AXT, Inc. has moved to dismiss a securities fraud lawsuit, arguing that investors have not alleged the basic elements of fraud. [5] The company says the case relies largely on an old short-seller blog post whose predictions have not come to pass. AXT is asking the court to dismiss the suit with prejudice. [5]
AXT said its market capitalization was approximately $93.1 million in September 2024. As of September 15, 2026, it was $3.78 billion. The company said that represented an increase of more than forty-fold. [5] AXT attributes the growth to strong demand for its indium phosphide substrates used in AI data centers.