Blaize Shares Fall 7.6% Over $50M Fraud

Blaize Holdings Inc (NASDAQ:BZAI) shares plunged 7.6% after Pelican Way Research alleged its $50 million NeoTensr deal was fraudulent.
NeoTensr incorporated Dec 22 2025 with $2 million capital, casting doubt on its ability to fund $20 million revenue Blaize recognized in Q4 2025.
Blaize reported FY2025 revenue of $38.6 million, cash $45.8 million, but a cash burn of about $74 million annually per its 10‑K filing.
Starshine Computing has paid $1.6 million of $8.8 million owed by Blaize, with the balance outstanding as of March 24 2026.