Goldman Sachs reports 4.8% stake in GRAF Global

GRAF Global Corp. received an updated beneficial ownership report from The Goldman Sachs Group, Inc. and its subsidiary Goldman Sachs & Co. LLC regarding the company’s Class A ordinary shares.

Rhea-AI Filing Summary

GRAF Global Corp. received an updated beneficial ownership report from The Goldman Sachs Group, Inc. and its subsidiary Goldman Sachs & Co. LLC regarding the company’s Class A ordinary shares. The filing reports beneficial ownership of 676,022 Class A shares, representing 4.8% of the class. All 676,022 shares are reported with shared voting power and shared dispositive power, and no sole voting or dispositive power. The reporting persons characterize this as ownership of 5 percent or less of the class and note that the securities are held through Goldman Sachs & Co. LLC, a broker-dealer and registered investment adviser subsidiary of The Goldman Sachs Group, Inc.

Key Figures

Beneficial ownership shares: 676,022 shares Percent of class: 4.8% Shared voting power: 676,022 shares +3 more

6 metrics

Beneficial ownership shares 676,022 shares Class A ordinary shares of GRAF Global Corp. reported by Goldman Sachs entities

Percent of class 4.8% Percentage of GRAF Global Corp. Class A ordinary shares beneficially owned

Shared voting power 676,022 shares Shares over which the reporting persons share voting power

Sole voting power 0 shares Shares over which the reporting persons have sole voting power

Shared dispositive power 676,022 shares Shares over which the reporting persons share dispositive power

Sole dispositive power 0 shares Shares over which the reporting persons have sole dispositive power

Key Terms

beneficial ownership, shared voting power, dispositive power, parent holding company, +1 more

5 terms

beneficial ownership financial

"The securities being reported on by The Goldman Sachs Group, Inc. are owned, or may be deemed to be 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.

shared voting power financial

"Shared Voting Power 676,022.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

dispositive power financial

"Shared Dispositive Power 676,022.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

parent holding company financial

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

joint filing agreement regulatory

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of GRAF Global Corp. (GRAF) shares does Goldman Sachs report owning?

The Goldman Sachs entities report beneficial ownership of 4.8% of GRAF Global Corp.’s Class A ordinary shares, based on 676,022 shares. This is characterized as ownership of 5 percent or less of the outstanding class.

How many GRAF (GRAF) shares are beneficially owned by the Goldman Sachs reporting entities?

The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC report beneficial ownership of 676,022 Class A ordinary shares of GRAF Global Corp. All 676,022 shares carry shared voting and shared dispositive power.

Does Goldman Sachs have sole or shared voting power over its GRAF (GRAF) holdings?

The reporting entities state they have 0 shares with sole voting power and 676,022 shares with shared voting power. They similarly report 0 shares with sole dispositive power and 676,022 with shared dispositive power.

Which Goldman Sachs entities are reporting beneficial ownership in GRAF (GRAF)?

The filing lists The Goldman Sachs Group, Inc. and its subsidiary Goldman Sachs & Co. LLC as reporting persons. Goldman Sachs & Co. LLC is described as a broker-dealer and registered investment adviser subsidiary of The Goldman Sachs Group, Inc.

How do the Goldman Sachs reporting units describe their beneficial ownership of GRAF (GRAF) shares?

The Goldman Sachs reporting units state the securities are owned or deemed beneficially owned by certain operating units and disclaim beneficial ownership of securities held for clients or certain investment entities where others hold economic interests.

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

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Available on EDGAR 08/11/2026 - 07:52 PM Accepted by SEC EDGAR 08/11/2026 - 07:52 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

GRAF GLOBAL CORP.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G4036C106

(CUSIP Number)

06/30/2026

(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): G4036C106

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 676,022.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 676,022.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

676,022.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): G4036C106

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 676,022.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 676,022.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

676,022.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GRAF GLOBAL CORP.
(b)	Address of issuer's principal executive offices: 1790 Hughes Landing Blvd., Suite 400, The Woodlands, Texas, X1, 77380
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 No.: G4036C106
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.
	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.
	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: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	07/28/2026

GOLDMAN SACHS & CO. LLC

Signature:	Name: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	07/28/2026

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 GRAF GLOBAL CORP. 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: 07/28/2026 THE GOLDMAN SACHS GROUP, INC. By:/s/ AMEEN SOETAN ---------------------------------------- Name: AMEEN SOETAN Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ AMEEN SOETAN ---------------------------------------- Name: AMEEN SOETAN 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."