Dilution profile // every instrument, one screen, from SEC filings

Blaize Holdings, Inc. (BZAI)

CIK 1871638 · all EDGAR filings →

Overall dilution risk
HIGHworst of 3 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$292M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
HIGH+855% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
HIGH~6 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2024-06-052026-08-13

Latest: 144.8M shares as of Aug 13, 2026 (10-Q).

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
BZAI Warrants29.6M$11.5
Polar Warrant Private Placement9.4Mnot tagged
Stockholder Rights6.0M$11
Advisor Warrants50,000$11.5
Polar Warrantsnot tagged$34.4yFV $0

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 13, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Reported exercise price: $11.5 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $14.7M as of Dec 31, 2024.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 13, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding144.8MAug 13, 2026
+ BZAI Warrants (if exercised)29.6MJan 12, 2025
+ Polar Warrant Private Placement (if exercised)9.4MNov 10, 2025
+ Stockholder Rights (if exercised)6.0MApr 22, 2026
+ Advisor Warrants (if exercised)50,000Jan 13, 2025
Fully diluted estimate189.9M+31.1% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $292.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Jan 27, 2026$250.0M registeredfiling →
S-1Nov 28, 2025$42.0M registeredfiling →
S-1Jul 18, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 3 executed · 2 registered.

UPDATEAug 13, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEAug 13, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEAug 13, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EXECUTEDJul 9, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
UPDATEMay 15, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEMay 15, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEMay 15, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EXECUTEDMay 6, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDMay 5, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
UPDATEMar 24, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEMar 24, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
UPDATEMar 24, 2026Prospectus update — often a resale registration, not necessarily new capital424B3

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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