Citadel and Kenneth Griffin Report 5.3% Stake in First Solar (FSLR)

Citadel entities and Kenneth Griffin jointly reported beneficial ownership stakes in First Solar common stock.

Rhea-AI Filing Summary

Citadel entities and Kenneth Griffin jointly reported beneficial ownership stakes in First Solar common stock. The filing shows Mr. Griffin may be deemed to beneficially own 5,681,838 shares (5.3%) of the outstanding shares, while related Citadel entities report ownership ranging from 476,628 shares (0.4%) to 5,205,210 shares (4.9%). Reported holdings are shown as shared voting and dispositive power, with no sole voting or sole dispositive power disclosed. The percentage calculations are based on 107,244,479 shares outstanding as stated in the filing.

Positive

• Transparent disclosure of beneficial ownership by Citadel entities and Kenneth Griffin
• Material stake reported by Mr. Kenneth Griffin at 5.3% which meets SEC reporting thresholds
• Detailed breakdown between entities and clear presentation of shared voting and dispositive power

Negative

• No sole voting or dispositive power disclosed, limiting direct control or unilateral governance influence
• Filing does not state intent (e.g., acquisition or engagement strategy), providing limited insight into future actions

Insights

Financial Analyst

TL;DR: A significant, transparent stake is disclosed; holdings are shared, not sole, so influence is meaningful but not controlling.

The Schedule 13G shows aggregated Citadel-related positions and Mr. Griffin's stake totaling up to 5.3% of First Solar's common stock based on the issuer's outstanding share count cited in the filing. For investors, a >5% disclosure from a prominent market participant signals attention to the name and potential liquidity or trading activity, though the filing explicitly reports shared voting and dispositive power rather than sole control. No acquisition purpose or intent to influence control is stated in the certification. This is a material ownership disclosure but not an indication of governance control.

Corporate Governance Expert

TL;DR: Ownership above 5% by an affiliate of a major trading firm is material for disclosure; governance influence appears limited.

The report differentiates types of reporting persons (broker-dealer, investment adviser, parent/holding entities) and shows zero sole voting or dispositive power for the reporting persons, with all authority reported as shared. From a governance perspective, shared power reduces the implication of unilateral board influence, but a >5% beneficial ownership by a single individual (Mr. Griffin) is legally notable and may affect shareholder dynamics or engagement expectations. The filing contains no statements about plans to change control or strategy.

FAQ

How many First Solar (FSLR) shares does Kenneth Griffin report beneficially owning?

The filing reports Kenneth Griffin may be deemed to beneficially own 5,681,838 shares (5.3%) of First Solar common stock.

What percent of FSLR does Citadel Securities LLC report owning?

Citadel Securities LLC may be deemed to beneficially own 4,713,477 shares (4.4%) of the class, reported as shared voting and dispositive power.

On what share count are the percentages based?

Percentages are based on 107,244,479 shares outstanding as cited in the filing.

Do the reporting persons claim sole voting or dispositive power?

No. The filing shows 0 shares with sole voting or dispositive power and lists all reported power as shared.

Does the filing indicate the reporting persons intend to influence control of First Solar (FSLR)?

No. The certifications state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/14/2025 - 04:35 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

First Solar, Inc.

(Name of Issuer)

Common stock, $0.001 par value (the "Shares")

(Title of Class of Securities)

336433107

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 336433107

1

Names of Reporting Persons

Citadel Securities GP 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,205,210.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,205,210.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,205,210.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 107,244,479 Shares outstanding as of April 25, 2025 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on April 29, 2025).

