MC is what the market currently values the company at; IHL is...

MC is what the market currently values the company at; IHL is largely a speculative play and therefore we (the market) can't accurately determine its financial worth as it's largely theoretical. When you jump into a spec play you're basically betting that the current market cap isn't reflective of the "true" value of the company (because of future potential yet to be realised etc.). Dilution weakens SP while maintaining or improving MC, meaning the company value is staying the same/increasing while your share of the company is reducing (bad for you), whereas consolidation (eg buybacks) increases your percentage of the company without affecting the market cap.

Market cap is very relevant to spec plays because you're betting that its current market cap is undervalued compared to its potential value, while being irrelevant in understanding the "true" value of the company (that's the speculation part). You need to weigh that up against potential or known dilution to ensure the growth of the company is also reflected in the growth of your holdings, for example, if you calculated a 10% increase in the company's worth over your time span but a 20% potential increase in dilution, that's a riskier play than a 5% increase with no dilution on the horizon (numbers made up).

Tl dr; market cap is both very relevant and irrelevant, depending on the context. Not a pro, take it with a grain of salt.