Blaize Goes Public via $1.2B SPAC Merger

Deal News | Jan 15, 2025 | EIN

Blaize Goes Public via $1.2B SPAC Merger

Blaize Holdings Inc., an AI chip startup known for its power-efficient processors, has announced its decision to go public through a SPAC merger on the Nasdaq. The particular SPAC involved is BurTech Acquisition Corp., owned by Burkhan World Investments. This deal places Blaize's valuation at $1.2 billion and provides a $116 million convertible note with an additional $36 million pending. Blaize, based in El Dorado Hills, CA, has previously raised over $300 million from investors including Samsung. The firm's flagship product, the Blaize 1600 system-on-chip, is optimized for machine learning and other workloads. Despite a financial loss of $87.6 million against $3.8 million in revenue last year, Blaize anticipates increased sales through strategic customer deals in various sectors, including a $104 million purchase order from an EMEA defense entity. Newly public, Blaize aims to diversify its product offerings and partner with hardware manufacturers to bolster market presence.

Sectors

  • Semiconductors
  • Artificial Intelligence
  • Automotive

Geography

  • United States – Blaize Holdings Inc. is based in El Dorado Hills, California.
  • EMEA – Blaize has received a significant purchase order from an unnamed defense entity in the EMEA region.
  • Japan – Blaize has a partnership with Denso Corp., a major Japanese auto parts supplier.

Industry

  • Semiconductors – Blaize operates within the semiconductor industry, specifically developing advanced AI chips optimized for machine learning workloads.
  • Artificial Intelligence – Blaize develops AI chips and software solutions, focusing on power-efficient AI model processing.
  • Automotive – Blaize collaborates with automotive companies like Denso and Mercedes-Benz, indicating its involvement in related AI applications.

Financials

  • $1.2 billion – The valuation of Blaize in the SPAC merger deal.
  • $116 million – Convertible note that Blaize will gain access to through the SPAC merger.
  • $36 million – Additional funding planned upon the completion of the SPAC transaction.
  • $87.6 million – Blaize's reported loss for the year ending December 31, 2023.
  • $3.8 million – Blaize's revenue for the year ending December 31, 2023.
  • $104 million – Value of a signed purchase order from an EMEA defense entity.

Participants

NameRoleTypeDescription
Blaize Holdings Inc.Target CompanyCompanyA company developing power-efficient AI chips, now going public through a SPAC merger.
BurTech Acquisition Corp.Bidding CompanyCompanyThe SPAC used for Blaize’s public listing, owned by Burkhan World Investments.
Samsung Electronics Co., Ltd.InvestorCompanyOne of the investors in Blaize, having previously contributed significant capital.
Denso Corp.PartnerCompanyA major auto parts supplier partnered with Blaize in automotive applications.
Mercedes-BenzPartnerCompanyCollaborated with Blaize on the development of a partly autonomous driving system.
Burkhan World InvestmentsOwner of SPACCompanyOwns BurTech Acquisition Corp., the entity facilitating Blaize's transition to a public company.