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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
+46.87%
1 Year Est. Return
+334.5%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$4.14B
AUM Growth
+$2.02B
Cap. Flow
+$981M
Cap. Flow %
23.7%
Top 10 Hldgs %
80.64%
Holding
31
New
22
Increased
3
Reduced
2
Closed
3

Top Buys

Rank Stock Value
1
CRWV
CoreWeave
CRWV
+$487M
2
CORZ icon
Core Scientific
CORZ
+$179M
3
GLXY
Galaxy Digital Inc
GLXY
+$73.8M
4
RIOT icon
Riot Platforms
RIOT
+$49.8M
5
SEI
Solaris Energy Infrastructure
SEI
+$36M

Top Sells

Rank Stock Value
1
AVGO icon
Broadcom
AVGO
+$366M
2
CEG icon
Constellation Energy
CEG
+$103M
3
EQT icon
EQT Corp
EQT
+$49M
4
APLD icon
Applied Digital
APLD
+$7.81M

Sector Composition

Rank Sector Weight
1 Technology 27.92%
2 Financials 12.58%
3 Utilities 6.1%
4 Energy 2.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INTC icon
1
CALL
Intel
INTC
$466B
$679M 16.41%
20,237,400
– –
CRWV
2
CoreWeave
CRWV
$39.2B
$563M 13.61%
+4,115,456
New +$487M
CORZ icon
3
Core Scientific
CORZ
$7.23B
$362M 8.75%
20,180,534
+12,186,496
+152% +$179M
IREN icon
4
Iris Energy
IREN
$13.2B
$339M 8.19%
7,220,421
+820,037
+13% +$19.9M
CRWV
5
CALL
CoreWeave
CRWV
$39.2B
$317M 7.65%
+2,314,500
New +$274M
NVDA icon
6
PUT
NVIDIA
NVDA
$5.01T
$299M 7.21%
+1,600,000
New +$279M
VST icon
7
Vistra
VST
$55.1B
$252M 6.1%
1,287,910
+13,732
+1% +$2.72M
GDX icon
8
PUT
VanEck Gold Miners ETF
GDX
$23B
$196M 4.73%
+600,000
New +$36.1M
CRWV
9
PUT
CoreWeave
CRWV
$39.2B
$192M 4.63%
+1,400,000
New +$166M
APLD icon
10
Applied Digital
APLD
$7.77B
$139M 3.36%
6,064,155
-527,645
-8% -$7.81M
GLXY
11
Galaxy Digital Inc
GLXY
$4.34B
$92.6M 2.24%
+2,737,500
New +$73.8M
AVGO icon
12
PUT
Broadcom
AVGO
$1.82T
$75.9M 1.83%
+230,000
New +$70.6M
TSM icon
13
PUT
TSMC
TSM
$2.09T
$75.4M 1.82%
+270,000
New +$66M
RIOT icon
14
Riot Platforms
RIOT
$8.52B
$68.4M 1.65%
+3,592,699
New +$49.8M
EQT icon
15
EQT Corp
EQT
$33.2B
$66.3M 1.6%
1,217,386
-927,959
-43% -$49M
MU icon
16
PUT
Micron Technology
MU
$1.04T
$50.2M 1.21%
+300,000
New +$38.4M
SEI
17
Solaris Energy Infrastructure
SEI
$3.31B
$46M 1.11%
+1,150,300
New +$36M
TSEM icon
18
Tower Semiconductor
TSEM
$26.4B
$34M 0.82%
+470,600
New +$25.7M
HUT
19
Hut 8
HUT
$12.4B
$20.9M 0.5%
+599,000
New +$15.2M
COHR icon
20
Coherent
COHR
$55.2B
$16.6M 0.4%
+154,400
New +$15.4M
BTDR icon
21
Bitdeer Technologies
BTDR
$2.81B
$15.9M 0.38%
+929,600
New +$13M
SNDK
22
Sandisk
SNDK
$213B
$12.9M 0.31%
+115,000
New +$6.72M
STX icon
23
Seagate
STX
$193B
$11.5M 0.28%
+48,567
New +$8.29M
AVGO icon
24
Broadcom
AVGO
$1.82T
– –
-1,191,606
Closed -$366M
CEG icon
25
Constellation Energy
CEG
$98B
– –
-319,200
Closed -$103M
1
2

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Leopold Aschenbrenner's Q3 2025 Portfolio in Review

As of Q3 2025, Leopold Aschenbrenner held 31 positions worth $4.14B, up 95% from $2.12B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Leopold Aschenbrenner deployed $981M of net new capital in Q3 2025, opening 22 new positions and adding to 3 existing holdings. Its largest new stake was CoreWeave: 4,115,456 shares worth $563M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 25% a quarter earlier, followed by Financials and Utilities.

On the sell side, the largest reduction was EQT Corp, an estimated $49M trimmed.

  • Leopold Aschenbrenner's largest Q3 2025 buy was CoreWeave: 4,115,456 shares worth $563M.
  • Leopold Aschenbrenner added most to Core Scientific in Q3 2025, an estimated $179M increase.
  • Leopold Aschenbrenner's biggest Q3 2025 reduction was EQT Corp, cutting an estimated $49M.
  • Leopold Aschenbrenner fully exited Broadcom in Q3 2025, selling an estimated $366M.
  • Leopold Aschenbrenner's ten largest holdings make up 81% of its $4.14B portfolio in Q3 2025.
  • Leopold Aschenbrenner opened 22 new positions and closed 3 in Q3 2025.
  • Leopold Aschenbrenner's portfolio value rose 95% quarter-over-quarter to $4.14B.

Based on Situational Awareness's 13F filing for Q3 2025, filed 14 Nov 2025.