I don't think the market suddenly discovered dilution a day late. The shares were being sold through an ATM programme, so the dilution was happening gradually and was already known.
What changed when the raise was completed was certainty: 29.3 million new shares had actually been issued, raising US$1.94B. That's roughly 5% dilution against Rocket Lab's previous common-share count.
Thursday's rally may therefore have been relief that the Iridium financing was secured and the US$3.6B bridge facility could be cancelled. Friday then looked more like the market digesting the other side of that trade: a stronger balance sheet, but more shares dividing the future upside.
So I wouldn't say dilution was priced exactly one day late. The market first rewarded financing certainty, then reconsidered what it paid for that certainty. The bigger test is whether Iridium eventually creates enough value per share to outrun the dilution.
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