Shares of Blaize Holdings Inc. (NASDAQ:BZAI) dropped 15.1% on Tuesday after the edge artificial intelligence computing company announced a $30 million private investment in public equity (PIPE) agreement with Polar Asset Management Partners.
Under the deal, Blaize will issue 9,375,000 shares of common stock at $3.20 per share, alongside warrants to purchase an additional 9,375,000 shares. The warrants have a five-year term and an exercise price of $5.00 per share. The transaction is expected to close on November 12, pending standard closing conditions.
Blaize said the capital infusion will support working capital needs and general corporate purposes, including commercialization of its AI platform and continued development of its next-generation semiconductor architecture. The company noted that the new funding, combined with its Committed Equity Facility and expected customer payments, should sustain operations through the second half of 2026.
“This financing further strengthens our balance sheet and demonstrates the continued investor confidence in our commercialization opportunities and platform expansion across key global markets,” said Dinakar Munagala, co-founder and CEO of Blaize.
The company also provided preliminary third-quarter 2025 results, projecting revenue of roughly $11.9 million, a net loss of $26.3 million, and an adjusted EBITDA loss between $11 million and $12 million.
During the quarter, Blaize delivered its first AI products to Starshine Computing Power Technology Limited, generating about $10.4 million in recognized revenue, though only $1.6 million has been received in cash so far.
Craig-Hallum served as the lead placement agent for the offering, while DA Davidson acted as co-lead placement agent.