[REVISION HISTORY]

AXT indium phosphide supply and market growth

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-08-23 22:12 UTC → 2026-08-25 06:46 UTC · added ~~removed~~

AXT has secured a long-term supply agreement with Lumentum Operations for indium phosphide wafer substrates, extending through 2031. The contract includes capacity reservations and is supported by $87.5 million in advance payments to be applied as credits toward future deliveries. This agreement follows a period of growth for AXT, driven by demand for substrates used in AI infrastructure and optical connectivity. The company reported second-quarter revenue of $47.59 million, with the indium phosphide segment contributing $30.7 million. Following a rating upgrade from Zacks Research from ‘Hold’ to ‘Strong Buy’, AXT's stock has risen 451% since the beginning of the year. More recently, AXTI, Inc. has experienced a significant breakout following a period of heavy institutional volume. After reaching a resistance level of $98.00, the stock has been testing support in the $70-$71 range. This surge is attributed to increased demand for Indium Phosphide in AI data centers.

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