Kenneth Griffin group discloses 1.8% Inspire Medical (INSP) stake

Rhea-AI Filing Summary

Inspire Medical Systems, Inc. received an updated ownership report from several Citadel-affiliated entities and Kenneth Griffin. The group may be deemed to beneficially own up to 527,217 Shares of Inspire Medical common stock, representing 1.8% of the Shares outstanding as of October 29, 2025.

Individual entities report smaller portions, such as Citadel Advisors–affiliated entities at 174,644 Shares (0.6%) and Citadel Securities LLC at 155,467 Shares (0.5%). The filers certify the securities are not held for the purpose of changing or influencing control of Inspire Medical.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Inspire Medical Systems, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share (the "Shares")

(Title of Class of Securities)

457730109

(CUSIP Number)

12/31/2025

(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. 457730109

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 174,644.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 174,644.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

174,644.00

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)

0.6 %

12

Type of Reporting Person (See Instructions)

IA, HC, OO

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 29,056,434 Shares outstanding as of October 29, 2025 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on November 3, 2025).

SCHEDULE 13G

CUSIP No. 457730109

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 174,644.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 174,644.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

174,644.00

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)

0.6 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 457730109

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 174,644.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 174,644.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

174,644.00

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)

0.6 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 457730109

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 155,467.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 155,467.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

155,467.00

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)

0.5 %

12

Type of Reporting Person (See Instructions)

BD, OO

SCHEDULE 13G

CUSIP No. 457730109

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 352,573.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 352,573.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

352,573.00

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)

1.2 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 457730109

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 352,573.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 352,573.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

352,573.00

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)

1.2 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 457730109

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 527,217.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 527,217.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

527,217.00

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)

1.8 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Inspire Medical Systems, Inc.
(b)	Address of issuer's principal executive offices: 5500 Wayzata Blvd., Suite 1600, Golden Valley, MN, 55416
Item 2.
(a)	Name of person filing: This Schedule 13G is being jointly filed by Citadel Advisors LLC ("Citadel Advisors"), Citadel Advisors Holdings LP ("CAH"), Citadel GP LLC ("CGP"), Citadel Securities LLC ("Citadel Securities"), Citadel Securities Group LP ("CALC4"), Citadel Securities GP LLC ("CSGP") and Mr. Kenneth Griffin (collectively with Citadel Advisors, CAH, CGP, Citadel Securities, CALC4 and CSGP, the "Reporting Persons") with respect to the Shares of the above-named issuer owned by Citadel Clearing LLC, a Delaware limited liability company ("CCLC"), Citadel Quantitative Strategies Master Fund Ltd., a Cayman Islands limited company ("CQ"), Citadel Securities, CRBU Holdings LLC, a Delaware limited liability company ("CRBH"), and Citadel Securities Principal Strategies LLC, a Delaware limited liability company ("CSP"). Such owned Shares may include other instruments exercisable for or convertible into Shares. Citadel Advisors is the portfolio manager for CQ and CLP Holdings Six LLC, a Delaware limited liability company ("CLP6"). CLP6 is the portfolio manager for CCLC. CAH is the sole member of Citadel Advisors. CGP is the general partner of CAH. CALC4 is the non-member manager of Citadel Securities, CRBH and CSP. CSGP is the general partner of CALC4. 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 Citadel Advisors, CGP, Citadel Securities and CSGP 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, par value $0.001 per share (the "Shares")
(e)	CUSIP No.: 457730109
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. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC may be deemed to beneficially own 174,644 Shares. 2. Citadel Securities LLC may be deemed to beneficially own 155,467 Shares. 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own 352,573 Shares. 4. Mr. Griffin may be deemed to beneficially own 527,217 Shares.
(b)	Percent of class: 1. 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 0.6% of the Shares outstanding. 2. The number of Shares that Citadel Securities LLC may be deemed to beneficially own constitutes 0.5% of the Shares outstanding. 3. The number of Shares that each of Citadel Securities Group LP and Citadel Securities GP LLC may be deemed to beneficially own constitutes 1.2% of the Shares outstanding. 4. The number of Shares that Mr. Griffin may be deemed to beneficially own constitutes 1.8% 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. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 2. Citadel Securities LLC: 0 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 4. Mr. Griffin: 0
	(ii) Shared power to vote or to direct the vote: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 174,644 2. Citadel Securities LLC: 155,467 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 352,573 4. Mr. Griffin: 527,217
	(iii) Sole power to dispose or to direct the disposition of: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 0 2. Citadel Securities LLC: 0 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 0 4. Mr. Griffin: 0
	(iv) Shared power to dispose or to direct the disposition of: 1. Each of Citadel Advisors LLC, Citadel Advisors Holdings LP and Citadel GP LLC: 174,644 2. Citadel Securities LLC: 155,467 3. Each of Citadel Securities Group LP and Citadel Securities GP LLC: 352,573 4. Mr. Griffin: 527,217
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.
	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 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 Advisors LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel Advisors Holdings LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel Securities LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel Securities Group LP

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Citadel Securities GP LLC

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, Authorized Signatory
Date:	02/17/2026

Kenneth Griffin

Signature:	/s/ Seth Levy
Name/Title:	Seth Levy, attorney-in-fact*
Date:	02/17/2026

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.

FAQ

What ownership in Inspire Medical Systems (INSP) does Kenneth Griffin report?

Kenneth Griffin may be deemed to beneficially own 527,217 Inspire Medical Shares, representing 1.8% of the Shares outstanding as of October 29, 2025. This stake is reported jointly with various Citadel-affiliated entities on a Schedule 13G/A.

How much of Inspire Medical Systems does Citadel Advisors report owning?

Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP LLC may each be deemed to beneficially own 174,644 Inspire Medical Shares, or 0.6% of the Shares outstanding. These holdings are reported as having shared voting and dispositive power, with no sole voting or dispositive authority.

What percentage of Inspire Medical Systems shares are reported by Citadel Securities?

Citadel Securities LLC may be deemed to beneficially own 155,467 Inspire Medical Shares, equal to 0.5% of the Shares outstanding. These Shares are reported with shared voting and dispositive power, and are part of a broader group filing that includes other Citadel entities and Kenneth Griffin.

What is the total Inspire Medical Systems stake reported by Citadel Securities Group entities?

Citadel Securities Group LP and Citadel Securities GP LLC may each be deemed to beneficially own 352,573 Inspire Medical Shares, or 1.2% of the Shares outstanding. They report shared voting and shared dispositive power over these Shares, with no sole authority indicated in the filing.

Are the reported Inspire Medical Systems shares held to influence control of the company?

The filing certifies the securities were not acquired and are not held for the purpose of changing or influencing control of Inspire Medical Systems. It also states they are not held in connection with any control-related transaction, other than activities tied to a specific nomination rule.

On what share count is the reported Inspire Medical Systems (INSP) ownership based?

The reported percentages are based on 29,056,434 Inspire Medical Shares outstanding as of October 29, 2025, according to the issuer’s Form 10-Q filed November 3, 2025. Each beneficial ownership percentage in the Schedule 13G/A uses this outstanding share figure as its reference.