Blaize (NASDAQ: BZAI) insider updates 6.2% stake, adopts 10b5-1 sale plan

Rhea-AI Filing Summary

Blaize Holdings, Inc. insider Dinakar Munagala filed an amended Schedule 13D/A updating his ownership and disclosing a new preset trading arrangement. He reports beneficial ownership of 8,045,893 shares of common stock, representing 6.2% of the class, based on 122,744,509 shares outstanding as of March 20, 2026.

The stake consists of 551,422 shares of common stock plus 7,494,471 shares underlying stock options that are vested or expected to vest within 60 days, and excludes 1,371,303 earn-out shares. On December 12, 2025 he entered into a Rule 10b5-1 trading plan under which a broker may periodically sell up to an aggregate of 1,864,650 shares of Blaize common stock on his behalf. Since the prior amendment, options to purchase 1,219,590 shares have vested, and no other transactions in the common stock are reported.

Insights

Equity ownership and governance analyst

Large Blaize insider pre-arranges potential sales via a Rule 10b5-1 plan while maintaining a significant equity stake.

Dinakar Munagala reports beneficial ownership of 8,045,893 Blaize Holdings shares, or 6.2% of the common stock based on 122,744,509 shares outstanding as of March 20, 2026. Most of this position comes from stock options that are vested or near-vesting.

He has adopted a Rule 10b5-1 trading plan dated December 12, 2025, allowing a broker to make periodic sales of up to 1,864,650 shares. Such pre-set plans are designed to systematize selling activity, reducing discretion over timing.

The filing notes that options for 1,219,590 shares have vested since the previous amendment and that, apart from the new plan and vesting activity, no additional trades in the common stock are reported. Future sales volume will depend on executions under the trading plan as disclosed in later filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Blaize Holdings, Inc.

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

092915107

(CUSIP Number)

Kim Evans
4659 Golden Foothill Parkway, Suite 206
El Dorado Hills, CA, 95762
916-347-0050

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/12/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 092915107

1

Name of reporting person

Munagala Dinakar

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 8,045,893.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 8,045,893.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

8,045,893.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common stock, par value $0.0001 per share
(b)	Name of Issuer: Blaize Holdings, Inc.
(c)	Address of Issuer's Principal Executive Offices: 4659 Golden Foothill Parkway, Suite 206, El Dorado Hills, CALIFORNIA , 95762.
Item 1 Comment: This Amendment No. 2 on Schedule 13D (the "Amendment No. 2") amends and supplements the statement on Schedule 13D filed with the United States Securities and Exchange Commission on July 11, 2025 (as amended to date, the "Schedule 13D"), relating to the shares of common stock, par value $0.0001 per share (the "Common Stock"), of Blaize Holdings, Inc. a Delaware corporation (the "Issuer"). Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D.
Item 4.	Purpose of Transaction
	Entry into 10b5-1 Plan On December 12, 2025, the Reporting Person entered into a trading plan (the "10b5-1 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Pursuant to the 10b5-1 Trading Plan, a broker dealer will make periodic sales of up to an aggregate of 1,864,650 shares of the Issuer's common stock on behalf of the Reporting Person. The foregoing description of 10b5-1 Trading Plan does not purport to be complete and is qualified in its entirety by the text of the 10b5-1 Trading Plan, the form of which is attached as an exhibit to this Schedule 13D and incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	The information contained on the cover page to this Schedule 13D is incorporated herein by reference. The securities reported herein include (i) 551,422 shares of Common Stock and (ii) 7,494,471 shares of Common Stock underlying Stock Options which are vested or are expected to vest within 60 days of the date of this filing. The ownership percentage set forth herein is based on 122,744,509 shares of Common Stock outstanding as of March 20, 2026 as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2026. The information herein excludes 1,371,303 earn-out shares held by the Reporting Person.
(b)	The information contained on the cover page to this Schedule 13D is incorporated herein by reference.
(c)	Since the filing of Amendment No. 1, options to purchase 1,219,590 shares of Common Stock held by the Reporting Person have vested. Other than as described in Item 4 and this Item 5(c), the Reporting Person has not effected any transactions in the Common Stock since the filing of Amendment No. 1.
(d)	None.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3: 10b5-1 Trading Plan, dated as of December 12, 2025

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Munagala Dinakar

Signature:	/s/ Dinakar Munagala
Name/Title:	Dinakar Munagala
Date:	03/24/2025