Situational Awareness LP
Leopold Aschenbrenner (founder, ex-OpenAI Superalignment)
Pure AGI-thesis fund built around Aschenbrenner's 2024 'Situational Awareness' essay — concentrated long bets on the AGI compute/power buildout (neoclouds, power, memory) plus a large private Anthropic stake, originally hedged with puts on the headline semiconductor names it saw as overvalued. After the Jul 2026 forced deleveraging the shorts and the broker financing are reported closed, leaving an unlevered public book alongside the retained private stakes.
- Not open — Not an open-ended vehicle — analysis only, not an available allocation.
- Self-reported — Headline returns are manager- or firm-reported and unaudited.
- Levered — Leverage is material to outcomes, including on the downside.
Top holdings
Largest disclosed public long (Q1 2026); ~5.6% ownership stake; neocloud GPU compute
Private position, not in the 13F; entered Feb 2025 at a ~$60B valuation
Data-center power thesis; stock ran sharply after the stake was reported
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Our take
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