everything you say is correct except for the 500 million target. But your conclusion is wrong. Of course there will be dilution, we all know cheniere (both lng and cqp) does not have the capital in house to build out. After all its not a google or a msft.
All that matters now is whether they can succeed in the build out and be profitable going forward once lng exports begin.
Everything else is hype, potential growth and fear of failure. In the meantime As long as Cheniere can handle their current debts and finance the buildout, I'm long irregardless of dilution.