Ava Investors holds 11.7M shares in Blaize (NASDAQ: BZAI) — 9.56% stake

Rhea-AI Filing Summary

Blaize Holdings reports an amended Schedule 13G/A showing 11,737,254 shares of Common Stock (representing 9.56% of the class) held by Ava Investors S.A. / Ava Private Markets.

The filing states the position is based on 122,744,509 shares outstanding as of 03/24/2026 and that the transaction disclosed in the amendment was a distribution of Common Stock for no consideration.

Insights

Institutional Ownership Analyst

Amendment clarifies a significant passive stake by an institutional manager.

The filing attributes 11,737,254 shares (9.56% of outstanding) to Ava Investors S.A. and its Luxembourg vehicle, with shared voting and dispositive power noted throughout the tables. The share count ties to the issuer's reported outstanding shares as of 03/24/2026.

Because the filing is a Schedule 13G/A amendment, it reflects passive institutional holding disclosure rather than an active acquisition; future activity will depend on holder decisions and further filings.

Corporate Governance Specialist

Ownership structure shows indirect control via investment manager and affiliated entities.

The disclosure explains that Ava Investors S.A. is the investment manager for Ava Private Markets S.a r.l., and Raphaelle Mahieu and Benjamin Hazan may be deemed to exercise investment power. Footnotes state disclaimers of beneficial ownership and changes in reporting persons.

Investors should note the filing records shared voting/dispositive power; subsequent amendments would update any shifts in voting authority or disposition plans.

Key Figures

Shares reported held: 11,737,254 shares Percent of class: 9.56% Shares outstanding (context): 122,744,509 shares

3 metrics

Shares reported held 11,737,254 shares Beneficially held by Ava Investors/Ava Private Markets

Percent of class 9.56% Based on 122,744,509 shares outstanding as of <date>03/24/2026</date>

Shares outstanding (context) 122,744,509 shares Issuer's Annual Report on Form 10-K filed <date>03/24/2026</date>

Key Terms

Schedule 13G/A, beneficial ownership, shared dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 1 reporting beneficial ownership details"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership regulatory

"Amount beneficially owned: See responses to Item 9 on each cover page"

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.

shared dispositive power financial

"Shared Dispositive Power 11,737,254.00 on cover pages"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Blaize Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

092915107

(CUSIP Number)

03/31/2026

(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 11,737,254.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,737,254.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,737,254.00

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)

9.56 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Consists of 11,737,254 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. Excludes securities beneficially owned by Barthelemy Debray. Mr. Debray no longer serves as a director or manager of Ava Investors S.A. or Ava Private Markets S.a r.l., respectively, and has ceased to be a Reporting Person for purposes of this Schedule 13G. 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 122,744,509 shares of Common Stock of the Issuer outstanding as set forth in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 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 11,737,254.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,737,254.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,737,254.00

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)

9.56 %

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 11,737,254.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,737,254.00

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)

9.56 %

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 11,737,254.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,737,254.00

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)

9.56 %

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.:
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.
	Not Applicable
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:	04/02/2026

Signature:	/s/ Benjamin Hazan
Name/Title:	Benjamin Hazan, Director
Date:	04/02/2026

Ava Private Markets S.a r.l.

Signature:	/s/ Raphaelle Mahieu
Name/Title:	Raphaelle Mahieu, Manager Class A
Date:	04/02/2026

Signature:	/s/ Olivier Lansac
Name/Title:	Olivier Lansac, Manager Class B
Date:	04/02/2026

Raphaelle Mahieu

Signature:	/s/ Raphaelle Mahieu
Name/Title:	Raphaelle Mahieu
Date:	04/02/2026

Benjamin Hazan

Signature:	/s/ Benjamin Hazan
Name/Title:	Benjamin Hazan
Date:	04/02/2026

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.

FAQ

What stake does Ava Investors report in Blaize Holdings (BZAI)?

Ava Investors reports 11,737,254 shares, equal to 9.56% of the class. This percentage is calculated from 122,744,509 shares outstanding as disclosed in the issuer's Form 10-K dated 03/24/2026.

Does the filing indicate Ava Investors bought shares in Blaize (BZAI)?

No; the amendment records a distribution of Common Stock for no consideration. The Schedule 13G/A reflects current holdings and the stated distribution rather than an open-market purchase.

Who holds voting or dispositive power over these Blaize (BZAI) shares?

The filing lists shared voting power and shared dispositive power of 11,737,254 shares for Ava Investors/Ava Private Markets. Specific sole-power entries are shown as zero on the cover pages.

What is the filing type and what does it mean for shareholders of BZAI?

This is a Schedule 13G/A amendment, used to report institutional passive ownership. It discloses sizable holdings but indicates a passive reporting intent rather than an active acquisition strategy.

What date is used to calculate the percent of class for BZAI?

The percent of class is based on 122,744,509 shares outstanding as set forth in Blaize's Form 10-K filed on 03/24/2026, which the Schedule 13G/A cites for its percentage calculation.