BZAI on Nasdaq
Blaize Holdings, Inc.
American semiconductors and related devices company based in El Dorado Hills1
In its 2026 annual report the company says: “Blaize Holdings, Inc. develops purpose-built AI-enabled computing solutions comprised of both our proprietary hardware and software, and complementary third-party hardware solutions, as further described below. Our computing solutions are designed for efficient processing of AI inference workloads across edge and data center environments. Our architecture supports AI workloads where latency, power efficiency, and cost efficiency are important considerations.”4 Its shares trade on Nasdaq under the symbol BZAI.1
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Last updated Oct 21, 2026.
Overview
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- TickerBZAI on Nasdaq1
- IndustrySemiconductors & Related Devices1
- HeadquartersSan Jose, California1
- Incorporated inDE2
- Business address2890 Zanker Road Suite 107, San Jose, Ca 951342
- Filer category, Emerging growth company2
- Legal formCorporation
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Blaize Holdings, Inc. (“Blaize,” the “Company,” “we,” “us,” and “our”) develops purpose-built AI-enabled computing solutions comprised of both our proprietary hardware and software, and complementary third-party hardware solutions, as further described below. Our computing solutions are designed for efficient processing of AI inference workloads across edge and data center environments. Our architecture supports AI workloads where latency, power efficiency, and cost efficiency are important considerations. Our systems can process data locally at the edge or within data center infrastructure, depending on deployment requirements. Local processing can reduce bandwidth usage and support latency-sensitive applications requiring real-time decision making.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
16.0%Gross margin5
-268.8%Operating margin5
-535.6%Net margin5
2386.0%Revenue growth, 20255
-530.5%Return on equity5
-$74.5MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
[Canada] brought in 91% of the revenue Blaize Holdings, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| [Canada] | $0 | $35.2M |
| United States | $1.2M | $3.3M |
| Other Countries | $7.0K | $147.0K |
| Japan | $332.0K | $3.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue43¢$32.4M
- Research and development57¢$42.5M
- Income tax0¢$217.0K
Out of $38.6M in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenue | $38.6M | $1.6M |
| Cost of revenue | $32.4M | $579.0K |
| Gross Profit | $6.2M | $975.0K |
| Research and development | $42.5M | $25.1M |
| Depreciation | $1.2M | $886.0K |
| Transaction costs | $12.0M | $217.0K |
| Total operating expenses | $110.0M | $48.6M |
| Loss from operations | -$103.8M | -$47.6M |
| Change in fair value of Legacy Blaize convertible notes and warrants | -$226.0M | -$15.7M |
| Change in fair value of other earnout shares | $117.1M | $0 |
| Change in fair value of Polar warrants | $4.1M | $0 |
| Change in fair value of committed equity facility, net | $1.2M | $0 |
| Change in fair value of unissued shares of common stock | -$238.0K | $0 |
| Other, net | $992.0K | $1.2M |
| Total other expense, net | -$102.8M | -$14.5M |
| Loss before income taxes | -$206.7M | -$62.1M |
| Provision for (benefit from) income taxes | $217.0K | -$952.0K |
| Net loss | -$206.9M | -$61.2M |
| Net loss per share. basic (in dollars per share) | -$1.98 | -$3.50 |
| Net loss per share. diluted (in dollars per share) | -$1.98 | -$3.50 |
| Weighted average shares outstanding, basic (in shares) | 104.3M shares | 17.5M shares |
| Weighted average shares outstanding, diluted (in shares) | 104.3M shares | 17.5M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $45.8M | $50.2M | |
| Inventories, net | $10.1M | $8.6M | |
| Prepaid expenses and other current assets | $4.0M | $12.6M | |
| Total current assets | $96.6M | $71.7M | |
| Property and equipment, net | $1.2M | $2.1M | |
| Deferred income tax assets | $2.1M | $2.2M | |
| Operating lease right-of-use assets | $1.5M | $1.8M | |
| Other assets | $739.0K | $815.0K | |
| Assets | $102.2M | $78.5M | |
| Accrued trade payables | $22.8M | $0 | |
