A group of Apollo-affiliated investment entities filed an amended Schedule 13G reporting beneficial ownership of common stock of Rackspace Technology, Inc.. The group, including Apollo Management, L.P. and Apollo Management Holdings GP, LLC, reports beneficial ownership of up to 129,609,000 shares of Rackspace common stock.
Based on 253,908,600 shares outstanding as of July 6, 2026, this represents a reported beneficial ownership of up to 51.0% of the outstanding common stock for certain Apollo entities. All reporting persons have 0 sole voting or dispositive power and instead report shared voting and dispositive power over their respective share amounts. The Apollo entities include AP Inception Co-Invest ML Borrower, L.P. and AP Inception ML Borrower, L.P., which directly hold the issuer’s securities, and a chain of general partners and management companies that collectively report these positions while expressly disclaiming beneficial ownership for certain persons and entities.
Positive
None.
Negative
None.
Key Figures
Shares outstanding:253,908,600 sharesBeneficially owned shares (Apollo group entities):129,609,000 sharesOwnership percentage (Apollo group entities):51.0%+3 more
6 metrics
Shares outstanding253,908,600 sharesRackspace common stock outstanding as of July 6, 2026
Beneficially owned shares (Apollo group entities)129,609,000 sharesReported beneficial ownership for certain Apollo-affiliated reporting persons
Ownership percentage (Apollo group entities)51.0%Reported percent of Rackspace common stock class for certain Apollo entities
AP Inception Co-Invest ML Borrower, L.P.69,609,000 shares; 27.4%Reported beneficial ownership and percent of class
AP Inception ML Borrower, L.P.60,000,000 shares; 23.6%Reported beneficial ownership and percent of class
Sole voting power (all reporting persons)0 sharesEach reporting person reports 0 sole voting and dispositive power
"disclaim beneficial ownership of all shares of Common Stock included in this filing"
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 powerfinancial
"Shared Voting Power 129,609,000.00"
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 powerfinancial
"Shared Dispositive Power 129,609,000.00"
Schedule 13Gregulatory
"This statement is filed by the Reporting Persons on Schedule 13G"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
CUSIPfinancial
"CUSIP No.: 750102105"
A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.
What percentage of Rackspace Technology (RXT) shares do the Apollo entities report owning?
Apollo-affiliated entities report beneficial ownership of up to 51.0% of Rackspace Technology’s common stock. This percentage is based on 253,908,600 shares outstanding as of July 6, 2026, as disclosed in a Rackspace prospectus.
How many Rackspace Technology (RXT) shares are reported as beneficially owned by Apollo entities?
Apollo-affiliated reporting persons disclose beneficial ownership of up to 129,609,000 Rackspace common shares for certain entities. These positions are reported with shared voting and dispositive power rather than sole control for each reporting person.
Which Apollo entities directly hold Rackspace Technology (RXT) shares?
The filing states that AP Inception Co-Invest ML Borrower, L.P. and AP Inception ML Borrower, L.P. each hold securities of Rackspace. Other Apollo entities are general partners or managers in the ownership chain and report indirect beneficial ownership relationships.
What is the total number of Rackspace Technology (RXT) shares outstanding used in the ownership calculation?
The ownership percentages are calculated using 253,908,600 shares of Rackspace common stock outstanding as of July 6, 2026. This outstanding share count comes from a Rackspace prospectus filed pursuant to Rule 424(b)(5).
Do Apollo entities report sole or shared voting power over Rackspace Technology (RXT) shares?
All Apollo reporting persons disclose 0 sole voting power and 0 sole dispositive power over Rackspace shares. They instead report shared voting and shared dispositive power over the share amounts attributed to each reporting entity.
Do the Apollo reporting persons claim full beneficial ownership of Rackspace Technology (RXT) shares?
Several Apollo entities and certain executives expressly disclaim beneficial ownership of the Rackspace shares included. The filing states this disclaimer means the report should not be construed as an admission of beneficial ownership for those persons or entities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 11)
Rackspace Technology, Inc.
(Name of Issuer)
Common stock, par value $0.01 per share
(Title of Class of Securities)
750102105
(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):
750102105
1
Names of Reporting Persons
Apollo Management Holdings 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
129,609,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
129,609,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
129,609,000.00
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)
51.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
AP Inception Co-Invest ML Borrower, L.P.
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
69,609,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
69,609,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
69,609,000.00
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)
27.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
AP Inception ML Borrower, L.P.
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
60,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
60,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
60,000,000.00
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)
23.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
AP Inception Co-Invest 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
69,609,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
69,609,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
69,609,000.00
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)
27.4 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
AP Inception Co-Invest ML 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
69,609,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
69,609,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
69,609,000.00
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)
27.4 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
Apollo Co-Investment 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
69,609,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
69,609,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
69,609,000.00
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)
27.4 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
AP Inception ML 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
60,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
60,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
60,000,000.00
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)
23.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
AP VIII Inception Holdings 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
60,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
60,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
60,000,000.00
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)
23.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
Apollo Management VIII, L.P.
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
60,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
60,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
60,000,000.00
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)
23.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
AIF VIII 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
60,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
60,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
60,000,000.00
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)
23.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
Apollo Management, L.P.
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
129,609,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
129,609,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
129,609,000.00
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)
51.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
Apollo Management 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
129,609,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
129,609,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
129,609,000.00
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)
51.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
750102105
1
Names of Reporting Persons
Apollo Management Holdings, L.P.
