not really, it can only be considered true dilution if the debt is convertible into stock, which is not. So from an accounting perspective it will not dilute the stock. What everyone on here is screaming about is the that NFLX is taking on more debt because their cash flow sucks and there will be increased interest expense. But interest expense is usually not included in per share earnings when reported (nice benefit of piling on more debt). Most start up and growth companies have negative cash flow and poor earnings but that is the nature of getting something up and running. Some believe NFLX should be past that point. Maybe. In the end the stock did run up a lot in a couple of days and really needs to pull back, this is healthy. This is just another reason for it to do that. If you look at the charts one has to believe it has to go back to $140 at some point before it can start to climb again. It is just that the shorts on here want it to got to $140 in 5 minutes instead of 2 to 3 weeks.