Blaize Holdings, Inc. (BZAI)

Blaize designs computing for artificial intelligence inference, the step where a trained model is put to work on new data, and sells it as hardware and software together. Its own chip is the GSP, short for Graph Streaming Processor, an accelerator built from the ground up for compute-intensive data parallel work such as computer vision and machine learning, and fully programmable rather than fixed to one task. The chip goes onto compute cards, PCIe cards among them, in the form factors the industry already uses. The software is a development kit that follows open standards, so customers can program their own models, and Blaize AI Studio, a visual no-code or low-code environment for building and deploying AI models. Blaize also sells strategic consulting to configure its hardware and licensed intellectual property to a customer's needs. 1516171819

How it operates

Blaize designs computing for artificial intelligence inference, the step where a trained model is put to work on new data, and sells it as hardware and software together. Its own chip is the GSP, short for Graph Streaming Processor, an accelerator built from the ground up for compute-intensive data parallel work such as computer vision and machine learning, and fully programmable rather than fixed to one task. The chip goes onto compute cards, PCIe cards among them, in the form factors the industry already uses. The software is a development kit that follows open standards, so customers can program their own models, and Blaize AI Studio, a visual no-code or low-code environment for building and deploying AI models. Blaize also sells strategic consulting to configure its hardware and licensed intellectual property to a customer's needs. 1516171819

Alongside its own products Blaize delivers third-party hardware, mostly servers and small stand-alone systems that host its technology, and that bought-in hardware is the main thing in its cost of revenue. The company lists smart city, defense, retail and enterprise as the markets it sells into, and computer vision, advanced video analytics and AI inference as the work its platforms do. Its own summary of where it stands is blunt: the principal market for its products is currently China. 20212223

Revenue comes from a very short list of buyers, some of them related parties. In 2025 two major customers in China took 61% and 27% of total revenue, and neither was a related party; in the company's own table they are Customer D at 61.5% and Customer C at 27.0%, with everything else at 11.5%, a figure that includes 3.4 million dollars of revenue from a related party. The year before, 98% of a far smaller total came from two different customers, in the United States and Japan, both of them related parties, and almost all of that revenue was strategic consulting whose contracts have since expired. 24252627

Blaize is fabless, meaning it designs its chips and pays others to make them. It outsources all manufacturing of its AI chips and PCIe cards: Samsung Foundry makes the current generation system on a chip, and partners in Taiwan do all the packaging and testing. Plexus, a contract manufacturer with a plant in Penang, Malaysia, mass produces everything, assembling circuit boards, putting products together, testing them and shipping them on to the logistics partner and to customers around the world. A design, manufacturing and sales agreement with VeriSilicon, Inc. supplies design expertise and certain prototypes, products and services. The raw materials behind all of it, silicon, polymers, copper, aluminum and the rest, are largely provided by companies in China. 2829303132

Blaize Holdings, Inc. is a Delaware corporation, incorporated in 2010, with its head office in El Dorado Hills, California; every facility it uses is leased office space. It reports in United States dollars, which is also the functional currency of its Indian and British subsidiaries, whose local currencies are the rupee and the pound. It runs as a single operating and reportable segment, and its common stock is listed on The Nasdaq Global Market under the symbol BZAI. 333435363738

The specifics

Blaize arrived on the exchange by merger rather than by flotation. On January 13, 2025, BurTech Acquisition Corporation completed a deal in which its merger subsidiary combined with Blaize, Inc., leaving that business as a wholly owned subsidiary; the parent then changed its name from BurTech Acquisition Corporation to Blaize Holdings, Inc. For accounting the direction is reversed: BurTech counts as the company acquired and Blaize as the acquirer. That is why the record this site holds shows filings with the SEC going back to 2021, years in which the listed shell, not the chip designer, was doing the filing. 3391340

The annual report carries a going concern warning, and so does the auditor's opinion. UHY LLP, auditor since 2023, wrote that recurring operating losses, negative cash flows from operations, an accumulated deficit and a history of living on financing raise substantial doubt about the company's ability to continue as a going concern. The figures behind it: cash and equivalents of 45.8 million dollars at the end of 2025 and receivables after allowance of 33.4 million against payables and accruals of 37.9 million; financing supplied 70.1 million during the year while operations used 73.8 million; the loss from operations was 103.8 million in 2025 after 47.6 million in 2024. To keep going, the company says, it will need to raise additional financing, if such financing is available at all. 414243444546

What Blaize owns of its own is modest but real: 43 patents and 16 pending applications at the end of 2025, expiring between June 16, 2031 and September 24, 2044, two issued foreign patents, one in the United Kingdom and one in the Republic of Korea, and five pending foreign applications including in India. On rivals the filing says almost nothing. It names no competitor at all, explaining only that a scalable and programmable architecture sells into a broad set of markets, so that its competitors vary by the line of business being sold into. 4748

