of common stock at $1.5999 per share, generating aggregate gross proceeds of $15.0 million. ($11.5M proceeds)

14M 93M
Jun 26, 2024

S-1/A filing: This S-1/A filing outlines the offering of 5,050,505 shares of Common Stock, a concurrent private placement and information about Financing Warrants, Private Placement Warrants and Public Warrants.

14M 93M
Jun 24, 2024

S-1/A filing: This S-1/A filing relates to an offering of common stock with an option for the underwriters to purchase additional shares.

14M 75M
Jun 18, 2024

S-1/A filing: The filing describes a lock-up agreement that restricts the transfer of Common Stock for 90 days after the final prospectus date, subject to certain exceptions.

14M 75M
Jun 17, 2024

S-1/A filing: MultiSensor AI Holdings, Inc. is offering 4,672,897 shares of common stock in a public offering.

14M 75M
Jun 07, 2024

S-1 filing: MultiSensor AI Holdings, Inc. is offering shares of its common stock in a public offering, with the underwriters having a 45-day option to purchase additional shares to cover over-allotments.

14M 71M
May 15, 2024

10-Q filing | 12.0M shares outstanding

12M 68M
May 10, 2024

8-K filing: MultiSensor AI Holdings, Inc. issued 50,882 shares of Common Stock pursuant to conversion of an Amended Note with a principal balance of $250,000 at a conversion price of $5.00 per share for the principal and $10.00 per share for the interest.

13M 68M
May 01, 2024

8-K filing: MultiSensor AI Holdings, Inc. issued 87,411 shares of Common Stock pursuant to the conversion of Amended Notes on April 30, 2024, with the conversion prices amended to $5.00 per share for the principal amount and $10.00 per share for the interest amount of the Amended Notes.

13M 68M
Apr 29, 2024

S-1 filing: This S-1 filing outlines an equity line of up to $25,000,000 of common stock that may be sold to B. Riley Principal Capital II, with 5,300,000 shares being registered for resale.

13M 68M
Apr 18, 2024

S-1 filing: This prospectus relates to the resale of shares of common stock and private placement warrants by certain registered holders, as well as the issuance of shares of common stock upon the exercise of warrants.

5.3M 65M
Apr 17, 2024

8-K filing: MultiSensor AI Holdings, Inc. entered into a Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC, allowing the Company to sell up to $25,000,000 of newly issued shares of its common stock, subject to certain conditions.

5.3M 40M
Apr 08, 2024

8-K filing: MultiSensor AI Holdings, Inc. issued 334,397 shares of common stock upon conversion of convertible promissory notes and related accrued interest at a price of $10 per share.

5.3M 40M
Apr 01, 2024

8-K filing: MultiSensor AI Holdings, Inc. undertook several actions to increase its shareholders' equity, including the conversion of convertible promissory notes and loan obligations into shares of common stock, and entered into inducement agreements to encourage note conversions.

5.3M 40M
Mar 29, 2024

10-K filing | 5.3M shares outstanding

5.3M 40M
Dec 21, 2023

8-K filing: Infrared Cameras Holdings, Inc. consummated a business combination, issuing 7,584,144 shares of common stock, 681,000 shares to service providers, $6.805 million in Financing Notes, and Financing Warrants to purchase 340,250 shares, with a potential for 3,266,400 additional shares upon conversion/exercise.

3.6M 40M
Dec 19, 2023

S-1/A filing: This S-1/A filing includes information on the issuance of common stock upon the exercise of warrants and the resale of common stock held by certain stockholders, warrantholders, and option holders.

3.6M 40M
Dec 19, 2023

S-1/A filing: This S-1/A filing relates to the potential resale and issuance of common stock and warrants of SportsMap Tech Acquisition Corp. in connection with a business combination with Infrared Cameras Holdings, Inc., including shares issued upon exercise of warrants and options, conversion of financing notes, and resale by various holders.

3.6M 40M
Dec 13, 2023

S-1/A filing: This S-1/A filing relates to the resale of common stock and private placement warrants, as well as the issuance of common stock underlying warrants and options, primarily in connection with SportsMap Tech Acquisition Corp.'s business combination with Infrared Cameras Holdings, Inc.

3.6M 41M
Dec 01, 2023

8-K filing: SportsMap Tech Acquisition Corp. entered into a subscription agreement with investors to issue $6.805 million in convertible promissory notes and warrants to purchase 340,250 shares of common stock in connection with the closing of a business combination.

3.6M 38M
Nov 20, 2023

10-Q filing | 3.6M shares outstanding

3.6M 38M
Nov 17, 2023

8-K filing: The Company entered into loan agreements with Noteholders, affiliates of SportsMap, LLC, and other third parties, for $600,000 in loans, issuing corresponding Notes and agreeing to cause Sponsor and other stockholders to transfer a pro rata portion of 60,000 Founder Shares to the Noteholders as an inducement.

3.6M 38M
Nov 13, 2023

S-1 filing: This S-1 filing covers the resale of shares of common stock and private placement warrants of SportsMap Tech Acquisition Corp. and the issuance of shares of common stock underlying warrants and options.

3.6M 38M
Aug 21, 2023

10-Q filing | 3.6M shares outstanding

3.6M 11M
May 23, 2023

8-K filing: The company entered into loan agreements with Noteholders, issuing promissory notes and a pro rata portion of 200,000 Founder Shares. Holders of Founder Shares agreed to contribute their pro rata portion of 200,000 Founder Shares to the Company for issuance under the Loan Agreements.

3.6M 11M
May 18, 2023

10-Q filing | 3.6M shares outstanding

3.6M 11M
Mar 31, 2023

10-K filing | 3.6M shares outstanding

3.6M 11M
Nov 10, 2022

10-Q filing | 3.6M shares outstanding

3.6M 11M
Aug 22, 2022

10-Q filing | 3.6M shares outstanding

3.6M 11M
Jul 19, 2022

10-Q filing | 3.6M shares outstanding

3.6M 11M
Jun 21, 2022

10-K filing | 2.9M shares outstanding

2.9M 11M
Dec 02, 2021

10-Q filing | 2.9M shares outstanding

2.9M 11M
Oct 27, 2021

8-K filing: SportsMap Acquisition Corp. consummated its initial public offering of 11,500,000 units at $10.00 per Unit, generating gross proceeds of $115,000,000, and also completed the private sale of 675,000 units at $10.00 per unit, generating gross proceeds of $6,750,000. ($243.5M proceeds)

N/A 11M
Oct 21, 2021

8-K filing: SportsMap Tech Acquisition Corp. consummated its initial public offering of 11,500,000 units at $10.00 per unit, generating gross proceeds of $115,000,000, and completed a private sale of 675,000 units at $10.00 per unit, generating gross proceeds of $6,750,000. ($121.75M proceeds)

N/A 11M
Sep 30, 2021

S-1 filing: SportsMap Tech Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.

N/A 11M
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