This is just the way I see it, and there's LOTS of people on here who know more than I do:
You're right, the dilution/fear of dilution has caused a suppressed share price. However, I feel like Tesla Enery and even moreso The M3 is too much of a no brainer HUGE success story to not do what it takes to raise more money, even if they've been raising more than they initially planned in years past.
Next year, while Model 3 and Tesla Energy begin to show how real they are, S & X should be able to hold down the fort through expansion, more cars on the road = word of mouth, better margins/labor efficiencies, and new product features. Before you know it, Tesla issues 2017 guidance, which will be achievable.. then it's like, wait how many cars are they doing this year? Great news is there's basically no more concern over production capability. GAAP profitability will be our near term punch.
Man, only if Tesla was a private company. But then, I likely wouldn't be important enough or have enough to invest in it.