Fund · 13F holdings
Situational Awareness LP
Leopold Aschenbrenner · San Francisco, CA · Founded 2024
Situational Awareness LP is an AGI-focused hedge fund launched in July 2024 by Leopold Aschenbrenner. A former researcher on OpenAI's Superalignment team, Aschenbrenner graduated from Columbia University as valedictorian at 19 and gained wide attention for his June 2024 essay "Situational Awareness: The Decade Ahead," which argued that artificial general intelligence could arrive by the late 2020s.
The fund invests around that thesis — concentrated, heavily-leveraged positions in the companies it expects to benefit from an AI build-out: semiconductors, compute infrastructure and power. It was seeded by a group of technology figures including Patrick and John Collison, Daniel Gross and Nat Friedman.
After reportedly returning roughly 450% through mid-2026, the fund suffered a severe drawdown in July 2026 as semiconductor stocks fell and leverage triggered margin calls; press reports described assets falling from around $45 billion toward $10 billion and a forced unwind of its public equity positions. The 13F below reports holdings as of June 30, 2026 — a snapshot near the peak, before that unwind, and not the fund's current book.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
2024
"Situational Awareness" essay
Aschenbrenner, recently departed from OpenAI's Superalignment team, publishes a widely-read essay series arguing AGI could arrive by the late 2020s.
2024
Launches Situational Awareness LP
Turns the thesis into an AGI-focused hedge fund, backed by Patrick and John Collison, Daniel Gross and Nat Friedman.
2026
Peak, then a sharp unwind
After reportedly returning ~450% through mid-2026, the highly-levered fund is hit by a July drawdown in semiconductor stocks and margin calls; press reports describe AUM falling from around $45B toward $10B and a forced unwind of public positions.
Q2 2026 holdings
Period end
2026-06-30
Filed
2026-08-14
Portfolio value
$20.24B
Positions
26
We track
5
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | SNDKSandisk Corporation★ | COM | $5.67B | 2.5M | 28.0% | ADD |
| 2 | MUMicron Technology, Inc.★ | COM | $5.57B | 4.8M | 27.5% | ADD |
| 3 | Bloom Energy Corp | COM CL A | $1.90B | 6.3M | 9.4% | TRIM |
| 4 | Taiwan Semiconductor Manufac | SPONSORED ADS | $1.27B | 2.6M | 6.2% | ADD |
| 5 | NBISNebius★ | CLASS ASHS | $1.23B | 4.5M | 6.1% | NEW |
| 6 | CRWVCoreWeave, Inc.★ | COM CL A | $744.5M | 7.5M | 3.7% | ADD |
| 7 | Core Scientific Inc New | COM | $665.6M | 26.0M | 3.3% | HOLD |
| 8 | Stmicroelectronics | NY REGISTRY | $584.3M | 7.8M | 2.9% | NEW |
| 9 | Applied Digital Corp | COM NEW | $469.0M | 15.4M | 2.3% | ADD |
| 10 | Riot Platforms Inc | COM | $468.2M | 17.1M | 2.3% | ADD |
| 11 | Sharonai Holdings Inc | COM CL A | $456.8M | 5.4M | 2.3% | ADD |
| 12 | IRENIris Energy Limited★ | ORDINARY SHARES | $433.3M | 9.5M | 2.1% | TRIM |
| 13 | Cleanspark Inc | COM NEW | $178.6M | 12.3M | 0.9% | HOLD |