SCHEDULE 13G

CUSIP No. 336433107

1

Names of Reporting Persons

Citadel Securities 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,713,477.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,713,477.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,713,477.00

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)

4.4 %

12

Type of Reporting Person (See Instructions)

BD, OO

SCHEDULE 13G

CUSIP No. 336433107

1

Names of Reporting Persons

Citadel Securities Group LP

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 5,205,210.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,205,210.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,205,210.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 336433107

1

Names of Reporting Persons

Citadel Advisors 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 476,628.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 476,628.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

476,628.00

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)

0.4 %

12

Type of Reporting Person (See Instructions)

IA, HC, OO

SCHEDULE 13G

CUSIP No. 336433107

1

Names of Reporting Persons

Citadel Advisors Holdings LP

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 476,628.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 476,628.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

476,628.00

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)

0.4 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 336433107

1

Names of Reporting Persons

Citadel GP 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 476,628.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 476,628.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

476,628.00

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)

0.4 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 336433107

1

Names of Reporting Persons

Kenneth Griffin

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,681,838.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,681,838.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,681,838.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Solar, Inc.
(b)	Address of issuer's principal executive offices: 350 West Washington Street, Suite 600 Tempe, AZ, 85288
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by Citadel Securities GP LLC ("CSGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), and Mr. Kenneth Griffin (collectively with CSGP, Citadel Securities, CALC4, Citadel Advisors, CAH, and CGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by Citadel Securities, Citadel Multi-Strategy Equities Master Fund Ltd., a Cayman Islands company ("CM"), Citadel Quantitative Strategies Master Fund Ltd., a Cayman Islands limited company ("CQ"), Citadel Securities Principal Strategies LLC, a Delaware limited liability company ("CSP"), CWSI II LLC, a Delaware limited liability company ("CWSI II"), and CRBU Holdings LLC, a Delaware limited liability company ("CRBH"). Such owned Shares may include other instruments exercisable for or convertible into Shares. CALC4 is the non-member manager of Citadel Securities, CRBH, and CSP. CSGP is the general partner of CALC4. Citadel Advisors is the portfolio manager for CM, CQ, and CWSI II. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. Mr. Griffin is the President and Chief Executive Officer of CGP, and owns a controlling interest in CGP and CSGP. The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).
(b)	Address or principal business office or, if none, residence: The address of each of the Reporting Persons is 830 Brickell Plaza, Miami, Florida 33131.
(c)	Citizenship: Each of CSGP, Citadel Securities, Citadel Advisors, and CGP is organized as a limited liability company under the laws of the State of Delaware. Each of CALC4 and CAH is organized as a limited partnership under the laws of the State of Delaware. Mr. Griffin is a U.S. citizen.
(d)	Title of class of securities: Common stock, $0.001 par value (the "Shares")
(e)	CUSIP No.: 336433107
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: 1. Citadel Securities LLC may be deemed to beneficially own 4,713,477 Shares. 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 5,205,210 Shares. 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 476,628 Shares 4. Mr. Griffin may be deemed to beneficially own 5,681,838 Shares.
(b)	Percent of class: 1. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 4.4% of the Shares outstanding. 2. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 4.9% of the Shares outstanding. 3. The number of Shares that each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own constitutes 0.4% of the Shares outstanding. 4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 5.3% of the Shares outstanding.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1. Citadel Securities LLC: 0 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 4. Mr. Griffin: 0
	(ii) Shared power to vote or to direct the vote: 1. Citadel Securities LLC: 4,713,477 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 5,205,210 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 476,628 4. Mr. Griffin: 5,681,838
	(iii) Sole power to dispose or to direct the disposition of: 1. Citadel Securities LLC: 0 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 4. Mr. Griffin: 0
	(iv) Shared power to dispose or to direct the disposition of: 1. Citadel Securities LLC: 4,713,477 2. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 5,205,210 3. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 476,628 4. Mr. Griffin: 5,681,838
Item 5.	Ownership of 5 Percent or Less of a Class.
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 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.

Citadel Securities GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2025

Citadel Securities LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2025

Citadel Securities Group LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2025

Citadel Advisors LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2025

Citadel Advisors Holdings LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2025

Citadel GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	08/14/2025

Kenneth Griffin

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, attorney-in-fact*
Date:	08/14/2025

Comments accompanying signature: * Seth Levy is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Advisors LLC on Schedule 13G for Allakos Inc. on October 13, 2023.

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement