Goldman Sachs reports 3.8% stake in Launch Two

Rhea-AI Filing Summary

The Goldman Sachs Group, Inc. and its subsidiary Goldman Sachs & Co. LLC report beneficial ownership of Class A ordinary shares of Launch Two Acquisition Corp. They report 879,790 shares with shared voting and dispositive power and no sole power, representing 3.8% of the class as of June 30, 2026. The position is reported as ownership of 5 percent or less of the outstanding Class A ordinary shares. The securities are held through Goldman Sachs, a registered broker-dealer and investment adviser, and certain Goldman Sachs operating units disclaim beneficial ownership for client and managed accounts under applicable SEC guidance.

Key Figures

Shares beneficially owned: 879,790 shares Ownership percentage: 3.8% Shared voting power: 879,790 shares +4 more

7 metrics

Shares beneficially owned 879,790 shares Class A ordinary shares of Launch Two Acquisition Corp. reported by Goldman Sachs

Ownership percentage 3.8% Percent of LPBB Class A ordinary shares beneficially owned

Shared voting power 879,790 shares Shares over which Goldman Sachs has shared power to vote or direct the vote

Shared dispositive power 879,790 shares Shares over which Goldman Sachs has shared power to dispose or direct disposition

Reporting threshold category 5 percent or less Ownership of 5 percent or less of a class disclosed under Item 5

As-of date 06/30/2026 Date associated with reported ownership information

Signature date 08/11/2026 Date the joint filing agreement and Schedule 13G/A were signed

Key Terms

beneficial ownership, shared voting power, shared dispositive power, parent holding company, +2 more

6 terms

beneficial ownership regulatory

"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 879,790.00"

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.

shared dispositive power financial

"Shared Dispositive Power 879,790.00"

parent holding company regulatory

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

broker or dealer regulatory

"Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act"

A broker or dealer is a financial middleman who helps people buy and sell securities: a broker acts like a matchmaker who executes trades on behalf of a client, while a dealer buys and sells from their own inventory like a shopkeeper. Investors care because these roles affect trade prices, fees, execution speed and potential conflicts of interest—similar to choosing between a personal shopper and a retailer, which can change what you pay and how reliably you get what you want.

investment adviser regulatory

"an investment adviser registered under Section 203 of the Investment Advisers Act of 1940"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

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

What stake does Goldman Sachs report in Launch Two Acquisition Corp. (LPBB)?

Goldman Sachs reports beneficial ownership of 879,790 Class A shares of Launch Two Acquisition Corp., representing 3.8% of the class. The shares are held with shared voting and dispositive power through its subsidiary Goldman Sachs & Co. LLC.

Which Goldman Sachs entities are reporting ownership in LPBB?

The filing lists The Goldman Sachs Group, Inc. and its subsidiary Goldman Sachs & Co. LLC. GS Group is the parent holding company, while Goldman Sachs & Co. LLC is the registered broker-dealer and investment adviser that holds the reported Class A ordinary shares.

How much voting power does Goldman Sachs have over LPBB shares?

Goldman Sachs reports 0 shares with sole voting power and 879,790 shares with shared voting power. It also has shared dispositive power over 879,790 shares, with no sole dispositive power reported for these Class A ordinary shares.

Is Goldman Sachs a large shareholder of Launch Two Acquisition Corp. (LPBB)?

Goldman Sachs reports beneficial ownership of 3.8% of LPBB’s Class A shares, characterized as ownership of 5 percent or less of the class. This indicates a significant but non-controlling minority position in the company’s publicly traded shares.

How are client and managed accounts treated in Goldman Sachs’ LPBB ownership filing?

Certain Goldman Sachs operating units disclaim beneficial ownership of securities held for client accounts and certain investment entities. They note that voting or investment discretion, or limits on such authority, means those holdings may not represent Goldman Sachs’ own economic interest.

What role does Goldman Sachs & Co. LLC play in the LPBB share ownership?

Goldman Sachs & Co. LLC, a broker-dealer and registered investment adviser, is identified as the subsidiary through which the 879,790 LPBB Class A shares are owned or deemed beneficially owned. It is fully owned by The Goldman Sachs Group, Inc.

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

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Available on EDGAR 08/13/2026 - 07:14 PM Accepted by SEC EDGAR 08/13/2026 - 07:14 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. 2)

LAUNCH TWO ACQUISITION CORP.

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G5S87A105

(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): G5S87A105

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 879,790.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 879,790.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

879,790.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): G5S87A105

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 879,790.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 879,790.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

879,790.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: LAUNCH TWO ACQUISITION CORP.
(b)	Address of issuer's principal executive offices: 180 Grand Avenue, Suite 1530, Oakland, CA, 94612
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.: G5S87A105
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: Sam Prashanth
Name/Title:	Attorney-in-fact
Date:	08/11/2026

GOLDMAN SACHS & CO. LLC

Signature:	Name: Sam Prashanth
Name/Title:	Attorney-in-fact
Date:	08/11/2026

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 LAUNCH TWO ACQUISITION 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: 08/11/2026 THE GOLDMAN SACHS GROUP, INC. By:/s/ Sam Prashanth ---------------------------------------- Name: Sam Prashanth Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ Sam Prashanth ---------------------------------------- Name: Sam Prashanth 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."