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Non-normalizable states are difficult to interpret in the orthodox quantum formalism but often occur as solutions to physical constraints in quantum gravity. We argue that pilot-wave theory gives a straightforward physical interpretation of non-normalizable quantum states, as the theory requires only a normalized density of configurations to generate statistical predictions. In order to better understand such states, we conduct the first study of non-normalizable solutions of the harmonic oscillator from a pilot-wave perspective. We show that, contrary to intuitions from orthodox quantum mechanics, the non-normalizable eigenstates and their superpositions are bound states in the sense that the velocity field $v_y \to 0$ at large $\pm y$. We argue that defining a physically meaningful equilibrium density for such states requires a new notion of equilibrium, named pilot-wave equilibrium, which is a generalisation of the notion of quantum equilibrium. We define a new $H$-function $H_{pw}$, and prove that a density in pilot-wave equilibrium minimises $H_{pw}$, is equivariant, and remains in equilibrium with time. We prove an $H$-theorem for the coarse-grained $H_{pw}$, under assumptions similar to those for relaxation to quantum equilibrium. We give an explanation of the emergence of quantization in pilot-wave theory in terms of instability of non-normalizable states due to perturbations and environmental interactions. Lastly, we discuss applications in quantum field theory and quantum gravity, and implications for pilot-wave theory and quantum foundations in general.