Goldman Sachs units top 10% stake in Inflection Point Acquisition (BACQ)

Rhea-AI Filing Summary

Goldman Sachs Group Inc. and Goldman Sachs & Co. LLC have filed an initial ownership report for Inflection Point Acquisition Corp. IV (BACQ), showing indirect beneficial ownership of 2,768,921 shares of Class A common stock as of November 26, 2025.

The shares are held directly by Goldman Sachs and indirectly by GS Group, with each reporting person disclaiming beneficial ownership except to the extent of its pecuniary interest. This filing reflects that their stake increased to above 10% of the company’s outstanding Class A common stock, making them 10% owners.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

GOLDMAN SACHS GROUP INC

(Last) (First) (Middle)

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/26/2025

3. Issuer Name and Ticker or Trading Symbol
INFLECTION POINT ACQUISITION CORP. IV [ BACQ ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock, par value $0.0001 per share	2,768,921	I	See Footnotes(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

GOLDMAN SACHS GROUP INC

(Last) (First) (Middle)

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GOLDMAN SACHS & CO. LLC

(Last) (First) (Middle)

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The Common Stock of the Issuer reported herein as indirectly purchased were beneficially owned directly by Goldman Sachs and indirectly by GS Group.

2. This statement is being filed by The Goldman Sachs Group, Inc. ("GS Group") and Goldman Sachs & Co. LLC ("Goldman Sachs" and together with GS Group, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein. On November 26, 2025, the Reporting Persons experienced an increase in their beneficial ownership of Inflection Point Acquisition Corp. IV (the "Issuer") to above 10% of the outstanding Class A Common Stock.

Remarks:

	/s/ Jamison Yardley, Attorney-in-fact	02/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Goldman Sachs disclose in its Form 3 filing for BACQ?

Goldman Sachs disclosed indirect beneficial ownership of 2,768,921 shares of Inflection Point Acquisition Corp. IV Class A common stock. The shares are held directly by Goldman Sachs and indirectly by The Goldman Sachs Group, Inc., reflecting a stake above 10% of outstanding Class A shares.

Who are the reporting persons in the BACQ Form 3 filing?

The reporting persons are The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC. The filing states that the common stock is owned directly by Goldman Sachs and indirectly by GS Group, and both entities are treated as 10% owners of BACQ’s Class A shares.

How many BACQ shares does Goldman Sachs beneficially own according to Form 3?

The Form 3 reports indirect beneficial ownership of 2,768,921 Class A common shares of Inflection Point Acquisition Corp. IV. These shares are held directly by Goldman Sachs, with The Goldman Sachs Group, Inc. reporting indirect ownership through its interest in Goldman Sachs.

When did Goldman Sachs’ BACQ ownership rise above 10%?

The filing states that on November 26, 2025, the reporting persons’ beneficial ownership of Inflection Point Acquisition Corp. IV Class A common stock increased to above 10%. This change triggered the obligation to file the Form 3 as 10% owners.

Does Goldman Sachs fully claim beneficial ownership of its BACQ shares?

No. The reporting persons each disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest. This means they limit their ownership claim to the economic interest they actually hold in the BACQ shares.

Is the BACQ Form 3 a record of a new share purchase by Goldman Sachs?

The Form 3 is an initial ownership statement, not a trade confirmation. It records that Goldman Sachs entities beneficially owned 2,768,921 BACQ Class A shares as of November 26, 2025, when their stake rose above 10% of outstanding Class A stock.