| Accrued expenses and other current liabilities | $6.7M | $14.3M | |
| Accrued expenses - related party | $331.0K | $0 | |
| Operating lease liabilities - current | $644.0K | $578.0K | |
| Legacy Blaize convertible notes and warrants | $0 | $163.3M | |
| Total current liabilities | $43.4M | $186.1M | |
| Operating lease liabilities | $804.0K | $1.2M | |
| Other earnout shares | $8.9M | ||
| Polar warrants | $8.8M | $0 | |
| Other liabilities | $1.3M | $1.7M | |
| Total liabilities | $63.2M | $189.0M | |
| Common stock - $0.0001 par value; 600,000,000 and 136,562,809 shares authorized as of December 31, 2025 and 2024, respectively, and 122,043,966 and 48,376,052 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $12.0K | $5.0K | |
| Additional paid-in capital | $675.1M | $318.8M | |
| Accumulated deficit | -$636.2M | -$429.3M | |
| Total stockholders equity (deficit) | $39.0M | -$110.5M | -$53.2M |
| Total liabilities and stockholders equity (deficit) | $102.2M | $78.5M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 600.0M shares | 136.6M shares | |
| Common stock, shares issued (in shares) | 122.0M shares | 48.4M shares | |
| Common stock, shares outstanding (in shares) | 122.0M shares | 48.4M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $45.8M | $50.2M | |
| Inventories, net | $10.1M | $8.6M | |
| Prepaid expenses and other current assets | $4.0M | $12.6M | |
| Total current assets | $96.6M | $71.7M | |
| Property and equipment, net | $1.2M | $2.1M | |
| Deferred income tax assets | $2.1M | $2.2M | |
| Operating lease right-of-use assets | $1.5M | $1.8M | |
| Other assets | $739.0K | $815.0K | |
| Assets | $102.2M | $78.5M | |
| Accrued trade payables | $22.8M | $0 | |
| Accrued expenses and other current liabilities | $6.7M | $14.3M | |
| Accrued expenses - related party | $331.0K | $0 | |
| Operating lease liabilities - current | $644.0K | $578.0K | |
| Legacy Blaize convertible notes and warrants | $0 | $163.3M | |
| Total current liabilities | $43.4M | $186.1M | |
| Operating lease liabilities | $804.0K | $1.2M | |
| Other earnout shares | $8.9M | ||
| Polar warrants | $8.8M | $0 | |
| Other liabilities | $1.3M | $1.7M | |
| Total liabilities | $63.2M | $189.0M | |
| Common stock - $0.0001 par value; 600,000,000 and 136,562,809 shares authorized as of December 31, 2025 and 2024, respectively, and 122,043,966 and 48,376,052 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $12.0K | $5.0K | |
| Additional paid-in capital | $675.1M | $318.8M | |
| Accumulated deficit | -$636.2M | -$429.3M | |
| Total stockholders equity (deficit) | $39.0M | -$110.5M | -$53.2M |
| Total liabilities and stockholders equity (deficit) | $102.2M | $78.5M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 600.0M shares | 136.6M shares | |
| Common stock, shares issued (in shares) | 122.0M shares | 48.4M shares | |
| Common stock, shares outstanding (in shares) | 122.0M shares | 48.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$206.9M | -$61.2M |
| Depreciation | $1.2M | $886.0K |
| Noncash lease expense | $688.0K | $649.0K |
| Debt financing charge on Legacy Blaize convertible notes | $0 | $464.0K |
| Stock-based compensation | $37.5M | $3.8M |
| Non-cash financing expense related to issuance of common stock | $2.8M | $0 |
| Non-cash financing expense related to issuance of warrants | $1.1M | $0 |
| Allowance for credit losses | $557.0K | $420.0K |
| Deferred income taxes | -$368.0K | -$1.1M |
| Change in fair value of Legacy Blaize convertible notes and warrants | $226.0M | $15.7M |
| Change in fair value of Polar warrants | -$4.1M | $0 |
| Change in fair value of other earnout shares | -$117.1M | $0 |
| Change in fair value of unissued shares of common stock | $238.0K | $0 |
| Change in fair value of committed equity facility, net | -$1.2M | $0 |
| Inventories, net | -$1.6M | -$2.0M |
| Accrued trade payables | $22.8M | $0 |
| Operating lease liabilities | -$727.0K | -$616.0K |
| Other current liabilities | -$360.0K | $402.0K |
| Net cash used in operating activities | -$73.8M | -$53.5M |
| Purchases of property and equipment | -$788.0K | -$902.0K |
| Net cash used in investing activities | -$788.0K | -$902.0K |
| Merger and PIPE financing, net of transaction costs | $15.9M | $0 |
