Goldman Sachs reports 6.5% stake in GRAF Global

GRAF GLOBAL CORP. ownership disclosure: The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC report shared voting and dispositive power over 1,501,400 Class A ordinary shares of GRAF Global, representing 6.5% of the class as of 03/31/2026.

Rhea-AI Filing Summary

GRAF GLOBAL CORP. ownership disclosure: The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC report shared voting and dispositive power over 1,501,400 Class A ordinary shares of GRAF Global, representing 6.5% of the class as of 03/31/2026. The filing is a joint Schedule 13G with a joint filing agreement and exhibits describing the parent/subsidiary relationship; signature dates on the form are 05/07/2026.

Insights

Securities Counsel

Joint Schedule 13G reports passive/aggregated holdings by Goldman Sachs reporting units.

The filing lists 1,501,400 Class A shares with shared voting and dispositive power and a 6.5% percent of class figure tied to 03/31/2026. It includes a Joint Filing Agreement and exhibits clarifying parent/subsidiary attribution and reporting-unit disclaimers.

Key dependencies include the Release No. 34-39538 operating-unit aggregation rules cited and the exhibits identifying which subsidiary holds the securities. Subsequent amendments or sales by the reporting units would change these holdings and appear in later filings.

Key Figures

Shared voting/dispositive power: 1,501,400 shares Percent of class: 6.5% CUSIP: G4036C106 +2 more

5 metrics

Shared voting/dispositive power 1,501,400 shares Class A ordinary shares as of 03/31/2026

Percent of class 6.5% Percent of Class A ordinary shares as reported on the cover page

CUSIP G4036C106 Class A ordinary shares identifier

Ownership as of 03/31/2026 Date tied to the reported ownership figures

Joint filing signature date 05/07/2026 Date of the Joint Filing Agreement signatures

Key Terms

Joint Filing Agreement, Shared voting power, Beneficially owned, Reporting Units

4 terms

Joint Filing Agreement regulatory

"In accordance with Rule 13d-1(k)(1) the undersigned agree to the joint filing"

Shared voting power financial

"Shared Voting Power 1,501,400.00"

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.

Beneficially owned regulatory

"Amount beneficially owned: See the response(s) to Item 9"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Reporting Units regulatory

"the Goldman Sachs Reporting Units disclaim beneficial ownership"

FAQ

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

What stake does Goldman Sachs report in GRAF Global (GRAF)?

Goldman Sachs reports shared voting and dispositive power over 1,501,400 Class A shares, representing 6.5% of the class as of 03/31/2026. The amount is disclosed on the Schedule 13G cover information and exhibits.

Who filed the Schedule 13G for GRAF Global?

The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC jointly filed the Schedule 13G and executed a Joint Filing Agreement dated 05/07/2026, as shown in the exhibit signatures.

Does the filing show sole control or shared control of the shares?

The filing shows no sole voting or dispositive power and reports shared voting and shared dispositive power of 1,501,400 shares. Control is disclosed as shared by the listed reporting units per Item 5–8 entries.

Are the reported holdings attributed to a subsidiary or parent entity?

Exhibit (99.2) explains the parent/subsidiary relationship: the parent is The Goldman Sachs Group, Inc. and the holding subsidiary is Goldman Sachs & Co. LLC, which the exhibit identifies as the reporting unit for these securities.

What disclaimers accompany the reported ownership?

Exhibit (99.3) includes a disclaimer that the filing aggregates holdings of certain Goldman Sachs Reporting Units and disclaims beneficial ownership for client accounts and certain investment entities as described under the cited Release.

What dates are relevant on this Schedule 13G filing for GRAF?

The ownership figures are dated 03/31/2026 and the joint filing agreement and signatures are dated 05/07/2026, as shown on the cover page and exhibit signature blocks.

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

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Accepted by SEC EDGAR 05/11/2026 - 02:37 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

GRAF GLOBAL CORP.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G4036C106

(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): 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 1,501,400.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,501,400.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,501,400.00

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)

6.5 %

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 1,501,400.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,501,400.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,501,400.00

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)

6.5 %

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, 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 Number(s): 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.
	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: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	05/07/2026

GOLDMAN SACHS & CO. LLC

Signature:	Name: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	05/07/2026

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: 05/07/2026 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.