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Leopold Aschenbrenner

Leopold Aschenbrenner Situational Awareness

AUM $13.7B
1-Year Est. Return 334.5%
 

Leopold Aschenbrenner is the founder of Situational Awareness, an investment firm focused on artificial intelligence and the companies positioned to benefit from its rapid advancement. A former researcher on OpenAI’s superalignment team, he gained wide attention for his essay series “Situational Awareness: The Decade Ahead,” which lays out his thesis on the trajectory of AI toward artificial general intelligence. His investment philosophy is built around this conviction, concentrating capital in firms across the AI supply chain, from chipmakers to power and infrastructure providers.

This Fund
S&P 500
This Quarter Est. Return
+44.31%
1 Year Est. Return
+334.5%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$13.7B
AUM Growth
+$8.16B
Cap. Flow
+$7.68B
Cap. Flow %
56.19%
Top 10 Hldgs %
72.66%
Holding
52
New
23
Increased
9
Reduced
4
Closed
10

Top Buys

Rank Stock Value
1
IREN icon
Iris Energy
IREN
+$135M
2
CLSK icon
CleanSpark
CLSK
+$114M
3
CRWV
CoreWeave
CRWV
+$93.6M
4
RIOT icon
Riot Platforms
RIOT
+$81.8M
5
TE
T1 Energy
TE
+$73.3M

Top Sells

Rank Stock Value
1
BE icon
Bloom Energy
BE
+$527M
2
LITE icon
Lumentum
LITE
+$479M
3
CIFR icon
Cipher Digital
CIFR
+$155M
4
EQT icon
EQT Corp
EQT
+$133M
5
COHR icon
Coherent
COHR
+$88.6M

Sector Composition

Rank Sector Weight
1 Technology 15.7%
2 Industrials 7.08%
3 Financials 4.78%
4 Energy 0.55%
5 Real Estate 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SMH icon
1
PUT
VanEck Semiconductor ETF
SMH
$70.6B
$2.04B 14.94%
+5,327,900
New +$2.12B
NVDA icon
2
PUT
NVIDIA
NVDA
$5.27T
$1.57B 11.47%
+8,992,300
New +$1.65B
ORCL icon
3
PUT
Oracle
ORCL
$419B
$1.07B 7.84%
+7,293,000
New +$1.19B
AVGO icon
4
PUT
Broadcom
AVGO
$1.98T
$1.01B 7.36%
+3,251,100
New +$1.07B
AMD icon
5
PUT
Advanced Micro Devices
AMD
$774B
$969M 7.09%
+4,764,100
New +$1.02B
BE icon
6
Bloom Energy
BE
$62.2B
$879M 6.42%
6,485,408
-3,590,614
-36% -$527M
SNDK
7
Sandisk
SNDK
$186B
$724M 5.3%
1,140,119
+85,919
+8% +$48.5M
MU icon
8
PUT
Micron Technology
MU
$981B
$584M 4.27%
+1,727,700
New +$677M
CRWV
9
CoreWeave
CRWV
$49.3B
$556M 4.07%
7,177,919
+1,079,107
+18% +$93.6M
TSM icon
10
PUT
TSMC
TSM
$2.19T
$535M 3.91%
+1,583,400
New +$545M
ASML icon
11
PUT
ASML
ASML
$691B
$494M 3.61%
+374,100
New +$513M
MU icon
12
CALL
Micron Technology
MU
$981B
$422M 3.09%
+1,250,000
New +$490M
IREN icon
13
Iris Energy
IREN
$14.2B
$401M 2.93%
11,698,835
+2,998,214
+34% +$135M
CORZ icon
14
Core Scientific
CORZ
$6.35B
$389M 2.84%
26,008,473
-2,748,005
-10% -$46.9M
SNDK
15
CALL
Sandisk
SNDK
$186B
$389M 2.84%
+611,900
New +$346M
TSM icon
16
CALL
TSMC
TSM
$2.19T
$355M 2.59%
+1,050,000
New +$361M
APLD icon
17
Applied Digital
APLD
$8.55B
$320M 2.34%
13,478,438
+2,139,378
+19% +$67M
INTC icon
18
PUT
Intel
INTC
$493B
$159M 1.16%
+3,605,400
New +$165M
RIOT icon
19
Riot Platforms
RIOT
$7.65B
$142M 1.04%
11,502,137
+5,334,437
+86% +$81.8M
CRWV
20
CALL
CoreWeave
CRWV
$49.3B
$141M 1.03%
1,814,500
-9,000,000
-83% -$781M
CLSK icon
21
CleanSpark
CLSK
$2.96B
$104M 0.76%
12,276,139
+10,635,739
+648% +$114M
SEI
22
Solaris Energy Infrastructure
SEI
$3.87B
$62.5M 0.46%
1,105,551
-760,949
-41% -$41.2M
BE icon
23
CALL
Bloom Energy
BE
$62.2B
$55.3M 0.4%
408,500
– –
TE
24
T1 Energy
TE
$1.53B
$43.9M 0.32%
+10,000,000
New +$73.3M
KEEL
25
Keel Infrastructure Corp
KEEL
$1.99B
$38.8M 0.28%
19,875,840
+12,978,740
+188% +$30.5M
1
2 3

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Leopold Aschenbrenner's Q1 2026 Portfolio in Review

As of Q1 2026, Leopold Aschenbrenner held 52 positions worth $13.7B, up 148% from $5.52B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Leopold Aschenbrenner deployed $7.68B of net new capital in Q1 2026, opening 23 new positions and adding to 9 existing holdings. Its largest new stake was T1 Energy: 10,000,000 shares worth $43.9M.

By sector, the portfolio is most concentrated in Technology at 16% of assets, down from 41% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was Bloom Energy, an estimated $527M trimmed.

  • Leopold Aschenbrenner's largest Q1 2026 buy was T1 Energy: 10,000,000 shares worth $43.9M.
  • Leopold Aschenbrenner added most to Iris Energy in Q1 2026, an estimated $135M increase.
  • Leopold Aschenbrenner's biggest Q1 2026 reduction was Bloom Energy, cutting an estimated $527M.
  • Leopold Aschenbrenner fully exited Lumentum in Q1 2026, selling an estimated $479M.
  • Leopold Aschenbrenner's ten largest holdings make up 73% of its $13.7B portfolio in Q1 2026.
  • Leopold Aschenbrenner opened 23 new positions and closed 10 in Q1 2026.
  • Leopold Aschenbrenner's portfolio value rose 148% quarter-over-quarter to $13.7B.

Based on Situational Awareness's 13F filing for Q1 2026, filed 18 May 2026.