| 14 | Keel Infrastructure Corp | SHSCOM | $151.8M | 26.5M | 0.8% | NEW |
| 15 | Solaris Energy Infras Inc | COM CL A | $90.9M | 1.1M | 0.4% | ADD |
| 16 | Whitefiber Inc | SHS | $68.3M | 1.8M | 0.3% | HOLD |
| 17 | Bitdeer Technologies Group | CL A ORD SHS | $54.6M | 3.4M | 0.3% | HOLD |
| 18 | T1 Energy Inc | COM NEW | $46.5M | 4.9M | 0.2% | TRIM |
| 19 | Bloom Energy Corp | Call | $44.1M | 146K | 0.2% | TRIM |
| 20 | Hive Digital Technologies Lt | COM NEW | $33.2M | 9.1M | 0.2% | ADD |
| 21 | Babcock & Wilcox Enterprises | COM | $28.6M | 2.0M | 0.1% | ADD |
| 22 | Propetro Hldg Corp | COM | $28.1M | 2.0M | 0.1% | ADD |
| 23 | Taiwan Semiconductor Manufac | Call | $23.9M | 50K | 0.1% | TRIM |
| 24 | Vishay Intertechnology Inc | COM | $20.2M | 375K | 0.1% | NEW |
| 25 | Infosys Ltd | Put | $5.2M | 500K | 0.0% | HOLD |
| 26 | Cerebras Systems Inc | COM CL A | $2.2M | 10K | 0.0% | NEW |
Notable Q2 2026 moves
New positions
- NBIS Nebius $1.23B
- Stmicroelectronics $584.3M
- Keel Infrastructure Corp $151.8M
- Vishay Intertechnology Inc $20.2M
- Cerebras Systems Inc $2.2M
Exited
- Vaneck Etf Trust (Put) was $2.04B
- NVDA NVIDIA Corporation was $1.57B
- ORCL Oracle Corporation was $1.07B
- AVGO Broadcom Inc. was $1.01B
- AMD Advanced Micro Devices, Inc. was $969.2M
- MU Micron Technology, Inc. was $583.7M
- Taiwan Semiconductor Manufac (Put) was $535.1M
- Asml Hldg Nv N Y Registry (Put) was $494.1M
- MU Micron Technology, Inc. was $422.3M
- SNDK Sandisk Corporation was $388.8M
- INTC Intel Corporation was $159.1M
- CRWV CoreWeave, Inc. was $140.6M
- Bitfarms Ltd was $38.8M
- Power Solutions Intl Inc was $26.3M
- Corning Inc (Put) was $21.0M
- AMD Advanced Micro Devices, Inc. was $20.2M
- Vaneck Etf Trust was $10.3M
- INTC Intel Corporation was $8.9M
- Asml Hldg Nv N Y Registry was $6.1M
- Corning Inc was $718K
- NVDA NVIDIA Corporation was $498K
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| SNDKSandisk Corp | $5.67B | $1.11B | $250.2M | $12.9M |
| MUMicron Technology Inc | $5.57B | $1.01B | — | $50.2M |
| NBISNebius Group N.V. | $1.23B | — | — | — |
| CRWVCoreweave Inc | $744.5M | $696.6M | $1.21B | $1.07B |
| IRENIren Limited | $433.3M | $401.0M | $328.6M | $338.9M |
Earlier filings
Q1 2026 · 42 positions · $13.68B · filed 2026-05-18
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Vaneck Etf Trust | Put | $2.04B | 5.3M | 14.9% | NEW |
| 2 | NVDANVIDIA Corporation★ | Put | $1.57B | 9.0M | 11.5% | NEW |
| 3 | ORCLOracle Corporation★ | Put | $1.07B | 7.3M | 7.8% | NEW |
| 4 | AVGOBroadcom Inc.★ | Put | $1.01B | 3.3M | 7.4% | NEW |
| 5 | AMDAdvanced Micro Devices, Inc.★ | Put | $969.2M | 4.8M | 7.1% | NEW |
| 6 | Bloom Energy Corp | COM CL A | $878.7M | 6.5M | 6.4% | TRIM |
| 7 | SNDKSandisk Corporation★ | COM | $724.4M | 1.1M | 5.3% | ADD |
| 8 | MUMicron Technology, Inc.★ | Put | $583.7M | 1.7M | 4.3% | NEW |
| 9 | CRWVCoreWeave, Inc.★ | COM CL A | $556.1M | 7.2M | 4.1% | ADD |
| 10 | Taiwan Semiconductor Manufac | Put | $535.1M | 1.6M | 3.9% | NEW |
