SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* NORWEST VENTURE PARTNERS VIII LP (Last) (First) (Middle) 525 UNIVERSITY AVENUE SUITE 800 (Street) PALO ALTO CA 94301 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol RACKSPACE HOSTING, INC. [ RAX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 03/31/2009
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/31/2009		P		4,272	A	$0(1)	11,812,216	D(2)
Common Stock								5,202,212	I	By limited partnership(3)
Common Stock								509,444	I	By limited partnership(3)
Common Stock								2,301,392	I	By limited partnership(3)
Common Stock								60,341	I	By limited partnership(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* NORWEST VENTURE PARTNERS VIII LP (Last) (First) (Middle) 525 UNIVERSITY AVENUE SUITE 800 (Street) PALO ALTO CA 94301 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* STILL GEORGE J JR (Last) (First) (Middle) 525 UNIVERSITY AVENUE SUITE 800 (Street) PALO ALTO CA 94301 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* HAQUE PROMOD (Last) (First) (Middle) 525 UNIVERSITY AVENUE SUITE 800 (Street) PALO ALTO CA 94301 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Shares issued to Norwest Venture Partners VIII, L.P. ("NVP VIII") on behalf of George J. Still, Jr.pursuant to the Company's non-employee director compensation plan.

2. The shares shown on Line 1 of Table 1 represent shares acquired and held of record by NVP VIII. By virtue of their positions as managing partners of Itasca VC Partners VIII, LLP, the general partner of NVP VIII, George J. Still, Jr. and Promod Haque may be deemed to beneficially own such securities. Mr. Haque and Mr. Still disclaim beneficial ownership of all such shares, except to the extend of their pecuniary interest therein.

3. The shares shown on Lines 2 through 5 of Table 1 represent shares acquired and held of record by (i) Norwest Venture Partners VII-A, L.P. (5,202,212 shares); (ii) NVP Entrepreneurs Fund VIII, L.P. (509,444 shares); (iii) Norwest Venture Partners IX, L.P. (2,301,392 shares); and (iv) NVP Enterpreneurs Fund IX, L.P. (60,341 shares). Mr. Haque and Mr. Still are managing partners of (i) Itasca VC Partners VII-A, LLC, the general partner of Norwest Ventures Partners VII-A, L.P., (ii) Itasca VC Partners VIII, LLP, the general partner of NVP Entrepreneurs Fund VIII, L.P.; and (continued in footnote 4)

4. (iii) Genesis VC Partners IX, LLC, the general partner of each of Norwest Venture Partners IX, L.P. and NVP Entrepreneurs Fund IX, L.P., and may be deemed to share voting or dispositive power over the shares held by entities set forth in this explanation. Mr. Still and Mr. Haque disclaim any beneficial ownership of shares held by the entities affiliated with Norwest Venture Partners, except to the extent of any pecuniary interest therein.

Remarks:

	See Exhibit 99 for Signatures	04/02/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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