Leopold Aschenbrenner’s hedge fund Situational Awareness LP has scaled to $5.52 billion in equity exposure in less than a year by betting on power, data centers and Bitcoin miners.
Leopold Aschenbrenner has built a US stock portfolio heavily concentrated in companies that supply the power and infrastructure behind the artificial intelligence boom.
The former OpenAI researcher, who left the lab’s superalignment team to launch San Francisco-based hedge fund Situational Awareness LP, has expanded it from $383 million in assets in early 2025 to a reported $5.52 billion in equity positions in its latest 13F filing with the US Securities and Exchange Commission.
The fund’s 13F filing for Q4 2025 shows a highly concentrated portfolio built around betting that the real winners of the AI boom won’t be chatbots, but the power plants and data centers that feed them. Situational Awareness reported $5.52 billion in US equity positions across 29 holdings, with a large share of that value clustered in a handful of AI infrastructure names.