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
129,609,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
129,609,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
129,609,000.00
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)
51.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Rackspace Technology, Inc.
(b)
Address of issuer's principal executive offices:
19122 US Highway 281 N Suite 128 San Antonio, TX, 78258
Item 2.
(a)
Name of person filing:
This statement is filed by (i) AP Inception Co-Invest ML Borrower, L.P. ("AP Co-Invest Borrower"); (ii) AP Inception ML Borrower, L.P. ("AP Borrower"); (iii) AP Inception Co-Invest GP, LLC ("AP Co-Invest"); (iv) AP Inception Co-Invest ML GP, LLC ("AP Co-Invest ML"); (v) Apollo Co-Investment Management, LLC ("Co-Investment Management"); (vi) AP Inception ML GP, LLC; (vii) AP VIII Inception Holdings GP, LLC ("AP VIII"); (viii) Apollo Management VIII, L.P. ("Management VIII"); (ix) AIF VIII Management, LLC ("AIF VIII LLC"); (x) Apollo Management, L.P. ("Apollo Management"); (xi) Apollo Management GP, LLC ("Management GP"); (xii) Apollo Management Holdings, L.P. ("Management Holdings"); and (xiii) Apollo Management Holdings GP, LLC ("Management Holdings GP"). The foregoing are collectively referred to herein as the "Reporting Persons."
AP Co-Invest Borrower and AP Borrower each hold securities of the Issuer.
AP Co-Invest is the sole member of AP Co-Invest ML, which is the general partner of AP Co-Invest Borrower. AP VIII is the sole member of AP Inception ML GP, LLC, which is the general partner of AP Borrower. Management VIII is the manager of AP VIII. AIF VIII LLC is the general partner of Management VIII. Co-Investment Management is the manager of AP Co-Invest.
Apollo Management is the sole member-manager of each of Co-Investment Management and AIF VIII LLC. Management GP is the general partner of Apollo Management. Management Holdings is the sole member and manager of Management GP. Management Holdings GP is the general partner of Management Holdings.
(b)
Address or principal business office or, if none, residence:
The address of each of the Reporting Persons is 9 West 57th Street, 41st Floor, New York, New York 10019.
(c)
Citizenship:
AP Co-Invest Borrower, AP Borrower, AP Co-Invest, Management VIII, Apollo Management, and Management Holdings are each Delaware limited partnerships. AP Co-Invest ML, Co-Investment Management, AP Inception ML GP, LLC, AP VIII, AIF VIII LLC, Management GP, and Management Holdings GP are each Delaware limited liability companies.
(d)
Title of class of securities:
Common stock, par value $0.01 per share
(e)
CUSIP No.:
750102105
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:
Management Holdings GP 129,609,000
AP Co-Invest Borrower 69,609,000
AP Borrower 60,000,000
AP Co-Invest 69,609,000
AP Co-Invest ML 69,609,000
Co-Investment Management 69,609,000
AP Inception ML GP, LLC 60,000,000
AP VIII 60,000,000
Management VIII 60,000,000
AIF VIII LLC 60,000,000
Apollo Management 129,609,000
Management GP 129,609,000
Management Holdings 129,609,000
AP Co-Invest, AP Co-Invest ML, Co-Investment Management, AP Inception ML GP, LLC, AP VIII, Management VIII, AIF VIII LLC, Apollo Management, Management GP, Management Holdings, and Management Holdings GP, and Messrs. Scott Kleinman, Marc Rowan, and James Zelter, the managers, as well as executive officers, of Management Holdings GP, each disclaim beneficial ownership of all shares of Common Stock included in this filing, and the filing of this report shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(b)
Percent of class:
Management Holdings GP 51.0%
AP Co-Invest Borrower 27.4%
AP Borrower 23.6%
AP Co-Invest 27.4%
AP Co-Invest ML 27.4%
Co-Investment Management27.4%
AP Inception ML GP, LLC 23.6%
AP VIII 23.6%
Management VIII 23.6%
AIF VIII LLC 23.6%
Apollo Management 51.0%
Management GP 51.0%
Management Holdings 51.0%
The percentages are based on 253,908,600 shares of Common Stock outstanding as of July 6, 2026, as disclosed in the Issuer's Prospectus filed pursuant to Rule 424(b)(5) filed on July 9, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0 for all Reporting Persons
(ii) Shared power to vote or to direct the vote:
Management Holdings GP 129,609,000
AP Co-Invest Borrower 69,609,000
AP Borrower 60,000,000
AP Co-Invest 69,609,000
AP Co-Invest ML 69,609,000
Co-Investment Management69,609,000
AP Inception ML GP, LLC 60,000,000
AP VIII 60,000,000
Management VIII 60,000,000
AIF VIII LLC 60,000,000
Apollo Management 129,609,000
Management GP 129,609,000
Management Holdings 129,609,000
(iii) Sole power to dispose or to direct the disposition of:
0 for all Reporting Persons
(iv) Shared power to dispose or to direct the disposition of:
Management Holdings GP 129,609,000
AP Co-Invest Borrower 69,609,000
AP Borrower 60,000,000
AP Co-Invest 69,609,000
AP Co-Invest ML 69,609,000
Co-Investment Management69,609,000
AP Inception ML GP, LLC 60,000,000
AP VIII 60,000,000
Management VIII 60,000,000
AIF VIII LLC 60,000,000
Apollo Management129,609,000
Management GP 129,609,000
Management Holdings 129,609,000
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.
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:
Not Applicable
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.