| Funds held in escrow | $503.0K | $0 |
| Proceeds from the sale of common stock to Polar, net of offering expenses | $27.9M | $0 |
| Payment of deferred offering costs | -$7.7M | -$4.4M |
| Proceeds from sale of common stock | $33.2M | $0 |
| Proceeds from exercise of stock options | $345.0K | $98.0K |
| Proceeds from Legacy Blaize convertible notes | $0 | $110.7M |
| Cash provided by (used in) financing activities | $70.1M | $101.7M |
| Net change in cash, cash equivalents and restricted cash | -$4.4M | $47.3M |
| Total cash paid for taxes, net of refunds | $337.0K | $223.0K |
| Cash paid for interest | $0 | $245.0K |
| Conversion of Legacy Blaize convertible notes to common stock | $314.3M | $0 |
| Net exercise of Legacy Blaize warrants for common stock | $75.1M | $0 |
| Redemption of common shares with cash held in escrow | $33.2M | $0 |
| Capitalized deferred offering costs included in accounts payable and accrued expenses and other current liabilities | $0 | $6.8M |
| Issuance of Legacy Blaize warrants with Legacy Blaize convertible notes | $0 | $4.8M |
| Reversal of excise tax accrual to additional paid-in-capital | $2.7M | $0 |
| Property and equipment acquired in accounts payable and accrued expenses | $0 | $510.0K |
| Operating lease asset obtained in exchange for new operating lease liabilities | $431.0K | $0 |
| Issuance of warrants for professional services | $167.0K | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Blaize Holdings, Inc. sits at the top of its group. 7 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Blaize Holdings, Inc.
- Bess Ventures & Advisory, LLC Filed SCHEDULE 13D/A on Blaize Holdings, Inc., latest Sep 18, 2026 (3 filings since May 12, 2026)
- Polar Asset Management Partners Inc. Filed SCHEDULE 13G on Blaize Holdings, Inc., latest Aug 14, 2026
- Dinakar Munagala Filed SCHEDULE 13D/A on Blaize Holdings, Inc., latest Aug 4, 2026 (4 filings since Jul 11, 2025)
- BlackRock Filed SCHEDULE 13G on Blaize Holdings, Inc., latest Jul 27, 2026
- Ava Investors SA Filed SCHEDULE 13G/A on Blaize Holdings, Inc., latest Jul 10, 2026 (3 filings since Jan 21, 2025)
- DENSO International America, Inc. Filed SCHEDULE 13G/A on Blaize Holdings, Inc., latest May 15, 2026 (2 filings since May 15, 2025)
- Temasek Holdings (Private) Ltd Filed SCHEDULE 13G/A on Blaize Holdings, Inc., latest Feb 6, 2026 (2 filings since Jan 21, 2025)
- BOOTHBAY FUND MANAGEMENT, LLC Filed SCHEDULE 13G/A on Blaize Holdings, Inc., latest Nov 14, 2025 (2 filings since Jan 21, 2025)
- Burtech LP LLC Filed SCHEDULE 13D/A on Blaize Holdings, Inc., latest May 15, 2025 (3 filings since Dec 28, 2021)
- Lane Bess Filed SCHEDULE 13D/A on Blaize Holdings, Inc., latest May 13, 2025 (2 filings since Jan 21, 2025)
- First Trust Capital Management L.P. Filed SCHEDULE 13G/A on Blaize Holdings, Inc., latest Feb 14, 2025 (2 filings since Nov 14, 2024)
- METEORA CAPITAL, LLC Filed SCHEDULE 13G on Blaize Holdings, Inc., latest Feb 14, 2025 (2 filings since Feb 14, 2025)
- Blaize Holdings, Inc. San Jose, California
- Blaize (Hong Kong) Co., Limited Subsidiary · Hong Kong
- Blaize New Computing Technologies India Private Limited Subsidiary · India
- Blaize Technologies Philippines, Inc. Subsidiary · Philippines
- Blaize Technology (Chongqing) Co., Ltd. Subsidiary · China
- Blaize U.K. Ltd Subsidiary · United Kingdom
- Blaize, Inc. Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Blaize Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $16.1M5 Dec 31, 2025 | $16.8M5 Dec 31, 2024 | −4.2% |
| Accumulated depreciation | $14.9M5 Dec 31, 2025 | $14.8M5 Dec 31, 2024 | +1.1% |
| Property and equipment, net | $1.2M5 Dec 31, 2025 | $2.1M5 Dec 31, 2024 | −41.1% |
| Operating-lease assets (leased space) | $1.5M5 Dec 31, 2025 | $1.8M5 Dec 31, 2024 | −14.5% |
Investments
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $10.1M5 Dec 31, 2025 | $8.6M5 Dec 31, 2024 | +18.3% |
| Work in process | $1.7M5 Dec 31, 2025 | $1.1M5 Dec 31, 2024 | +58.4% |
| Finished goods | $2.0M5 Dec 31, 2025 | $87.0K5 Dec 31, 2024 | +2234.5% |
Properties, in its own words
Our corporate headquarters is located in leased office space located in El Dorado Hills, California. All of our facilities are substantially comprised of leased premises for office space.
