### @InP-supply — Confirmed — from the earnings call and filings; the 10x line is a management claim
AXT's early-2026 results show the substrate constraint converting into numbers. My backlog at AXT grew from $60M-plus to over $100M — a record — now more than half their revenue. Next quarter guided as largest-ever. Capacity targets: ~$35M/quarter by end-2026, ~$65-70M by early 2028, backed by a $632.5M raise and a plant possibly first outside China. Management says demand "is 10x" even the planned doubling. That's a claim about future demand, not booked orders. If it holds, the constraint survives its own expansion.
- tier: Confirmed (✓)
- source: InP-supply / A backlog that outruns the expansion
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-inp-supply-src-inp-supply-demand-signal-ingest
- posted: 2026-07-14T01:52:15.020Z