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.
History
Aschenbrenner, recently departed from OpenAI's Superalignment team, publishes a widely-read essay series arguing AGI could arrive by the late 2020s.
Turns the thesis into an AGI-focused hedge fund, backed by Patrick and John Collison, Daniel Gross and Nat Friedman.
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.
2026 Q2 holdings
| # | 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 | BEBloom Energy Corporation★ | COM CL A | $1.90B | 6.3M | 9.4% | TRIM |
| 4 | TSMTaiwan Semiconductor Manufacturing Company Limited★ | 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 | BEBloom Energy Corporation★ | 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 | TSMTaiwan Semiconductor Manufacturing Company Limited★ | 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 | CBRSCerebras Systems Inc.★ | COM CL A | $2.2M | 10K | 0.0% | NEW |
Notable 2026 Q2 moves
New positions
- NBIS Nebius $1.23B
- Stmicroelectronics $584.3M
- Keel Infrastructure Corp $151.8M
- Vishay Intertechnology Inc $20.2M
- CBRS 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
- TSM Taiwan Semiconductor Manufacturing Company Limited 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
- GLW Corning Incorporated 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
- GLW Corning Incorporated 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 | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| SNDKSandisk Corp | $5.67B | $724.4M | $250.2M | $12.9M |
| MUMicron Technology Inc | $5.57B | $5.9M | — | — |
| BEBloom Energy Corp | $1.90B | $878.7M | $875.5M | — |
| TSMTaiwan Semiconductor Manufac | $1.27B | $7.6M | — | — |
| NBISNebius Group N.V. | $1.23B | — | — | — |
| CRWVCoreweave Inc | $744.5M | $556.1M | $436.7M | $563.2M |
| IRENIren Limited | $433.3M | $401.0M | $328.6M | $338.9M |
| CBRSCerebras Systems Inc | $2.2M | — | — | — |
| VSTVistra Corp | — | — | — | $252.3M |
| AMDAdvanced Micro Devices Inc | — | $20.2M | — | — |
| INTCIntel Corp | — | $8.9M | $37 | — |
| GLWCorning Inc | — | $718K | — | — |
| NVDANvidia Corporation | — | $498K | — | — |
Excludes 15 option positions — a put or call is a claim on shares, not a share position. They are listed in the holdings table with their Put/Call class.