Item 2 of the 10-K filed Mar 24, 2026.4
Leadership
Who has led Blaize Holdings, Inc., and when. Pick a name to see everywhere that person has worked.
- Chief executive officerDinakar Munagala Jan 15, 2025 to now11
- Chief financial officerHarminder Sehmi Jan 15, 2025 to now12
Board members and other officers (13)
- Chief Revenue OfficerStephen Paul Patak Mar 25, 2026 to now13
- Chief Marketing OfficerChristopher Scott Schroeder Dec 16, 2021 to Dec 16, 202114
- Board memberAnthony Cannestra Jan 15, 2025 to now15
- Board memberDinakar Munagala Jan 15, 2025 to now11
- Board memberJuergen Hambrecht Jan 15, 2025 to now16
- Board memberLane Bess Jan 15, 2025 to now17
- Board memberUrioste George De Jan 15, 2025 to now18
- Board memberYoshiaki Fujimori Jan 15, 2025 to now19
- Board memberIsaac Chetrit Dec 10, 2021 to Dec 10, 202120
- Board memberPayel Farasat Dec 10, 2021 to Dec 10, 202121
- Board memberRoman Livson Dec 10, 2021 to Dec 10, 202122
- Board memberJoseph A. Porrello Dec 13, 2021 to Dec 13, 202123
- General counselKimberly Peterson Evans Mar 25, 2026 to now24
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Blaize (Hong Kong) Co., Limited Hong Kong3
- Blaize New Computing Technologies India Private Limited India3
- Blaize Technologies Philippines, Inc. Philippines3
- Blaize Technology (Chongqing) Co., Ltd. China3
- Blaize U.K. Ltd England, United Kingdom3
- Blaize, Inc. Delaware, United States3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- BurTech Acquisition Corp.Aug 19, 2021 to Jan 13, 20252
Timeline
- Oct 6, 20268-K Results of operations; Regulation FD disclosure; Other events26
- Oct 2, 20268-K Listing notice or transfer27
- Sep 30, 20268-K Exit or restructuring costs28
- Aug 13, 20268-K Results of operations29
- Jul 9, 20268-K Entered a material agreement; Unregistered sale of shares30
- May 14, 20268-K Results of operations31
- May 6, 20268-K Entered a material agreement; Other events32
- Apr 22, 20268-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed33
- Apr 14, 20268-K Results of operations; Other events34
- Mar 24, 20268-K Results of operations35
- Jan 5, 20268-K Executive or director change36
- Dec 4, 20258-K Shareholder vote37
- Jan 15, 2025New chief executive Dinakar Munagala becomes CEO11
Calendar
Coming up
- Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.14) a share, on Nov 13, 2025.38
When it reported results
- Oct 6, 2026Reported quarterly or annual results26
- Aug 13, 2026Reported quarterly or annual results29
- May 14, 2026Reported quarterly or annual results31
- Apr 14, 2026Reported quarterly or annual results34
- Mar 24, 2026Reported quarterly or annual results35
- Nov 13, 2025Reported quarterly or annual results39
- Nov 12, 2025Reported quarterly or annual results40
- Aug 14, 2025Reported quarterly or annual results41
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
312 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 56 major events, 63 insider forms, 34 large holders, 1 private raises, 137 other. The latest 20:
- Oct 13, 20264 EDGAR
- Oct 6, 2026424B3 EDGAR
- Oct 6, 2026424B3 EDGAR
- Oct 6, 2026424B3 EDGAR
- Oct 6, 2026424B3 EDGAR
- Oct 6, 20268-K EDGAR
- Oct 2, 20268-K EDGAR
- Sep 30, 20268-K EDGAR
