Blaize Holdings lost 7.6% of its share price on April 28, 2026, after a short seller published a report calling the company’s $50 million deal with NeoTensr fraudulent. Investing.com reported the drop in Nasdaq trading, where Blaize trades as BZAI.
The report came from Pelican Way Research. Its claims are allegations. Blaize had not answered them in the coverage Investing.com published that day.
A customer that barely existed
The core of the report is a timeline. According to Pelican Way, NeoTensr’s website was registered on December 18, 2025, and the company itself was incorporated on December 22, 2025. That is only months before Blaize announced the deal.
The short seller also pointed to Chinese entity records, which it says show NeoTensr reporting about $2 million in startup capital. Pelican Way’s question is plain: how does a company with $2 million in capital carry out a $50 million transaction?
It raised a second doubt about the products. Hardware pictured on NeoTensr’s website looks, in the report’s telling, like equipment from other manufacturers with Blaize and NeoTensr logos added. One example it names is the “Blaize NEO MESH 1L-E,” which it says resembles the AIC HP202-AG server.
The $20 million in revenue
Pelican Way also went after an earlier announcement. On April 14, Blaize said it had recognized $20 million in revenue from NeoTensr in the fourth quarter of 2025. The short seller asked how NeoTensr could have bought that much in the last weeks of the year, given that it was incorporated on December 22 with just $2 million in reported capital.
The numbers matter because of how small Blaize’s customer base is. According to its fiscal 2025 10-K filing, the company reported $38.6 million in revenue for 2025, nearly all of it from two customers that appear to be located in China. Blaize ended the year with roughly $45.8 million in cash and cash equivalents, and the filing puts its annual cash burn at about $74 million.
An earlier deal under the same lens
The report did not stop at NeoTensr. It cited a 2025 analysis by Ragnarok Research of a previous Blaize deal, with Starshine Computing, which allegedly showed similar patterns. Blaize’s 10-K says Starshine had paid $1.6 million of an $8.8 million accounts receivable as of March 24, 2026. The rest was still outstanding.
