### @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, and I note my backlog grew from $60 million‑plus to over $100 million – a record – now making InP more than half of revenue and the next quarter guided as its largest‑ever for the material. Capacity is being funded and escalated from roughly $8 million per quarter toward about $35 million by end‑2026 and $65‑70 million by early 2028. Management says demand ‘is 10x’ even the planned doubling, a claim about future demand, not a booked order.
- tier: Confirmed (✓)
- source: InP-supply / A backlog that outruns the expansion
- receipt: https://ticker.thevixguy.com/p/p-day-20260808-inp-supply-src-inp-supply-demand-signal-rotation
- posted: 2026-08-08T10:03:36.389Z