- Sep 18, 2026SCHEDULE 13D/A EDGAR
- Sep 1, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 13, 20263 EDGAR
- Aug 13, 2026424B3 EDGAR
- Aug 13, 2026424B3 EDGAR
- Aug 13, 2026424B3 EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 13, 20268-K EDGAR
- Aug 4, 2026SCHEDULE 13D/A EDGAR
- Jul 27, 2026SCHEDULE 13G EDGAR
The 312 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
10 open-market trades by officers, directors and large owners since October 2021: 0 buys and 10 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 6, 2026 | Cannestra AnthonyDirector | Sale | 50,000 | $1.35 | $67.5K | Form 4 |
| Jul 1, 2026 | Sehmi HarminderChief Financial Officer | Sale | 40,609 | $1.37 | $55.6K | Form 4 |
| Jun 8, 2026 | Cannestra AnthonyDirector | Sale | 50,000 | $1.68 | $84.0K | Form 4 |
| Jun 1, 2026 | Sehmi HarminderChief Financial Officer | Sale | 40,609 | $1.82 | $73.9K | Form 4 |
| May 11, 2026 | Cannestra AnthonyDirector | Sale | 50,000 | $1.85 | $92.5K | Form 4 |
| May 1, 2026 | Sehmi HarminderChief Financial Officer | Sale | 40,609 | $1.97 | $80.0K | Form 4 |
| Apr 20, 2026 | Sehmi HarminderChief Financial Officer | Sale | 123,460 | $2.28 | $281.5K | Form 4 |
| Apr 17, 2026 | Munagala DinakarChief Executive Officer | Sale | 50,000 | $2.54 | $127.0K | Form 4 |
| Apr 17, 2026 | Munagala DinakarChief Executive Officer | Sale | 50,000 | $2.54 | $127.0K | Form 4 |
| Apr 6, 2026 | Cannestra AnthonyDirector | Sale | 50,000 | $1.75 | $87.5K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Bess Ventures & Advisory, LLCSCHEDULE 13D/A, 3 filings May 12, 2026 to Sep 18, 202642
- Polar Asset Management Partners Inc.SCHEDULE 13G, 1 filing Aug 14, 202643
- Dinakar MunagalaSCHEDULE 13D/A, 4 filings Jul 11, 2025 to Aug 4, 202644
- BlackRockSCHEDULE 13G, 1 filing Jul 27, 202645
- Ava Investors SASCHEDULE 13G/A, 3 filings Jan 21, 2025 to Jul 10, 202646
- DENSO International America, Inc.SCHEDULE 13G/A, 2 filings May 15, 2025 to May 15, 202647
- Temasek Holdings (Private) LtdSCHEDULE 13G/A, 2 filings Jan 21, 2025 to Feb 6, 202648
- BOOTHBAY FUND MANAGEMENT, LLCSCHEDULE 13G/A, 2 filings Jan 21, 2025 to Nov 14, 202549
- Burtech LP LLCSCHEDULE 13D/A, 3 filings Dec 28, 2021 to May 15, 202550
- Lane BessSCHEDULE 13D/A, 2 filings Jan 21, 2025 to May 13, 202551
- First Trust Capital Management L.P.SCHEDULE 13G/A, 2 filings Nov 14, 2024 to Feb 14, 202552
- METEORA CAPITAL, LLCSCHEDULE 13G, 2 filings Feb 14, 202553
- Suhail RizviSCHEDULE 13G, 1 filing Jan 21, 202554
- FIR TREE CAPITAL MANAGEMENT LPSC 13G/A, 2 filings Feb 14, 2024 to Nov 14, 202455
- Saba Capital Management, L.P.SC 13G/A, 3 filings Dec 23, 2021 to Feb 7, 202456
- Exos Asset Management LLCSC 13G, 1 filing May 18, 202357
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $30.0M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2025 | $30.0M | $30.0M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 7,387,308 | $10.2M | 0.0% | +1,742,482 |
| Vanguard Capital Management LLC | 4,654,065 | $6.4M | 0.0% | +1,069,738 |
| Geode Capital Management, LLC | 2,136,932 | $2.9M | 0.0% | +362,338 |
| Lazard Asset Management LLC | 1,986,835 | $2.7M | 0.0% | +782,631 |
| UBS Group AG | 1,807,978 | $2.5M | 0.0% | +265,504 |
