LanzaTech Global
LNZA on Nasdaq. Market value $77m.
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.
Who owns it
None of the long-term investors we follow own it. 40 funds in all.
Largest holders overall
- Highbridge Capital Management$3mNew
- Vanguard Capital Management$3mAdded
- BlackRock$2mAdded
- Polar Asset Management Partners$2mNew
- Citadel Advisors$1mNew
- Novo Holdings A/S$1m
- Alliancebernstein L.P.$677,543New
- Geode Capital Management$672,701Added
- Millennium Management$355,533New
- State Street$222,346Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Vinod KhoslaInsider or founderat least 64.2%+39.2 pts(filed with 3 related holders)Since 7 May 2025
What they said
Item 4 of Schedule 13D is supplemented as follows: On January 21, 2026, pursuant to the Second Amended and Restated Certificate of Designation of Series A Convertible Senior Preferred Stock (the "Second A&R CoD"), 20,000,000 shares of the Issuer's Preferred Stock were converted…
Read the filing - Carbon Direct Fund II Blocker I LLCStrategic holderat least 18.5%0.0 pts(filed with 3 related holders)Since 3 April 2025
What they said
The Reporting Persons acquired the Common Stock for investment purposes. The Reporting Persons have been and reserve the right to continue to be in contact with members of the Issuer's management, the members of the Issuer's board of directors (the "Board"), other significant…
Read the filing - Guardians of New Zealand SuperannuationPassive investor12.9%Since 31 March 2026
- TINDALL STEPHEN ROBERTPassive investorat least 9.3%(filed with 2 related holders)Since 21 January 2026
- Novo Holdings A/SPassive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vinod Khosla Insider or founder | at least 64.2%+39.2 pts (filed with 3 related holders) | 7 May 2025 | What they saidItem 4 of Schedule 13D is supplemented as follows: On January 21, 2026, pursuant to the Second Amended and Restated Certificate of Designation of Series A Convertible Senior Preferred Stock (the "Second A&R CoD"), 20,000,000 shares of the Issuer's Preferred Stock were converted… Read the filing |
Carbon Direct Fund II Blocker I LLC Strategic holder | at least 18.5%0.0 pts (filed with 3 related holders) | 3 April 2025 | What they saidThe Reporting Persons acquired the Common Stock for investment purposes. The Reporting Persons have been and reserve the right to continue to be in contact with members of the Issuer's management, the members of the Issuer's board of directors (the "Board"), other significant… Read the filing |
Guardians of New Zealand Superannuation Passive investor | 12.9% | 31 March 2026 | |
TINDALL STEPHEN ROBERT Passive investor | at least 9.3% (filed with 2 related holders) | 21 January 2026 | |
Novo Holdings A/S Passive investor | Sold down below 5% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
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 LanzaTech Global’s 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 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 7 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on the material weaknesses, and the evaluation of our disclosure controls and procedures, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of the Evaluation Date.”
From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On April 10, 2026, upon the recommendation and approval of the Audit Committee of the Board of Directors (the “Audit Committee”), the Board of Directors of LanzaTech Global, Inc. (the “Company”) ratified and approved the dismissal of Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm, effective April 10, 2026.”
From an 8-K filed 16 April 2026: Change of auditor. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 37% last year. Losing that customer would hurt.
“For the fiscal year ended December 31, 2025, our largest contracting entity accounted for 37% of our revenue, as compared to 25% for the fiscal year ended December 31, 2024.”
From the 10-K filed 31 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
Your first deep dive is free.
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.