Blaize Holdings (NASDAQ: BZAI) holder Ava Investors reports 4.90% stake

Rhea-AI Filing Summary

Ava Investors S.A., Ava Private Markets S.a r.l., and related individuals report their equity position in Blaize Holdings, Inc. They collectively report beneficial ownership of 6,973,432 shares of Blaize common stock, representing 4.90% of the class. These shares are held by Ava Private Markets S.a r.l. and affiliates, with Ava Investors S.A. acting as investment manager and exercising investment power. The transaction underlying this amendment is described as a distribution of common stock for no consideration. The reported percentage of class is based on 142,299,461 Blaize common shares outstanding as referenced in a recent quarterly report, before giving effect to an additional 2,000,000 shares issued and disclosed in a current report.

Insights

Equity Ownership Analyst

Ava-affiliated entities now report a sub‑5% stake in Blaize Holdings.

Ava Investors S.A., Ava Private Markets S.a r.l., and related individuals report beneficial ownership of 6,973,432 Blaize common shares, equal to 4.90% of the class. The position is held through Ava Private Markets and affiliates, with Ava Investors S.A. exercising investment power.

The amendment notes that the relevant event is a distribution of common stock for no consideration, indicating shares were transferred without cash payment. The reported stake is calculated using 142,299,461 shares outstanding as cited in Blaize’s amended quarterly report, before an additional 2,000,000 shares discussed in a current report on July 9, 2026. Each reporting person disclaims beneficial ownership beyond any direct pecuniary interest, which is standard language limiting economic responsibility.

Key Figures

Beneficially owned shares: 6,973,432 shares Percent of class: 4.90% Shares outstanding reference: 142,299,461 shares +1 more

4 metrics

Beneficially owned shares 6,973,432 shares Shares of Blaize Holdings common stock reported as beneficially owned by Ava-affiliated entities

Percent of class 4.90% Reported percentage of Blaize Holdings common stock class held by the reporting persons

Shares outstanding reference 142,299,461 shares Blaize Holdings common shares outstanding used to compute the 4.90% stake

Additional issuance 2,000,000 shares Additional Blaize common shares issued as reported in a current report on Form 8-K

Key Terms

beneficial ownership, dispositive power, pecuniary interest, Schedule 13G

4 terms

beneficial ownership financial

"Each of the persons above disclaims any beneficial ownership of the securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

dispositive power financial

"Sole Dispositive Power 0.00 8 | Shared Dispositive Power 6,973,432.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

pecuniary interest financial

"disclaims any beneficial ownership of the securities, except to the extent of any pecuniary interest therein"

Schedule 13G regulatory

"Percent of class is based on 142,299,461 shares of Common Stock of the Issuer outstanding"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

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FAQ

How many Blaize Holdings (BZAI) shares are reported by Ava-affiliated entities?

Ava-affiliated entities report beneficial ownership of 6,973,432 shares of Blaize Holdings common stock. These shares are held by Ava Private Markets S.a r.l. and affiliates, with Ava Investors S.A. acting as investment manager and exercising investment power over the position.

What percentage of Blaize Holdings (BZAI) does Ava Investors report owning?

Ava Investors S.A. and related filers report beneficial ownership of 4.90% of Blaize Holdings’ common stock. This percentage is calculated using 142,299,461 shares outstanding, as referenced in an amended quarterly report, before an additional 2,000,000 shares disclosed in a later current report.

What transaction triggered the updated Blaize Holdings (BZAI) ownership disclosure?

The amendment states that the relevant event is a distribution of Blaize common stock for no consideration. This means shares were distributed without cash payment, leading to an updated report of beneficial ownership by Ava Investors S.A., Ava Private Markets S.a r.l., and related individuals.

Who are the reporting persons in the Blaize Holdings (BZAI) Schedule 13G/A?

The Schedule 13G/A is filed on behalf of Ava Investors S.A., Ava Private Markets S.a r.l. (Compartment Blaize), Raphaelle Mahieu, and Benjamin Hazan. Ava Investors S.A. is the investment manager, while Mahieu and Hazan may be deemed to exercise investment power over the reported securities.

How many Blaize Holdings (BZAI) shares are used to compute the reported 4.90% stake?