| Marshall Wace, Llp | 1,607,810 | $2.2M | 0.0% | New |
| State Street Corp | 1,572,428 | $2.2M | 0.0% | +192,920 |
| Aqr Capital Management LLC | 1,501,041 | $2.1M | 0.0% | +289,598 |
| Citadel Advisors LLC | 1,247,768 | $1.7M | 0.0% | +1,170,785 |
| Nuveen, LLC | 954,564 | $1.3M | 0.0% | +838,859 |
| Morgan Stanley | 940,787 | $1.3M | 0.0% | +28,011 |
| Cantor Fitzgerald, L. P. | 919,384 | $1.3M | 0.0% | +150,153 |
| Temasek Holdings (Private) Ltd | 857,215 | $1.2M | 0.0% | −1,737,049 |
| Millennium Management LLC | 817,912 | $1.1M | 0.0% | New |
| Northern Trust Corp | 773,375 | $1.1M | 0.0% | +115,711 |
| Themes Management Co LLC | 762,160 | $1.1M | 0.7% | −78,840 |
| Charles Schwab Investment Management Inc | 720,616 | $994.5K | 0.0% | +135,170 |
| Vanguard Portfolio Management LLC | 590,901 | $815.4K | 0.0% | +76,269 |
| Vanguard Fiduciary Trust Co | 581,271 | $802.2K | 0.0% | +170,739 |
| AlphaCore Capital LLC | 570,358 | $787.1K | 0.0% | +130,010 |
| XTX Topco Ltd | 474,830 | $655.3K | 0.0% | +451,888 |
| EFG International AG | 430,646 | $594.3K | 0.0% | New |
| Goldman Sachs Group Inc | 371,725 | $513.0K | 0.0% | +99,863 |
| D. E. Shaw & Co., Inc. | 279,863 | $386.2K | 0.0% | New |
| Ieq Capital, LLC | 237,901 | $328.3K | 0.0% | +92,306 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Blaize Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBlaize Holdings, Inc.1
- CIK0001871638
- Employer ID (EIN)86-27087524
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)3674 Semiconductors & Related Devices1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address2890 Zanker Road Suite 107, San Jose, CA 951341
- Phone(916) 347-00501
- Shares outstanding144,832,039 as of Aug 13, 20269
- Public float$217.4M as of Jun 30, 20254
- AuditorUHY LLP, Melville, New York PCAOB ID 1195; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceAug 19, 20211
- Filings314 in all: 8-K (54), 4 (40), 424B3 (28), 3 (22), CORRESP (16), 10-Q (14), 144 (11), UPLOAD (11)1
All 45 form types
425 (10), DEFA14A (9), SCHEDULE 13G (9), SCHEDULE 13D/A (8), EFFECT (7), S-1/A (6), S-4/A (6), SCHEDULE 13G/A (6), 10-K (5), DEF 14A (5), PRE 14A (5), SC 13G (5), S-1 (4), NT 10-K (3), SC 13G/A (3), 424B5 (2), 8-A12B (2), 8-K/A (2), NT 10-Q (2), SCHEDULE 13D (2), 10-K/A (1), 10-Q/A (1), 25-NSE (1), 4/A (1), 424B4 (1), 8-A12B/A (1), ARS (1), CERT (1), D (1), DEFM14A (1), DRS (1), POS AM (1), POS EX (1), S-3 (1), S-4 (1), S-8 (1), SC 13D (1)
- Latest filingsAnnual report (10-K) Mar 24, 2026
Quarterly report (10-Q) Aug 13, 2026
Proxy statement (DEF 14A) Oct 20, 2025
Latest 8-K (8-K) Oct 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common stock, par value $0.0001 per share | BZAI | Nasdaq |
| Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share | BZAIW | Nasdaq |
From the cover page of the 10-K filed Mar 24, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Blaize Holdings, Inc. names in Item 1A of its 10-K filed Mar 24, 2026: 55 risks under these headings, as written.4
- Risks Related to our Business and Industry
- We have a history of operating losses, and we may not be able to generate sufficient revenue to achieve and sustain profitability.
