AXT Inc. (NASDAQ: AXTI) announced the pricing of an underwritten public offering of 8,560,311 shares of common stock at $64.25 per share. The compound semiconductor wafer substrate manufacturer expects to receive gross proceeds of approximately $550 million before underwriting discounts and other expenses.

The company granted underwriters a 30-day option to purchase up to 1,284,046 additional shares at the public offering price. If fully exercised, total gross proceeds would reach approximately $632.5 million before fees and expenses.

The offering is expected to close on or about April 22, 2026, subject to customary closing conditions. AXT plans to use net proceeds primarily to support its subsidiary Beijing Tongmei Xtal Technology Co., Ltd. in expanding capacity for indium phosphide substrate production for global export. Additional funds will support research and development of new products, working capital and general corporate purposes.

Northland Capital Markets serves as sole bookrunner for the offering. Needham & Company, B. Riley Securities, Craig-Hallum Capital Group LLC and Wedbush Securities Inc. act as co-managers.

An effective shelf registration statement on Form S-3ASR was filed with the Securities and Exchange Commission on April 20, 2026. The offering will be conducted through a written prospectus and prospectus supplement.

AXT develops and manufactures compound and single element semiconductor substrate wafers including indium phosphide, gallium arsenide and germanium. The company's products serve markets including 5G infrastructure, data center connectivity, LED lighting and satellite solar cells. AXT maintains headquarters in Fremont, California, with manufacturing facilities in China.