The 4.90% ownership is based on 142,299,461 shares of Blaize common stock outstanding. This figure comes from an amendment to Blaize’s quarterly report, cited as the reference share count before the issuance of an additional 2,000,000 shares described in a later current report.

Do Ava Investors and related parties claim full beneficial ownership of their Blaize (BZAI) shares?

No. The disclosure states that each reporting person disclaims beneficial ownership of the Blaize securities, except to the extent of any pecuniary interest. This standard language limits the extent to which each person is treated as owning the shares economically.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

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)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 092915107

1

Names of Reporting Persons

Ava Investors S.A.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,973,432.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,973,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,973,432.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.90 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Consists of 6,973,432 shares of Common Stock of the Issuer held by Ava Private Markets S.a r.l. (Ava Private Markets) and affiliates. Ava Investors S.A. is the investment manager of Ava Private Markets and exercises investment power with respect to the securities held by Ava Private Markets. Raphaelle Mahieu and Benjamin Hazan may be deemed to exercise investment power with respect to the securities. Each of the persons above disclaims any beneficial ownership of the securities, except to the extent of any pecuniary interest therein. The transaction to which this Amendment to Schedule 13G relates is a distribution of Common Stock for no consideration. Percent of class is based on 142,299,461 shares of Common Stock of the Issuer outstanding as set forth in Amendment No. 1 to the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 2, 2026 (before giving effect to the issuance of 2,000,000 shares of Common Stock as reported in the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 9, 2026).

SCHEDULE 13G

CUSIP Number(s): 092915107

1

Names of Reporting Persons

Ava Private Markets S.a r.l.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,973,432.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,973,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,973,432.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.90 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: See comments to first cover page.

SCHEDULE 13G

CUSIP Number(s): 092915107

1

Names of Reporting Persons

Raphaelle Mahieu

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,973,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,973,432.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.90 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: See comments to first cover page.

SCHEDULE 13G

CUSIP Number(s): 092915107

1

Names of Reporting Persons

Benjamin Hazan

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,973,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,973,432.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.90 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: See comments to first cover page.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Blaize Holdings, Inc.
(b)	Address of issuer's principal executive offices: Blaize Holdings, Inc., 4659 Golden Foothill Parkway, Suite 206, El Dorado Hills, CA 95762
Item 2.
(a)	Name of person filing: This statement is filed on behalf of each of the following persons: 1. Ava Investors S.A. 2. Ava Private Markets S.a r.l., acting in respect of its Compartment Blaize 3. Raphaelle Mahieu 4. Benjamin Hazan
(b)	Address or principal business office or, if none, residence: The registered offices of Ava Investors S.A., Raphaelle Mahieu and Benjamin Hazan are located at Rue du Rhone 78, 1204 Geneva, Switzerland. The registered offices of Ava Private Markets S.a r.l. are located at 6, rue Dicks L-1417 Luxembourg, Grand Duchy of Luxembourg.
(c)	Citizenship: See responses to Item 4 on each cover page.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 092915107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See responses to Item 9 on each cover page.
(b)	Percent of class: See responses to Item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to Item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See responses to Item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See responses to Item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See responses to Item 8 on each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

Ava Investors S.A.

Signature:	/s/ Raphaelle Mahieu
Name/Title:	Raphaelle Mahieu, Director
Date:	07/10/2026

Signature:	/s/ Benjamin Hazan
Name/Title:	Benjamin Hazan, Director
Date:	07/10/2026

Ava Private Markets S.a r.l.

Signature:	/s/ Raphaelle Mahieu
Name/Title:	Raphaelle Mahieu, Manager Class A
Date:	07/10/2026

Signature:	/s/ Doorvesh Bobeechurn
Name/Title:	Doorvesh Bobeechurn, Manager Class B
Date:	07/10/2026

Raphaelle Mahieu

Signature:	/s/ Raphaelle Mahieu
Name/Title:	Raphaelle Mahieu
Date:	07/10/2026

Benjamin Hazan

Signature:	/s/ Benjamin Hazan
Name/Title:	Benjamin Hazan
Date:	07/10/2026

Comments accompanying signature: Ava Private Markets S.a r.l., acting in respect of its Compartment Blaize, is a private limited liability company (societe a responsabilite limitee) incorporated under the laws of the Grand Duchy of Luxembourg, with its registered office at 6, Rue Dicks, L-1417 Luxembourg, and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Societes, Luxembourg) under number B283362.