- We depend on a small number of customers, including related parties, for a significant portion of our revenue, and our accounts receivable balances are similarly concentrated.
- Our business may depend on our ability to expand sales to customers located outside of the United States, and we may experience difficulties in collections of our accounts receivable, or other matters that could adversely affect our revenue.
- Development of our next-generation chip may be delayed or may not be feasible due to financial constraints.
- Our customer pipeline may take time to mature and may not result in revenue opportunities.
- A substantial portion of our revenue for the fiscal year ended December 31, 2025 was generated from sales of third-party hardware products. These products generally carry lower gross margins compared to our branded offerings. As a result, our overall profitability may be adversely affected if the proportion of third-party hardware sales remains high or increases in future periods.
- Our partnerships with certain automotive OEMs and Tier-1 suppliers are long-term in nature, and we will not receive firm purchase order commitments until we deliver our automotive-grade chip.
- Our future revenue and operating results could be harmed if we are unable to acquire new customers, retain existing customers, or expand sales to our existing customers.
- We may not be able to successfully implement our growth strategy on a timely basis or at all.
- Failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our platform and products.
- The sales cycle with large enterprise customers can be long and unpredictable, and our sales efforts require considerable time and expense.
The other 44 risks
- If we fail to offer high quality support, our business and reputation could suffer.
- We depend on timely supply of materials sourced from a limited number of suppliers, and are directly impacted by unexpected delays or problems from our third-party manufacturers.
- We depend on third-party manufacturers, including Samsung Foundry and Plexus, for producing our AI chips, and in the event of a disruption in our supply chain, any efforts to develop alternative supply sources may not be successful or may take longer to take effect than anticipated.
- If we fail to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform and products and innovate and introduce new solutions in a manner that responds to our customers’ evolving needs, our business may be adversely affected.
- We may not be successful in driving the global deployment and customer adoption of digital offerings characterized by digital applications and solutions.
- If we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service and customer satisfaction or adequately address competitive challenges.
- We face intense competition, especially from well-established companies offering solutions and related applications. We may lack sufficient financial or other resources to maintain or improve our competitive position, which may harm our ability to add new customers, retain existing customers and grow our business.
- We may need to reduce or change our pricing model to remain competitive.
- If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards, and changing customer needs or preferences, our platform and products may become less competitive.
- The estimates of market opportunity and forecasts of market growth included in this Annual Report on Form 10-K may prove to be inaccurate. Even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.
- If our software or hardware contains serious errors or defects, we may lose revenue and market acceptance and may incur costs to defend or settle claims with our customers.
- We currently optimize, quantize and fine-tune existing AI models and may in the future, use and develop AI, machine learning and automated decision-making technologies throughout our business, which may expose us to certain regulatory and other risks that could adversely affect our results of operations and financial condition.
- We depend on third-party data hosting and transmission services. Increases in cost, interruptions in service, latency or poor service from our third-party data center providers could impair the delivery of our platform, which could result in customer dissatisfaction, damage to our reputation, loss of customers, limited growth and reduction in revenue.
- We rely on third-party proprietary and open source materials for our platform. Our inability to obtain third-party licenses for such materials, or obtain them on favorable terms, or any errors, bugs, defects or failures caused by such materials could adversely affect our business, results of operations and financial condition.
- Our use of open source software or datasets could subject us to possible litigation or cause us to subject our platform or products to unwanted open source license conditions that could negatively impact our sales.
- We rely on computer hardware, purchased or leased, and software licensed from and services rendered by third parties in order to run our business.
- Our growth depends in part on the success of our strategic relationships with third parties.
- Human Capital Risks
- We anticipate that our operations will continue to increase in complexity as we grow, which will create management challenges.
- We depend on our senior management team and the loss of one or more key employees or an inability to attract and retain highly skilled employees may adversely affect our business.
- If we are unable to hire, retain and motivate qualified personnel, our business will suffer.
- If we are unable to maintain our corporate culture as we grow, we could lose the innovation, teamwork, passion and focus on execution that we believe contribute to our success, and our business may be harmed.
- The obligations associated with being a public company require significant resources and attention from our senior management team.
