BZAI · CIK 1871638
What Blaize Holdings, Inc. told the SEC could break it.
Blaize's disclosures are dominated by extreme customer concentration in China: two major customers there accounted for 61% and 27% of its 2025 revenue — about 88% combined — with accounts receivable similarly concentrated, so the loss of either would severely hit the business. That China dependence runs through its cost base too, since it sources much of its components, equipment and raw materials from China while selling substantially to Chinese customers, leaving it squarely exposed to U.S.-China tariffs and trade restrictions. As a fabless chip company it also depends on third-party manufacturers like Samsung Foundry and Plexus (with packaging and testing in Taiwan), and, with a history of operating losses, it funds itself partly through a committed equity facility that adds financing and dilution risk.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Two China customers ~88% of revenue (61% and 27%)high
Blaize's revenue is extremely concentrated — two major customers located in China accounted for 61% and 27% of total 2025 revenue, with accounts receivable similarly concentrated in China, so loss of either would severely harm the business.
“For the year ended December 31, 2025, two major customers located in China accounted for 61% and 27% of our total revenue, respectively.”
Supplier concentration
- Fabless dependence on third-party chip manufacturers (Samsung Foundry, Plexus)medium
As a fabless company, Blaize relies on third-party manufacturers (including Samsung Foundry and Plexus) to produce its AI chips, with packaging/testing in Taiwan; a supply-chain disruption could cause production delays and alternative sources may not be available or timely.
“As a fabless company, we do not manufacture our own semiconductor or SoC products and currently rely on third-party manufacturers, including Samsung Foundry and Plexus, to produce our products.”
SEC filing →As of 2026
Liquidity & debt
- History of operating losses; reliance on B. Riley committed equity facilitylow
Blaize has a history of operating losses and may not generate sufficient revenue to achieve profitability, funding itself partly through a B. Riley committed equity facility (subject to a $1.00 minimum stock-price condition), creating financing/dilution risk.
“We have a history of operating losses, and we may not be able to generate sufficient revenue to achieve and sustain profitability.”
SEC filing →As of 2026
Regulatory & policy
- U.S.-China tariffs on components/equipment and raw materials sourced from Chinalow
Blaize sources components/equipment and raw materials (largely from companies in China) and sells substantially to China customers; U.S.-China tariffs, trade restrictions, or a trade war would raise its costs and disrupt its supply chain.
“Tariffs imposed on components or equipment that we source from Chin”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“We also have manufacturing contracts with Plexus, a contract manufacturer with a facility located in Penang, Malaysia, that provides new product intr”
Cited →VeriSilicon, Inc.
“we have a design, manufacturing and sales agreement with VeriSilicon, Inc. (“VeriSilicon”) that provides us with design expertise, support and assistance, and certain deliverables, prototy”
Cited →Samsung Foundry (Samsung Electronics)
“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.”
Cited →
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