Khosla Ventures V, L.P. (KV V), its GP Khosla Ventures Associates V, LLC (KVA V), manager VK Services, LLC, and Vinod Khosla filed this 9th amendment to their 2021 Schedule 13D on Nov 20, 2025, triggered by KV V's in-kind distributions of 4,564,723 Rocket Lab shares to partners on Oct 28 (1.5M), Nov 3 (1.06M), and Nov 18 (2M shares). This resulted in VK Services receiving 1,121,229 shares, bringing its direct holdings to 34,334,576 shares; KV V and KVA V now hold 2,258,894 shares combined (0.4%). Aggregate beneficial ownership by VK Services and Khosla remains 36,593,470 shares (6.9% of 534M outstanding). Original investments trace to $28.2M in Legacy Rocket Lab preferred stock converted post-2021 SPAC merger; a 2025 holding company merger preserved interests. Purpose is investment only, with registration rights but no activist plans, though they reserve rights to engage management or acquire/dispose shares.

Minimal near-term impact for RKLB investors as Khosla maintains steady 6.9% stake via internal affiliate shifts, signaling no urgency to sell. Strategic value lies in prominent VC's continued confidence in Rocket Lab's launch business, but monitor for registration-driven secondaries or engagement with management. No dilution or activist pressure evident.