| 11 | Asml Hldg Nv N Y Registry | Put | $494.1M | 374K | 3.6% | NEW |
| 12 | MUMicron Technology, Inc.★ | Call | $422.3M | 1.2M | 3.1% | NEW |
| 13 | IRENIris Energy Limited★ | ORDINARY SHARES | $401.0M | 11.7M | 2.9% | ADD |
| 14 | Core Scientific Inc New | COM | $389.1M | 26.0M | 2.8% | TRIM |
| 15 | SNDKSandisk Corporation★ | Call | $388.8M | 612K | 2.8% | NEW |
| 16 | Taiwan Semiconductor Manufac | Call | $354.8M | 1.1M | 2.6% | NEW |
| 17 | Applied Digital Corp | COM NEW | $320.0M | 13.5M | 2.3% | ADD |
| 18 | INTCIntel Corporation★ | Put | $159.1M | 3.6M | 1.2% | NEW |
| 19 | Riot Platforms Inc | COM | $142.2M | 11.5M | 1.0% | ADD |
| 20 | CRWVCoreWeave, Inc.★ | Call | $140.6M | 1.8M | 1.0% | TRIM |
| 21 | Cleanspark Inc | COM NEW | $104.5M | 12.3M | 0.8% | ADD |
| 22 | Solaris Energy Infras Inc | COM CL A | $62.5M | 1.1M | 0.5% | TRIM |
| 23 | Bloom Energy Corp | Call | $55.3M | 408K | 0.4% | HOLD |
| 24 | T1 Energy Inc | COM NEW | $43.9M | 10.0M | 0.3% | NEW |
| 25 | Bitfarms Ltd | COM | $38.8M | 19.9M | 0.3% | ADD |
| 26 | Bitdeer Technologies Group | CL A ORD SHS | $29.8M | 3.4M | 0.2% | ADD |
| 27 | Power Solutions Intl Inc | COM NEW | $26.3M | 432K | 0.2% | HOLD |
| 28 | Corning Inc | Put | $21.0M | 155K | 0.2% | NEW |
| 29 | Whitefiber Inc | SHS | $20.9M | 1.8M | 0.2% | HOLD |
| 30 | AMDAdvanced Micro Devices, Inc.★ | COM | $20.2M | 99K | 0.1% | NEW |
| 31 | Babcock & Wilcox Enterprises | COM | $19.9M | 1.4M | 0.1% | HOLD |
| 32 | Sharonai Holdings Inc | COM CL A ADDED | $18.1M | 796K | 0.1% | NEW |
| 33 | Propetro Hldg Corp | COM | $13.1M | 910K | 0.1% | HOLD |
| 34 | Vaneck Etf Trust | SEMICONDUCTR ETF | $10.3M | 27K | 0.1% | NEW |
| 35 | INTCIntel Corporation★ | COM | $8.9M | 202K | 0.1% | ADD |
| 36 | Taiwan Semiconductor Manufac | SPONSORED ADS | $7.6M | 22K | 0.1% | NEW |
| 37 | Infosys Ltd | Put | $6.8M | 500K | 0.0% | HOLD |
| 38 | Hive Digital Technologies Lt | COM NEW | $6.4M | 3.4M | 0.0% | NEW |
| 39 | Asml Hldg Nv N Y Registry | SHS | $6.1M | 5K | 0.0% | NEW |
| 40 | MUMicron Technology, Inc.★ | COM | $5.9M | 17K | 0.0% | NEW |
| 41 | Corning Inc | COM | $718K | 5K | 0.0% | NEW |
| 42 | NVDANVIDIA Corporation★ | COM | $498K | 3K | 0.0% | NEW |
Q4 2025 · 29 positions · $5.52B · filed 2026-02-11
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Bloom Energy Corp | COM CL A | $875.5M | 10.1M | 15.9% | NEW |
| 2 | CRWVCoreWeave, Inc.★ | Call | $774.4M | 10.8M | 14.0% | ADD |
| 3 | INTCIntel Corporation★ | Call | $746.8M | 20.2M | 13.5% | HOLD |
| 4 | Lumentum Hldgs Inc | COM | $478.6M | 1.3M | 8.7% | NEW |
| 5 | CRWVCoreWeave, Inc.★ | COM CL A | $436.7M | 6.1M | 7.9% | ADD |
| 6 | Core Scientific Inc New | COM | $418.7M | 28.8M | 7.6% | ADD |
| 7 | IRENIris Energy Limited★ | ORDINARY SHARES | $328.6M | 8.7M | 6.0% | ADD |
| 8 | Applied Digital Corp | COM NEW | $278.0M | 11.3M | 5.0% | ADD |
| 9 | SNDKSandisk Corporation★ | COM | $250.2M | 1.1M | 4.5% | ADD |
| 10 | Cipher Mining Inc | COM | $154.5M | 10.5M | 2.8% | NEW |
| 11 | Eqt Corp | COM | $133.0M | 2.5M | 2.4% | ADD |
