VC Rob Leclerc defends Big Tech mega-raises: 5-10% dilution buys far more growth
robleclerc · x · 2026-10-24
Markets were caught off guard by the Big 5 (incl. SPCX) potentially raising hundreds of billions each — trillions collectively — through 2030 with no capex slowdown in sight, despite executives openly signaling aggressive spending while street models assumed a plateau into 2028. VC Rob Leclerc argues startups raise constantly and dilution buys growth: for $2-5T companies, 5-10% dilution adding well over 5-10% growth means new rounds typically raise share prices, and CEOs still spending aggressively signals opportunity far exceeds dilution cost — "if you don't want growth, go invest somewhere else."
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