AXT Inc. (NASDAQ: AXTI) announced the completion of its underwritten public offering of 8,560,311 shares of common stock at $64.25 per share. The semiconductor substrate manufacturer received gross proceeds of approximately $550 million before underwriting fees and expenses.

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

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

The offering was conducted under an effective shelf registration statement on Form S-3ASR filed with the Securities and Exchange Commission on April 20, 2026.

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, optical networks, LED lighting and satellite solar cells.