| 12 | Coherent Corp | COM | $88.6M | 480K | 1.6% | ADD |
| 13 | Solaris Energy Infras Inc | COM CL A | $85.8M | 1.9M | 1.6% | ADD |
| 14 | Tower Semiconductor Ltd | SHS NEW | $84.9M | 723K | 1.5% | ADD |
| 15 | Riot Platforms Inc | COM | $78.1M | 6.2M | 1.4% | ADD |
| 16 | Kilroy Rlty Corp | COM | $49.6M | 1.3M | 0.9% | NEW |
| 17 | Hut 8 Corp | COM | $39.5M | 860K | 0.7% | ADD |
| 18 | Eqt Corp | Call | $37.5M | 700K | 0.7% | NEW |
| 19 | Bloom Energy Corp | Call | $35.5M | 408K | 0.6% | NEW |
| 20 | Whitefiber Inc | SHS | $27.8M | 1.8M | 0.5% | NEW |
| 21 | Power Solutions Intl Inc | COM NEW | $24.7M | 432K | 0.4% | NEW |
| 22 | Bitdeer Technologies Group | CL A ORD SHS | $20.0M | 1.8M | 0.4% | ADD |
| 23 | Cleanspark Inc | COM NEW | $16.6M | 1.6M | 0.3% | NEW |
| 24 | Bitfarms Ltd | COM | $16.2M | 6.9M | 0.3% | NEW |
| 25 | Liberty Energy Inc | COM CL A | $10.5M | 567K | 0.2% | NEW |
| 26 | Infosys Ltd | Put | $8.9M | 500K | 0.2% | NEW |
| 27 | Propetro Hldg Corp | COM | $8.7M | 910K | 0.2% | NEW |
| 28 | Babcock & Wilcox Enterprises | COM | $8.6M | 1.4M | 0.2% | NEW |
| 29 | INTCIntel Corporation★ | COM | $37 | 1 | 0.0% | NEW |
Q3 2025 · 28 positions · $4.14B · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | INTCIntel Corporation★ | Call | $679.0M | 20.2M | 16.4% | |
| 2 | CRWVCoreWeave, Inc.★ | COM CL A | $563.2M | 4.1M | 13.6% | |
| 3 | Core Scientific Inc New | COM | $362.0M | 20.2M | 8.7% | |
| 4 | IRENIris Energy Limited★ | ORDINARY SHARES | $338.9M | 7.2M | 8.2% | |
| 5 | CRWVCoreWeave, Inc.★ | Call | $316.7M | 2.3M | 7.7% | |
| 6 | NVDANVIDIA Corporation★ | Put | $298.5M | 1.6M | 7.2% | |
| 7 | Vistra Corp | COM | $252.3M | 1.3M | 6.1% | |
| 8 | Vaneck Etf Trust | Put | $195.8M | 600K | 4.7% | |
| 9 | CRWVCoreWeave, Inc.★ | Put | $191.6M | 1.4M | 4.6% | |
| 10 | Applied Digital Corp | COM NEW | $139.1M | 6.1M | 3.4% | |
| 11 | Galaxy Digital INC. | CL A | $92.6M | 2.7M | 2.2% | |
| 12 | AVGOBroadcom Inc.★ | Put | $75.9M | 230K | 1.8% | |
| 13 | Taiwan Semiconductor Mfg Ltd | Put | $75.4M | 270K | 1.8% | |
| 14 | Cipher Mining Inc | COM | $72.3M | 5.7M | 1.7% | |
| 15 | Riot Platforms Inc | COM | $68.4M | 3.6M | 1.7% | |
| 16 | Lumentum Hldgs Inc | COM | $67.9M | 418K | 1.6% | |
| 17 | Eqt Corp | COM | $66.3M | 1.2M | 1.6% | |
| 18 | MUMicron Technology, Inc.★ | Put | $50.2M | 300K | 1.2% | |
| 19 | Solaris Energy Infras Inc | COM CL A | $46.0M | 1.2M | 1.1% | |
| 20 | Bloom Energy Corp | COM CL A | $43.9M | 3.0M | 1.1% | |
| 21 | Tower Semiconductor Ltd | SHS NEW | $34.0M | 471K | 0.8% | |
| 22 | Hut 8 Corp | COM | $20.9M | 599K | 0.5% | |
| 23 | Western Digital Corp | COM | $18.3M | 153K | 0.4% | |
| 24 | Coherent Corp | COM | $16.6M | 154K | 0.4% | |
| 25 | Bitdeer Technologies Group | CL A ORD SHS | $15.9M | 930K | 0.4% | |
| 26 | SNDKSandisk Corporation★ | COM | $12.9M | 115K | 0.3% | |
| 27 | Bloom Energy Corp | Call | $12.3M | 146K | 0.3% | |
| 28 | Seagate Technology Hldngs Pl | ORD SHS | $11.5M | 49K | 0.3% |