Leopold Aschenbrenner is seeking more capital for Situational Awareness after semiconductor and AI stocks fell sharply. The hedge fund’s public filing showed a $5.52 billion U.S. equity portfolio, while a tracker later said the portfolio was down about $600 million in one session.
$5.52 billion was the U.S. equity portfolio value Situational Awareness LP disclosed in its Form 13F with the U.S. Securities and Exchange Commission by March 31, 2026. The filing showed $8.7 billion tied to put options and $2.04 billion in VanEck Semiconductor ETF and $1.57 billion in Nvidia stocks.
Aschenbrenner’s put exposure
$8.7 billion in put options made the fund’s disclosed mix unusual because the positions were concentrated in semiconductor and AI names. Financial Times reported that the company has developed an investment strategy that allows it to gain profits even when chip manufacturers are losing money.
$1 billion or more in put options appeared tied to Oracle, Broadcom and Advanced Micro Devices. That left the fund with a structure that could offset part of the damage from a slide in long positions, rather than depending only on direction in AI-linked stocks.
Bloom Energy and CoreWeave
$879 million was Bloom Energy’s value as the biggest reported long position, with SanDisk and CoreWeave next in size. The fund also held bitcoin miners including IREN, Core Scientific, Riot and CleanSpark, and increased some of those mining investments in the quarter.
On July 28, @LeopoldTracker_ posted an unverified estimate that Aschenbrenner’s portfolio had lost roughly $600,000,000 in a single session. The same post said his puts were still printing and that he was still up over 1,000% on most of those positions from entry.
The contradiction is the point for readers tracking AI trades: Situational Awareness is asking for fresh capital while one public estimate says the portfolio took a $600 million hit, yet the fund’s $8.7 billion in put options may have cushioned some of the loss. Form 13F filings stop at quarter-end and omit cash, derivatives, short positions, foreign securities and private investments, so the public snapshot is partial even before the funding push is fully priced in.
