Blaize Holdings

BZAI · NASDAQ

$0.2407−$0.0121 (−4.79%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $0.2528

BZAI analyst rating

HoldConsensus of 3 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy1
Hold2
Underperform0
Sell0

12-month price target · 7 analysts

Average $1.84 (+662.8% upside)

Low: $1.01
Now: $0.2407
High: $2.63

Upgrades and downgrades

The latest rating actions, newest first

BZAI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Rosenblatt	Oct 6, 2026	Downgrade	Buy → Neutral	$2.00 → $0.40	53%
Rosenblatt	Oct 1, 2026	Maintains	Buy	$2.00	53%
B. Riley Securities	Aug 14, 2026	Maintains	Buy	$4.00 → $2.00	60%
DA Davidson	Aug 14, 2026	Downgrade	Buy → Neutral	$3.00 → $1.00	51%
DA Davidson	Apr 29, 2026	Maintains	Buy	$3.00	51%
Rosenblatt	Apr 16, 2026	Maintains	Buy	$6.00	53%
B. Riley Securities	Mar 25, 2026	Maintains	Buy	$8.00 → $5.00	60%
Rosenblatt	Mar 25, 2026	Maintains	Buy	$6.00	53%

The case for and against

Updated Oct 14, 2026

Bull case

Blaize Holdings is supported by a differentiated AI edge-computing platform that combines proprietary hardware, software, and third-party hardware, giving it exposure to multiple end markets including smart cities, defense, retail, and enterprise. Its revenue mix is anchored by hardware sales, and the concentration of revenue in China suggests meaningful demand potential from a large, strategically important market where its programmable AI processors can gain traction. The $13.3 million receivable from NeoTensr due on September 24, 2026, with only $0.2 million paid by September 30, 2026 and the balance now expected in the fourth quarter of 2026, underscores customer-specific risk, but the extension also indicates management’s ability to preserve the relationship while awaiting collection.

Bear case

Blaize Holdings is under pressure from repeated guidance cuts, including the 3Q26 revenue shortfall and CY26 revenue now expected at $30 million to $36 million versus $40 million to $43 million previously, signaling fragile demand visibility and weak revenue conversion. The company’s early commercialization ramp, heavy reliance on a small set of customers, and dependence on third-party manufacturing create execution risk, especially with the primary contract manufacturer planning to terminate its agreement by December 14, 2026 and the $50 million NeoTensr contract not yet fully de-risked. Financially, the business remains loss-making with $33 million of cash and equivalents, a 2Q26 adjusted EBITDA loss of $(20.9 million), and gross margin compression to 8%, while DOJ subpoenas add further legal and counterpart risk.

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