Revealing the common stock holdings of the Situational Awareness LP hedge fund, founded by Leopold Aschenbrenner, a former OpenAI employee who started his own fund. At just 24 years old, he grew the fund from an initial $225 million in 2024 to $5.5 billion (over 180 billion baht) within a year.
Currently, according to Nasdaq's 13F filings as of 31 May 2026, the total market value of positions is $7.708 billion. Meanwhile, the Wall Street Journal reports assets under management (AUM) exceeding $20 billion.
The fund was established in 2024 with a focus on businesses related to AGI—Artificial General Intelligence—which refers to AI with human-level intelligence. Founder Leopold Aschenbrenner believes AGI will arrive sooner than expected, and that the real constraints are not algorithms but energy and computing power.
In his 165-page article, "Situational Awareness: The Decade Ahead," he elaborated this concept, which inspired the fund named after it. The investment focus is on AI infrastructure, spanning energy, chips, and crypto companies pivoting to AI and data center businesses.
The WSJ also revealed that from the start of the year to the end of May, Situational Awareness generated approximately 270% returns after fees. Since the fund's inception, cumulative returns have exceeded 1,000% after fees.
According to the 13F document published on Nasdaq, Situational Awareness LP's common stock holdings are as follows:
All these figures are calculated based on the total common stock value of approximately $7.708 billion. The main investment theme is AI infrastructure, covering memory, chips, data centers, energy, and Bitcoin mining that supports AI workloads.
Among the other stocks, most holdings are around 0.01–1%, including notable shares such as AMD, Intel, TSMC, and Nvidia. These chip stocks represent newer investments, as reflected in their smaller proportions compared to other AI infrastructure stocks.
The portfolio is highly concentrated with 34 total holdings; the top two stocks alone constitute over 53% of the entire portfolio.
However, the WSJ also reported that the fund has invested in private companies not listed on the market, notably Anthropic. In its February 2025 funding round, Anthropic was valued at $61.5 billion, but its current valuation has soared to $965 billion.
Sources:Nasdaq,Wall Street Journal
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