Blaize stock tumbles on short seller fraud allegations

Investing.com -- Blaize Holdings Inc (NASDAQ: BZAI) shares fell 9% Tuesday after short seller Pelican Way Research published a report alleging the company's recent $50 million deal with NeoTensr is fraudulent.

The short seller claims NeoTensr's website was registered on December 18, 2025, and the company was incorporated just days later on December 22, 2025, mere months before the deal announcement. According to Chinese entity records cited in the report, NeoTensr reported approximately $2 million in startup capital, raising questions about how the company could execute a $50 million transaction.

Pelican Way Research also alleges that products displayed on NeoTensr's website appear to be hardware from other manufacturers with Blaize and NeoTensr logos added. The report specifically points to the "Blaize NEO MESH 1L-E" as appearing similar to the AIC HP202-AG server.

The short seller questioned Blaize's April 14 announcement that it recognized $20 million in revenue from NeoTensr during the fourth quarter of 2025, asking how NeoTensr could have purchased that amount in the final weeks of 2025 when it was incorporated December 22 with just $2 million in reported capital.

Blaize reported $38.6 million in revenue for 2025, with nearly all coming from two customers apparently located in China. The company had approximately $45.8 million in cash and cash equivalents at year-end 2025 while burning roughly $74 million annually, according to its fiscal 2025 10-K filing.

The report also referenced a 2025 analysis by Ragnarok Research regarding a previous Blaize deal with Starshine Computing, which allegedly showed similar patterns. According to Blaize's 10-K, Starshine has paid $1.6 million of an $8.8 million accounts receivable, with the remainder outstanding as of March 24, 2026.

You May Also Be Interested In

• Subaru, other Japan suppliers to team on delivery as Boeing raises output - Nikkei
• Stone Investment Publishes 2026 Report on Mauritius and Provence Property
• Grok, OpenAI, Claude all down simultaneously - Downdetector