But even after being publicly traded, doing a secondary share offering and dumping it right into the public market is best done when people are FOMOing shares for no reason. You can make a few billion dollars with no effort, owe nobody, and completely mitigate dilution because people were already clamoring for shares, selling into liquidity. Of course if you were issuing dividends those would be diluted until earnings caught up, but, lol dividends. Buybacks all the way.