Situational Awareness 13F: What Leopold Aschenbrenner Actually Held Before the 67% Collapse (2026)

Leopold Aschenbrenner’s Situational Awareness was the most-watched fund in AI — and then, over a few weeks in July, it was gone. Its last public filing is still sitting there for anyone to copy, and it is a near-perfect lesson in why doing that is dangerous.

The last filing was mostly a bet against chips

• The biggest position was a put on the semiconductor ETF. US$2.04b of SMH puts, then US$1.57b against Nvidia — 11.5% of the whole filing on its own.
• Its longs were the picks-and-shovels of AI power. Bloom Energy, SanDisk, CoreWeave, IREN and Core Scientific — data centres, memory and the electricity to run them.
• So the fund was long the build-out and short the chipmakers. A coherent view, and one you cannot see at all from a list of stocks it owned.

Then July happened

• Leverage did the damage, not a crash. Reported at around 400% gross. As the book fell, prime brokers wanted collateral; raising it meant selling into the fall.
• Citadel bought the block. Most of a roughly US$16b public-equity book went in one go, with Goldman, JPMorgan, BofA and Citi facilitating.
• What is left is largely private. About US$10b remains, including its stake in Anthropic — none of which a 13F shows you.

Why a “smart money” tracker would have got this backwards

• A 13F shows long US shares — and almost nothing else. Copy the equity lines here and you buy the AI build-out with no idea most of the book was hedging against it.
• The lag is the other half of the problem. Filings land up to 45 days after quarter-end. This one described a fund that, by the time you read it, no longer existed.

What to watch

• NowThe Q2 2026 13F (positions as at 30 June) is not yet on record. When it appears it will show the peak — days before the unwind.
• Q3The November filing is the first that will show what, if anything, is left of the public book.
• OngoingWhether AI-infrastructure names keep trading as one basket, or start separating again.

Sources & further reading

• Situational Awareness LP 13F filings — the Q1 2026 filing (CIK 0002045724, period 2026-03-31) behind every figure above.
• Bloomberg: assets drop to US$10 billion after liquidations
• CNBC: forced to unwind all public stock positions
• CNBC: why the fund imploded in a tame stock market
• SEC EDGAR: all 13F filings for CIK 0002045724