Leopold Aschenbrenner has built a US equity portfolio that is heavily concentrated in companies that provide the power and infrastructure behind the development of artificial intelligence.
The former OpenAI researcher, who left the lab’s coordination group to start San Francisco-based hedge fund Situational Awareness LP, grew it from $383 million in assets at the start of 2025 to $5.52 billion in U.S. equity positions in its most recent 13F filing with the U.S. Securities and Exchange Commission.
The fund’s 13F filing for Q4 2025 shows a highly concentrated portfolio built around a bet that the real winners in AI development aren’t chatbots, but the power plants and data centers that feed them. Status Alert reported $5.52 billion in U.S. equity positions across 29 holdings, with a large portion of that value concentrated in a number of AI sub-sector names.
They include cloud graphics processing unit (GPU) provider CoreWeave, fuel cell and power specialist Bloom Energy, Intel, optics maker Lumentum and Bitcoin (BTC) gaming AI mining infrastructure Core Scientific.
Aschenbrenner first gained attention as a prominent AI thinker after publishing his widely read Situation Awareness manifesto on the race for advanced AI, and then capitalized on that profile. His San Francisco-based AI hedge fund now manages more than $1.5 billion, backed by prominent tech founders, family offices and institutions.
Aschenbrenner was a significant net buyer in the quarter, reporting a 13-F increase in its US equity and options portfolio from approximately $254 million in 4Q2024 to $5.5 billion in 4Q2025. During this period, the fund has built significant positions in energy companies such as BitcoinFrastrucs. Mining, Riot Platforms, Bitdeer and Applied Digital.
Bitcoin miners go from hash speed to horse power
The deal coincides with a broader shift that is already changing Bitcoin mining. After the last half of compressed block rewards, big miners used their high-density, power-rich sites as AI hosting centers, treating megawatts and data center space as scarce assets in the new computing economy, not just vermin.
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For example, Core Scientific signed a series of 12-year high-end computing hosting contracts with cloud company CoreWeave, while MARA acquired a 64% stake in French computing infrastructure operator Exaion, expanding into AI and cloud services.
The position notice revealed a 9.4% stake in Core Scientific through an amended Schedule 13D, representing 28,756,478 shares with joint voting and joint disposal, effectively betting the fund on the expansion of CoreWeave and the high-end Bitcoin concept.
At the same time, the fund is on the other side of the AI transition with a short position in Indian IT giant Infosys, a bet that big AI language models and coding tools will pressure the traditional outsourced software services model.
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