AQR Discloses 779,980-Share Position in Dune Acquisition Corp II (IPODU)

Rhea-AI Filing Summary

Dune Acquisition Corp II is the issuer named in this Schedule 13G. Reporting persons AQR Capital Management, LLC, AQR Capital Management Holdings, LLC and AQR Arbitrage, LLC together report beneficial ownership of 779,980 Class A ordinary shares, representing 5.39% of the class. The filing shows the reporting persons have shared voting and shared dispositive power over these shares and no sole voting or dispositive power. The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not purchased to change or influence control of the issuer.

Positive

• Aggregate holding disclosed: 779,980 shares representing 5.39% of the class
• Certification included: Securities were acquired and are held in the ordinary course and not to influence control

Negative

• No sole voting or dispositive power: all power is reported as shared, limiting direct control by any single reporting person

Insights

Financial Analyst

TL;DR: AQR discloses a passive, >5% stake of 779,980 shares (5.39%), a material ownership disclosure but not a control position.

The Schedule 13G reports an aggregate position of 779,980 shares (5.39%) across three AQR entities with only shared voting and dispositive power. That combination typically signals a passive investment meeting the disclosure threshold rather than an intent to influence management or strategy. For investors, the key takeaways are the size of the position relative to the float and the lack of sole control, which reduces immediate governance implications while signalling meaningful exposure by a large institutional investor.

Corporate Governance Expert

TL;DR: Ownership crosses the 5% reporting threshold and is certified as held in the ordinary course, indicating routine disclosure with limited governance impact.

The filing expressly states the holdings were not acquired to change or influence control and includes the Item 10 certification to that effect. All voting and dispositive powers are listed as shared, with no sole authority asserted by any single reporting person. From a governance perspective, this reduces the likelihood of imminent activist engagement while still making AQR a visible stakeholder whose views may matter to other investors.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Dune Acquisition Corp II

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G2867S109

(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. G2867S109

1

Names of Reporting Persons

AQR Capital Management, 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 779,980.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 779,980.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

779,980.00

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)

5.39 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G2867S109

1

Names of Reporting Persons

AQR Capital Management Holdings, 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 779,980.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 779,980.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

779,980.00

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)

5.39 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G2867S109

1

Names of Reporting Persons

AQR Arbitrage, 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 779,980.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 779,980.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

779,980.00

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)

5.39 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Dune Acquisition Corp II
(b)	Address of issuer's principal executive offices: 700 S. ROSEMARY AVENUE, SUITE 204, WEST PALM BEACH, FLORIDA 33401
Item 2.
(a)	Name of person filing: AQR Capital Management, LLC AQR Capital Management Holdings, LLC AQR Arbitrage, LLC
(b)	Address or principal business office or, if none, residence: ONE GREENWICH PLAZA SUITE 130 Greenwich, Connecticut 06830
(c)	Citizenship: AQR Capital Management, LLC - UNITED STATES AQR Capital Management Holdings, LLC - UNITED STATES AQR Arbitrage, LLC - UNITED STATES
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G2867S109
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: 779,980
(b)	Percent of class: 5.39 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0 AQR Arbitrage, LLC - 0
	(ii) Shared power to vote or to direct the vote: AQR Capital Management, LLC - 779,980 AQR Capital Management Holdings, LLC - 779,980 AQR Arbitrage, LLC - 779,980
	(iii) Sole power to dispose or to direct the disposition of: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0 AQR Arbitrage, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: AQR Capital Management, LLC - 779,980 AQR Capital Management Holdings, LLC - 779,980 AQR Arbitrage, LLC - 779,980
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.
	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 Item 2(a) above.
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.

AQR Capital Management, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2025

AQR Capital Management Holdings, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2025

AQR Arbitrage, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2025

Exhibit Information

AQR Capital Management Holdings, LLC, AQR Capital Management, LLC, and AQR Arbitrage, LLC hereby agree that this Schedule 13G is filed on behalf of each of the parties. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC. AQR Arbitrage, LLC is deemed to be controlled by AQR Capital Management, LLC.

FAQ

How many shares does AQR own in Dune Acquisition Corp II (IPODU)?

The reporting persons together beneficially own 779,980 shares, equal to 5.39% of the Class A ordinary shares.

Do the AQR reporting persons have sole voting power over these shares?

No. The filing shows 0 sole voting power and 779,980 shared voting power.

Which entities filed this Schedule 13G for IPODU?

The filing was submitted on behalf of AQR Capital Management, LLC, AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC.

Is this position intended to influence control of Dune Acquisition Corp II?

The Schedule includes a certification stating the securities were not acquired to change or influence control and are held in the ordinary course of business.

What type of securities are reported in this Schedule 13G for IPODU?

The filing covers Class A ordinary shares of Dune Acquisition Corp II (CUSIP G2867S109).