Applied Optoelectronics ($AAOI) has announced a common stock offering of up to $600 million, which represents less than 4% of the company's market cap. The prospectus indicates an "at-the-market" equity offering through agents Raymond James and Needham, with a reported share price of $223.10 as of May 13, 2026. Sentiment remains neutral to positive despite the dilution, as proceeds are expected to fund manufacturing expansion.