Goldman Sachs (AEAQ) discloses 1.73M Class A shares; 7.3% stake

Rhea-AI Filing Summary

The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC report beneficial ownership of 1,729,986 Class A ordinary shares of Activate Energy Acquisition, representing 7.3% of the class as of 03/31/2026.

The filing is a joint Schedule 13G with a Joint Filing Agreement signed 04/28/2026. The filing states the holdings are shown with shared voting and shared dispositive power of 1,729,986 shares and notes that Goldman Sachs & Co. LLC is a subsidiary of The Goldman Sachs Group, Inc.

Key Figures

Reporting date: 03/31/2026 Shares beneficially owned: 1,729,986 shares Percent of class: 7.3% +2 more

5 metrics

Reporting date 03/31/2026 Date tied to the disclosed ownership figures

Shares beneficially owned 1,729,986 shares Class A ordinary shares of Activate Energy Acquisition

Percent of class 7.3% Percentage of Class A ordinary shares represented by reported holdings

CUSIP G0081J103 Identifier for the Class A ordinary shares

Joint Filing Agreement date 04/28/2026 Date of the executed Joint Filing Agreement attached as Exhibit (99.1)

Key Terms

Schedule 13G, Joint Filing Agreement, beneficial ownership, parent holding company

4 terms

Schedule 13G regulatory

"Item 1. | (a) | Name of issuer: ACTIVATE ENERGY ACQUISITION"

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.

Joint Filing Agreement regulatory

"EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1)"

beneficial ownership financial

"Item 4. | Ownership (a) | Amount beneficially owned"

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.

parent holding company regulatory

"EXHIBIT (99.2) ITEM 7 INFORMATION The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company"

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ACTIVATE ENERGY ACQUISITION

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G0081J103

(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): G0081J103

1

Names of Reporting Persons

THE GOLDMAN SACHS GROUP, INC.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,729,986.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,729,986.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,729,986.00

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)

7.3 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): G0081J103

1

Names of Reporting Persons

GOLDMAN SACHS & CO. LLC

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,729,986.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,729,986.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,729,986.00

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)

7.3 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ACTIVATE ENERGY ACQUISITION
(b)	Address of issuer's principal executive offices: 71 Fort Street, PO Box 500 Grand Cayman, E9, KY1-1106
Item 2.
(a)	Name of person filing: THE GOLDMAN SACHS GROUP, INC.| GOLDMAN SACHS & CO. LLC
(b)	Address or principal business office or, if none, residence: The Goldman Sachs Group, Inc. 200 West Street New York, NY 10282| Goldman Sachs & Co. LLC 200 West Street New York, NY 10282
(c)	Citizenship: THE GOLDMAN SACHS GROUP, INC. - Delaware| GOLDMAN SACHS & CO. LLC - New York
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP Number(s): G0081J103
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 the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: See the response(s)to Item 11 on the attached cover page(s).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit (99.2)
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 acquired and are held in the ordinary course of business and 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.

THE GOLDMAN SACHS GROUP, INC.

Signature:	Name: Veronica Mupazviriwo
Name/Title:	Attorney-in-fact
Date:	04/28/2026

GOLDMAN SACHS & CO. LLC

Signature:	Name: Veronica Mupazviriwo
Name/Title:	Attorney-in-fact
Date:	04/28/2026

Exhibit Information

EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Class A ordinary shares, par value $0.0001 per share, of ACTIVATE ENERGY ACQUISITION and further agree to the filing of this agreement as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G. Date: 04/28/2026 THE GOLDMAN SACHS GROUP, INC. By:/s/ Veronica Mupazviriwo ---------------------------------------- Name: Veronica Mupazviriwo Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ Veronica Mupazviriwo ---------------------------------------- Name: Veronica Mupazviriwo Title: Attorney-in-fact EXHIBIT (99.2) ITEM 7 INFORMATION The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company, are owned, or may be deemed to be beneficially owned, by Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Goldman Sachs is a subsidiary of GS Group. EXHIBIT (99.3) ITEM 4 INFORMATION *In accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned by certain operating units (collectively, the "Goldman Sachs Reporting Units") of The Goldman Sachs Group, Inc. and its subsidiaries and affiliates (collectively, "GSG"). This filing does not reflect securities, if any, beneficially owned by any operating units of GSG whose ownership of securities is disaggregated from that of the Goldman Sachs Reporting Units in accordance with the Release. The Goldman Sachs Reporting Units disclaim beneficial ownership of the securities beneficially owned by (i) any client accounts with respect to which the Goldman Sachs Reporting Units or their employees have voting or investment discretion or both, or with respect to which there are limits on their voting or investment authority or both and (ii) certain investment entities of which the Goldman Sachs Reporting Units act as the general partner, managing general partner or other manager, to the extent interests in such entities are held by persons other than the Goldman Sachs Reporting Units.

FAQ

What stake does Goldman Sachs report in AEAQ?

Goldman Sachs reports beneficial ownership of 1,729,986 shares of AEAQ, equal to 7.3% of the class. The position is shown with shared voting and dispositive power as of 03/31/2026.

Who filed the Schedule 13G for AEAQ?

The Schedule 13G was filed jointly by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC, pursuant to a Joint Filing Agreement executed on 04/28/2026.

Does the filing identify how the shares are held?

The filing attributes the reported securities to Goldman Sachs Reporting Units and disclaims certain client and managed-entity ownership. It states the shares reflect holdings of operating units within GSG, not client accounts.

What voting and disposition powers are reported for AEAQ shares?

The filing shows 0 sole voting and dispositive power and 1,729,986 shared voting and shared dispositive power for the reported AEAQ shares, as listed on the cover information.

What CUSIP and class are covered in this filing?

The filing covers Class A ordinary shares, par value $0.0001 per share, of Activate Energy Acquisition with CUSIP G0081J103, as identified in Item 2(e).