The most likely scenario, as I see it, is Axanar/Peters will file a motion to dismiss on fair use grounds. That motion gets denied. The studios get a preliminary injunction. Peters turns around and tells his donors, "Hey, I tried, but I can't justify continuing to spend YOUR money on a cause where I can't guarantee success." He surrenders and hopes he's done enough to dissuade any of the donors from suing him.
Doesn't his ability to surrender presume that the plaintiff is willing to settle in the first place? Especially if they want to get through at least discovery for some reason (eg. to gather info on interactions with KS/IGG?)