Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Assets and Liabilities at Fair Value

The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	4,168	$	—	$	—	$	4,168
Total assets, measured at fair value	$	4,168	$	—	$	—	$	4,168

Liabilities:
Polar warrants	$	—	$	—	$	8,344	$	8,344
Other earnout shares (1)	—		—		8,401		8,401
Total liabilities, measured at fair value	$	—	$	—	$	16,745	$	16,745

(1) Includes $2.0 million in earnout shares - related party.


	As of December 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	19,103	$	—	$	—	$	19,103

Total assets, measured at fair value	$	19,103	$	—	$	—	$	19,103

Liabilities:
Polar warrants	$	—	$	—	$	8,813	$	8,813
Other earnout shares (1)	—		—		8,929		8,929
Total liabilities, measured at fair value	$	—	$	—	$	17,742	$	17,742

(1) Includes $2.2 million in earnout shares - related party.

Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following table presents additional information for the prior year and three months ended March 31, 2026 about the Company’s Level 3 liabilities measured at fair value on a recurring basis:


(Amounts in thousands)
Balance as of January 1, 2025	$	163,340
Change in fair value - Legacy Blaize convertible notes	165,703
Change in fair value - Legacy Blaize warrants	60,345
Conversion of Legacy Blaize convertible notes and exercise of Legacy Blaize warrants	(389,387)
Fair value on date of issuance - other earnout shares	126,042
Change in fair value - other earnout shares	(117,113)
Fair value on date of issuance - Polar warrants	12,937
Change in fair value - Polar warrants	(4,125)
Balance as of December 31, 2025	$	17,742
Reclassification of equity-based shares to liabilities (1)	30
Change in fair value - other earnout shares	(558)
Change in fair value - Polar warrants	(469)
Balance as of March 31, 2026	$	16,745

(1) Due to employee forfeitures during the quarter.

Schedule of Valuation Assumptions

The following table sets forth information regarding the Company’s significant Level 3 inputs as of March 31, 2026 and December 31, 2025:


Instrument valued using Level 3 methods			As of March 31,			As of December 31,
	Valuation Method	Input	2026			2025
Polar warrants	Black-Scholes	Stock price	$	1.82		$	1.95
		Exercise price	$	5.00		$	5.00
		Dividend yield	—			—
		Volatility	86.50		%	81.30		%
		Risk-free rate	3.86		%	3.68		%
		Term	4.62 years			4.87 years

Other earnout shares	Monte Carlo Simulation	Stock price	$	1.82		$	1.95
		Dividend yield (continuous)	—			—
		Volatility (interpolated)	86.20		%	81.60		%
		Risk-free rate (continuous)	3.82		%	3.61		%
		Term	3.79 years			4.04 years