Rules reach into this business from several directions. It is subject to United States sanctions administered by the Treasury Department's Office of Foreign Assets Control and to export controls administered by the Commerce Department's Bureau of Industry and Security, and because it develops technology deemed critical from a national security point of view, certain investments by persons or entities outside the United States could require a mandatory CFIUS filing before they close. It cannot predict, it says, what may be done about tariffs or trade relations between the United States and China. It also warns that it may not always meet Nasdaq's continued listing standards, which would leave its common stock delisted from the exchange. 49505152

What drives growth, line by line

Revenue was 38.6 million dollars in 2025 against 1.6 million the year before, close to a standing start. The company puts the jump down to hardware sales, mostly hardware sold to third parties, where the year before revenue had come mainly from strategic consulting services provided to related parties; that development contract has been completed and no more revenue is expected from it. Cost of revenue rose to 32.4 million from 0.6 million, driven by buying hardware from third party vendors to fulfil sales contracts, so gross profit was 6.2 million. 535455

China. 35.2 million dollars, 91.0% of 2025 revenue, against nothing from China the year before. This is where the two big buyers sit. The filing says two major customers located in China took 61% and 27% of total revenue and that neither was a related party; its own table puts Customer D at 61.5% and Customer C at 27.0%. Neither is named, and a third customer in China sits inside the Others row of the same table. 5657242558

United States. 3.3 million dollars, 8.6% of revenue, up from 1.2 million the year before, a rise of 173.8%. The American line is a different business from the one it was: in 2024 Customer A, a related party in the United States, was 76.8% of a far smaller total, and that revenue was strategic consulting whose contracts have since expired. 562526

Japan. 3 thousand dollars, next to nothing, against 332 thousand the year before, a fall of 99.1%. Japan's place in the record was Customer B, a related party, at 21.4% of 2024 revenue, again consulting work whose contracts have expired. 562526

Other Countries. 147 thousand dollars, four tenths of one percent of revenue, against 7 thousand the year before. The company's own note on geography is that with so few customers, revenue from any one of them can move the whole geographic mix. 5658

What comes next, in the company's own words: it expects to derive revenue from sales of third-party solutions and its hardware and software products as well as from strategic consulting services, and expects research and development spending to keep climbing as it supports the next generation of products. Its stated pipeline at the end of 2025 was 25 proofs of concept initiated or in progress, 30 partners and 20 design wins. The largest commitment it describes is the Starshine agreement of July 2025, under which Starshine Computing Power Technology Limited, a Hong Kong company, agreed to deliver a minimum of 120.0 million dollars of revenue over the agreement's first 18 months, subject to purchase orders. One purchase order arrived, for 10.4 million dollars in the third quarter of 2025; 1.6 million was paid and 8.8 million was still outstanding on March 24, 2026, by which date no further purchase orders had come. 59606162636465

The read's section on the people who run it is on the People tab.

What the desk infers Inferred

1. Inferred

   Customer C, the buyer behind roughly a quarter of 2025 revenue, is almost certainly Starshine Computing Power Technology Limited, the partner named in the same filing.

   Because

   • Starshine placed one purchase order in the third quarter of 2025 for 10.4 million dollars, and Customer C's revenue for the year was 10,444 thousand dollars. 6525
   • Of that order 1.6 million dollars was paid and 8.8 million was still outstanding on March 24, 2026; Customer C's receivable at the end of 2025 was 8,844 thousand dollars. 6566
   • The filing places Customer C in China, and Starshine is a Hong Kong company. 5864
   Confidence 88 of 100Wrong if A filing or disclosure that names Customer C as a company other than Starshine, or that books the Starshine purchase order under a different customer heading.
2. Inferred

   What Blaize booked as revenue in 2025 was, in cash terms, credit extended to two buyers in China: almost the whole year's sales were still owed at the end of it.

   Because

   • Revenue for 2025 was 38.6 million dollars, while accounts receivable including amounts due from a related party stood at 37,250 thousand dollars at the end of the year. 5366
   • The whole 23,750 thousand dollars of Customer D's revenue was still in receivables at the year end, 63.8% of the total owed, and 15.2 million dollars of it came in afterwards. 6667
   • Leaving the related party aside, 26% of receivables were more than 60 days past due and 5% more than 90 days, against normal credit terms of up to net 30 days. 6869
   • The going concern assessment names cash collections of accounts receivable among the factors the company's ability to continue depends on. 70
   Confidence 85 of 100Wrong if A later filing showing the December 2025 receivables collected in full within the stated credit terms, with the going concern discussion no longer resting on cash collections.
3. Inferred

   Most of what Blaize sold in 2025 was other companies' hardware rather than its own silicon, so the year reads less like a chip business scaling than like a systems integrator passing bought-in servers through at a thin margin.

   Because

   • Cost of revenue was 32.4 million dollars against revenue of 38.6 million, leaving gross profit of 6.2 million. 5553
   • The company says the increase in cost of revenue was driven by purchases of hardware from third party vendors in order to fulfil sales contracts. 55
   • Its cost of revenue is primarily the purchase of hardware from third parties, servers into which its GSP products can be placed. 21
   • The increase in revenue is attributed to hardware sales, primarily hardware sales to third parties. 54
   Confidence 72 of 100Wrong if A filing that splits revenue between Blaize's own semiconductor and software products and third-party hardware and shows its own products are the larger part.