Situational Awareness 13F Shows $5.5B Bet on Bitcoin Miners and AI Power

Leopold Aschenbrenner has built a US stock portfolio concentrated in companies that supply the power and infrastructure behind the AI boom. The former OpenAI researcher left the lab’s superalignment team to launch San Francisco-based hedge fund Situational Awareness LP, growing it from $383 million in assets in early 2025 to $5.52 billion in US equity positions in its latest 13F filing with the US Securities and Exchange Commission.

The fund’s Q4 2025 13F shows 29 holdings with much of the value clustered in a handful of AI infrastructure names. CoreWeave, Bloom Energy, Intel, Lumentum and Core Scientific are among the largest positions, and the filing frames a wager that the real winners of the AI boom will be the power plants and data centers that feed large models.

United States, San Francisco

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