A visionary bet on the physical foundations of artificial intelligence is reshaping a multi-billion dollar hedge fund. Leopold Aschenbrenner, a former researcher on OpenAI’s superalignment team, has built his fund, Situational Awareness LP, into a major player by concentrating its portfolio not on the AI applications themselves, but on the immense power and infrastructure that fuels them.
According to the fund’s latest 13F filing with the U.S. Securities and Exchange Commission for Q4 2025, Situational Awareness reported approximately $5.52 billion in U.S. equity positions across 29 holdings. This represents a dramatic expansion from roughly $254 million in reported U.S. equity and options at the end of 2024. The portfolio is heavily weighted toward companies providing critical components like graphics processing unit (GPU) cloud services, power generation, and data center infrastructure.
Betting on the Engine, Not the Car
The strategy is a direct wager that the enduring financial winners of the AI revolution will be the “picks and shovels” providers. Key holdings include CoreWeave, a GPU cloud provider; Bloom Energy, a fuel cell and power specialist; Intel; Lumentum, an optics manufacturer; and Core Scientific, a Bitcoin miner that has aggressively pivoted to AI infrastructure.
This concentrated approach reflects a core thesis Aschenbrenner first outlined in his widely discussed “Situational Awareness” manifesto, which examined the race toward advanced AI. He has successfully translated that analysis into capital, launching his San Francisco-based fund with backing from prominent tech founders, family offices, and institutions. The fund now manages over $1.5 billion.
Deep Dive on a Leveraged Infrastructure Play
The fund’s position in Core Scientific is particularly instructive. Through an amended Schedule 13D filing, Situational Awareness disclosed a 9.4% stake, representing 28,756,478 shares with shared voting power. This is effectively a levered bet on two intertwined trends: CoreWeave’s massive demand for hosting capacity and Core Scientific’s strategic pivot from pure Bitcoin mining to providing high-performance computing (HPC) hosting for AI workloads.
Core Scientific has signed multiple 12-year HPC hosting contracts with CoreWeave, a deal structure that provides long-term visibility on power and data center utilization. This aligns perfectly with Situational Awareness’s focus on scarce, physical assets—megawatts of power and rack space—as the bottleneck in the compute economy.
Bitcoin Miners Rebrand: From Hashrate to Horsepower
The fund’s heavy weighting in repurposed Bitcoin miners is part of a broader industry shift. Following the latest Bitcoin halving in April 2024, which reduced block rewards, large-scale miners with access to cheap, abundant power and dense data centers have begun marketing those assets as ideal for AI and HPC workloads. The scarce commodity is no longer just hashrate, but reliable “horsepower” and facility space.
Other miners in the Situational Awareness portfolio include IREN, Cipher Mining, Riot Platforms, Bitdeer, and Applied Digital, all of which have publicly discussed or initiated strategies to attract AI customers. MARA Holdings, for instance, acquired a 64% stake in French infrastructure operator Exaion to expand into AI and cloud services.
Shorting the Old Paradigm
While going long on physical infrastructure, the fund is also betting against a perceived loser from the AI transition. Situational Awareness holds a short position in Infosys, the Indian IT services giant. This is a direct wager that large language models and AI-powered coding assistants will disrupt the traditional, labor-based model of outsourced software development and maintenance that companies like Infosys built their fortunes on.
The 13F filing provides a transparent snapshot of this high-conviction, thematic strategy. It shows a fund that is both a significant net buyer quarter-on-quarter and one that is making explicit, large-scale bets on the reallocation of capital toward the tangible backbone of the AI era.
Data Source: Situational Awareness LP 13F filings (Q4 2024, Q4 2025) and Schedule 13D for Core Scientific, as reported on SEC EDGAR and aggregated by 13f.info. Portfolio values reflect reported U.S. equity and options positions as of the quarter-end dates.
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