From what I read it is a 25BTC initial IPO for 250.000 shares (at 0.0001)
In the event of success a second IPO round will take place for 250BTC/ 250.000 shares (at 0.001)

Since initial shareholder's shares would count 10x, the total amount of shares would then be 2.750.000. So no dilution, but the opposite.