  The calculation of QCD corrections beyond the leading logarithmic
approximation for the short-distance dominated rare decay
$K^+\to\pi^+\nu\bar\nu$ is summarized. This analysis requires the complete
${\cal O}(\alpha_s)$ corrections to the top contribution to all orders in the
top-quark mass and a two-loop renormalization group (RG) calculation for the
charm contribution. The inclusion of these QCD corrections reduces considerably
the theoretical uncertainty in calculating $B(K^+\to\pi^+\nu\bar\nu)$.
Implications for the determination of $V_{td}$ from this decay are discussed.
