Blaize Holdings (BZAI) is such a blantant fraud in our view, and we find it sad that uninformed retail investors are funding it. We urge the SEC to take a hard look at this company, which has a 9 figure market cap.
The following are the red flags that we see in this company that suggests it’s a fraud.
See below our one-page report.
Most of the red flags by themselves aren’t totally damning but the totality of them all stongly suggests that this stock will be trading below 50c in a year. But there will be volatility along the way. The borrow rate is low, currently at 2.5%, so short sellers can hold a long term position if they can stomach the volatility.
BZAI Red Flags:
1. Massive, consistent insider selling,
2. Spends a crazy amount of money on who knows what, loses $20M+ per quarter.
3. Legitimate revenue close to zero.
4. All Asian management.
5. All Asian customers.
6. Management didn’t publicly respond to short reports that contained damning evidence (ie short report by Ragnarok Research on 8/8/25, and the short report by Pelican Bay Research on 4/28/26).
7. Ragnarok Research received threats to take down the report. Which is why they did and we reposted it on our website.
8. BZAI’s big customer last year, Starshine Computing, proved to be a fraud. They had a $120M agreement on 7/17/25, titled: “Blaize Secures Contract to Deliver Scalable Hybrid AI Infrastructure Across Asia”
PR shown below:
BZAI has only reported receiving $1.6M of that agreement.
9. BZAI stock went from over $6 in October 2025, to below $1 In March 2026.
10. Now, BZAI has seemed to have moved on from Starshine. They were only mentioned once in the Q425 earnings call as a dismissal after an analyst asked about them. BZAI now has a new shady customer, NeoTensr, with a similar agreement. On 4/16/26, BZAI released a PR with an almost identical headline as with Starshine titled:
“Blaize and NeoTensr Enter into Contract for Up to $50M to Deploy Co-Branded AI Edge Data Center Infrastructure Across Asia Pacific”
NeoTensr’s website is similar to Starshine’s.
11. BZAI recorded $20M in sales from NeoTensr in its Q425 and 2025 annual report on 3/24/26. This started a rally in the stock from $1 to over $2. But the revenue is likely fake. BZAI hasn’t reported receiving a penny of cash yet from that sale.
12. NeoTensr only has one known employee, its CEO Liang Wang. Neither Wang nor NeoTensr have any public history anywhere except from BZAI’s PRs. (note: this is a common Chinese name, we’re talking about the Liang Wang shown in the pic below with BZAI’s CEO)
13. From the Pelican Bay Research report, the NeoTensr website domain was just registered a few months ago in December 2025 and has only $2M in supposed capital from Chinese filings.
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