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Blaize Holdings

BZAI on Nasdaq. Market value $63m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 122 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

10 investors own more than 5%.

  • Barthelemy Debray
    Passive investor
    17.4%
    Since 13 January 2025
  • Lane Bess
    Passive investor
    at least 10.8%+1.4 pts
    (filed with 1 related holder)
    Since 13 May 2025
    What they said

    The Reporting Persons acquired the securities of the Issuer for investment purposes. Reporting Persons or their affiliates may purchase additional securities or dispose of securities in varying amounts and at varying times depending upon Reporting Persons' continuing assessments…

    Read the filing
  • Lane Bess
    Passive investor
    at least 9.0%−1.4 pts
    (filed with 2 related holders)
    Since 16 September 2026
    What they said

    The Reporting Persons acquired the securities of the Issuer for investment purposes. Reporting Persons or their affiliates may purchase additional securities or dispose of securities in varying amounts and at varying times depending upon Reporting Persons' continuing assessments…

    Read the filing
  • BurTech LP LLC
    Passive investor
    at least 9.0%
    (filed with 1 related holder)
    Since 13 May 2025
    What they said

    The Reporting Persons acquired the securities of the Issuer for investment purposes. Reporting Persons or their affiliates may purchase additional securities or dispose of securities in varying amounts and at varying times depending upon Reporting Persons' continuing assessments…

    Read the filing
  • Meteora Capital, LLC
    Passive investor
    at least 6.3%−16.7 pts
    (filed with 1 related holder)
    Since 31 December 2024
  • Munagala Dinakar
    Insider or founder
    6.0%−0.2 pts
    Since 2 August 2026
  • 5.6%
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    5.1%
    Since 30 June 2026
  • at least 5.0%−1.3 pts
    (filed with 3 related holders)
    Since 23 January 2026
  • Ava Investors S.A.
    Passive investor
    at least 4.9%−4.7 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • SUHAIL RIZVI
    Passive investor
    Sold down below 5%
    Since 13 January 2025
  • DENSO International America, Inc
    Passive investor
    Sold down below 5%
    Since 26 March 2026
  • Sold down below 5%
    Since 30 September 2025
  • Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $949,531, $949,531 of it under preset trading plans.

  • Cannestra Anthony
    Director
    Sold
    under a preset trading plan
    Date
    6 July 2026
    Shares
    50,000
    Price
    $1.35
    Value
    $67,500
  • Sehmi Harminder
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    40,609
    Price
    $1.37
    Value
    $55,634
  • Cannestra Anthony
    Director
    Sold
    under a preset trading plan
    Date
    8 June 2026
    Shares
    50,000
    Price
    $1.68
    Value
    $84,000
  • Sehmi Harminder
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    1 June 2026
    Shares
    40,609
    Price
    $1.82
    Value
    $73,908
  • Cannestra Anthony
    Director
    Sold
    under a preset trading plan
    Date
    11 May 2026
    Shares
    50,000
    Price
    $1.85
    Value
    $92,500
  • Sehmi Harminder
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    1 May 2026
    Shares
    40,609
    Price
    $1.97
    Value
    $80,000
  • Sehmi Harminder
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    20 April 2026
    Shares
    123,460
    Price
    $2.28
    Value
    $281,489
  • Munagala Dinakar
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    17 April 2026
    Shares
    50,000
    Price
    $2.54
    Value
    $127,000
  • Cannestra Anthony
    Director
    Sold
    under a preset trading plan
    Date
    6 April 2026
    Shares
    50,000
    Price
    $1.75
    Value
    $87,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Blaize Holdings’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 8 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “As a result of the above, in connection with its assessment of going concern considerations in accordance with FASB Accounting Standards Codification (“ASC”) 205-40-50 — “Going Concern — Disclosure,” management has determined that the Company’s liquidity condition raises substantial doubt about its ability to continue as a going concern through one year from the date that these condensed consolidated financial statements have been issued.”

    From the 10-Q filed 13 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On January 13, 2025, the Audit Committee approved the engagement of UHY LLP (“UHY”) as the Company’s independent registered public accounting firm to audit the Company’s financial statements, effective following Marcum LLP, BurTech’s independent registered public accounting firm prior to the Business Combination, audit of BurTech’s financials statements for the year ended December 31, 2024.”

    From an 8-K filed 7 February 2025: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 61% last year. Losing that customer would hurt.

    “For the year ended December 31, 2025, two major customers located in China accounted for 61% and 27% of our total revenue, respectively.”

    From the 10-K filed 24 March 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.