Authored by Christina Comben via cointelegraph,
Leopold Aschenbrenner has built a US stock portfolio heavily concentrated in companies that supply the power and infrastructure behind the artificial intelligence boom.
Theformer 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 2025to a reported $5.52 billion in equity positionsin its latest 13Ffilingwith 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.
Those include graphics processing unit (GPU) cloud providerCoreWeave, fuel cell and power specialistBloom Energy,Intel, optics makerLumentumand Bitcoin miner-turned-AI infrastructure playCore Scientific.
Aschenbrenner first drew attention as a precocious AI thinker after publishing a widely read “Situational Awareness”manifesto on the race to advanced AI, then quickly parlayed that profile into capital. His San Francisco-based AI hedge fund now manages more than$1.5 billion, backed by prominent tech founders, family offices and institutions.
Aschenbrenner has been a substantial net buyer quarter-on-quarter, with Situational Awareness’ 13-FreportedUS equity and options portfolio increasing from about $254 million in Q4 2024 to more than $5.5 billion by Q4 2025. Over that period, the fund built sizable positions in Bitcoin miners and related energy infrastructure firms including IREN, Cipher Mining, Riot Platforms, Bitdeer and Applied Digital.
The bet aligns with a broader shift already reshaping Bitcoin mining. After the latest halving squeezed block rewards, large miners have started repurposing their high-density, power-rich sites as AI hosting hubs, treating megawatts and data center space as scarce assets in the new compute economy rather than just hashrate.
Core Scientific, for example, hassigned a series of 12-year high-performance computinghosting contracts with AI cloud firm CoreWeave, whileMARA acquired a 64% stake in French computinginfrastructure operator Exaion, expanding into AI and cloud services.
Situational Awareness disclosed a 9.4% stake in Core Scientific via anamendedSchedule 13D, representing 28,756,478 shares with shared voting and disposition power, effectively giving the fund a levered bet on CoreWeave’s expansion and the miner’s pivot from pure Bitcoin to AI and high-performance computing.
Source: ZeroHedge News