- Our senior management team has limited experience with the complexities of managing a publicly traded company.
- Legal, Regulatory, and Compliance Risks
- If we fail to execute invention assignment agreements with our employees and contractors involved in the development of intellectual property or are unable to protect the confidentiality of our trade secrets, the value of our products and our business and competitive position could be harmed.
- We could incur substantial costs in protecting or defending our proprietary rights. Failure to adequately protect our rights could impair our competitive position and we could lose valuable assets, experience reduced revenue and incur costly litigation.
- In general, we are subject to various laws and regulations in the U.S. and internationally, which may expose us to liability, increased costs or have other adverse effects that could harm our business.
- We are subject to financial and economic sanctions, export controls and similar laws, and non-compliance with such laws can subject us to administrative, civil, and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our business, results of operations, financial condition and reputation.
- We may conduct a portion of our business with third-party ecosystem partners to provide defensive solutions that incorporate our products to various foreign and domestic government agencies, which are subject to unique risks.
- We are subject to anti-corruption, anti-bribery, anti-money laundering and similar laws. Non-compliance with such laws can subject us to criminal and/or civil liability and harm our business.
- We process proprietary, confidential and personal information which may subject us to certain laws or other obligations regarding the privacy and security of such information. If we fail to comply with applicable laws or obligations, or if the confidentiality, integrity, or availability of this information or our information technology systems is compromised, our reputation may be harmed and we may be exposed to liability and loss of business.
- Financial and Market Risks
- There is substantial doubt about our ability to continue as a going concern.
- Currency controls may limit our ability to access or repatriate funds
- Risks Related to Our Common Stock
- Future issuances of shares of our common stock or other securities convertible into our common stock could cause the market value of shares of our common stock to decline and could result in dilution of your shares.
- We may not be able to meet the continued listing standards of the Nasdaq from time to time. This could result in our common stock being delisted from the exchange.
- Activist shareholders could disrupt our operations, cause uncertainty, and adversely affect our business and stock price.
- We do not intend to pay dividends on our common stock for the foreseeable future, and investors should intend to rely on stock price appreciation for a return on their investment.
- Our ability to timely raise capital in the future may be limited, or may be unavailable on acceptable terms, if at all, and we cannot be certain when or if our operations will generate sufficient cash to fund our ongoing operations or the growth of our business.
- It is not possible to predict the actual number of shares we will sell to B. Riley under the Committed Equity Facility, or the actual gross proceeds resulting from those sales. Further, we may not have access to the full amount available under the Committed Equity Facility.
- Some provisions of Delaware law and our certificate of incorporation and bylaws may deter third parties from acquiring us and diminish the value of our common stock.
- General Risk Factors
- Macroeconomic conditions could materially adversely affect our business, financial condition, results of operations, and prospects.
- Our supply chain and production process may be affected by tariffs on equipment or materials that we may rely on or use for our products, which could also cause our costs to increase.
- Reports published by analysts, including projections in those reports that differ from our actual results, could adversely affect the price and trading volume of our common stock.
- Our actual operating results may differ significantly from any guidance that we may provide.
- We may be subject to litigation, claims, investigations, and regulatory actions from time to time.
Legal proceedings
From time to time, we may become subject to various legal proceedings, lawsuits, disputes and claims arising in the ordinary course of our business. We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, may have a material adverse effect on our business.
The opening of Item 3, Legal Proceedings.4
Sources
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- 15SEC EDGARAnthony Cannestra, Board member
- 16SEC EDGARJuergen Hambrecht, Board member
- 17SEC EDGARLane Bess, Board member
- 18SEC EDGARUrioste George De, Board member
- 19SEC EDGARYoshiaki Fujimori, Board member
- 20SEC EDGARIsaac Chetrit, Board member
- 21SEC EDGARPayel Farasat, Board member
- 22SEC EDGARRoman Livson, Board member
- 23SEC EDGARJoseph A. Porrello, Board member
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- 27SEC EDGARListing notice or transfer
- 28SEC EDGARExit or restructuring costs
- 29SEC EDGARResults of operations
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- 31SEC EDGARResults of operations
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- 34SEC EDGARResults of operations; Other events
- 35SEC EDGARResults of operations
- 36SEC EDGARExecutive or director change
- 37SEC EDGARShareholder vote
- 38NasdaqNasdaq calendar
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