Situational Awareness

What Situational Awareness does

Situational Awareness LP is a privately held hedge fund founded in September 2024 by Leopold Aschenbrenner, a former member of OpenAI's Superalignment team, and domiciled in San Francisco, California. The fund invests in companies building the physical infrastructure required for AGI — neocloud platforms (notably Nebius, CoreWeave, IREN), data-center energy solutions (Bloom Energy, ~16% of portfolio), Bitcoin miners pivoting to AI compute (Core Scientific, 9.4% stake), AI semiconductor startups (MatX), and selected frontier-AI equity (Anthropic, ~20% of assets). The core thesis is that power, data centers, and compute capacity — not algorithms — will be the binding constraint on AI scaling, positioning physical-infrastructure providers as the next winners of the AI buildout.

The firm operates with a lean team of approximately 8 employees and invests across both long equity and large short-side positioning (over $4 billion in put options against semiconductor names including Nvidia and Oracle). The portfolio is highly concentrated: the Nebius position alone represents 38.89% of holdings and a 5.6% stake in the company (~$2.6 billion), making the fund Nebius's largest institutional shareholder. The fund launched with approximately $250 million in anchor capital from Patrick Collison, John Collison, Nat Friedman, and Daniel Gross, and has scaled to over $20 billion in assets under management by mid-2026 — among the fastest asset-gathering trajectories on record for a hedge fund.

Revenue is generated through standard hedge fund economics: management fees (typically 1–2% of AUM) and performance fees (typically 20% of profits). The fund has returned more than 1,000% after fees since inception, including ~200% in 2025 and 90% in April 2026 alone. Customers — meaning limited partners — are institutional investors and high-net-worth individuals seeking exposure to AI infrastructure themes, with Jane Street disclosed as a notable institutional investor. Distribution is currently direct-to-LP via private placement, with the firm actively hiring marketers to support broader institutional expansion.

Name

Situational Awareness

Legal name

Situational Awareness LP

Website

https://situationalawarenesslp.com

Company type

Private

Operating status

Operating

Short description

Situational Awareness LP is a hedge fund founded in September 2024 by former OpenAI researcher Leopold Aschenbrenner, investing in AI physical infrastructure (power, data centers, neoclouds, semiconductors) for institutional and high-net-worth investors.

Ownership category

akta.pro rank

Product category

Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC)

akta.pro secondary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Hedge fund management
• AI infrastructure investing
• Institutional asset management
• Equity investment strategies
• Private placement funds

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Hedge Fund Management: The fund generates returns through equity investments in AI infrastructure companies. Revenue is derived from management fees and performance fees (carry) typical of hedge fund structures.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

Situational Awareness LP is an AI-focused hedge fund that manages pooled capital and invests in publicly traded equities and private financings of companies building physical AI infrastructure, including neocloud platforms, Bitcoin miners pivoting to AI compute, energy and power providers, and AI semiconductor startups. The firm generates revenue through management fees on assets under management and performance fees on investment gains, distributing limited partnership interests to qualified institutional investors and high-net-worth individuals.

Product overview

Situational Awareness is an investment firm (hedge fund) focused on AGI (Artificial General Intelligence) infrastructure, founded by former OpenAI researcher Leopold Aschenbrenner in September 2024. The firm invests in AI infrastructure companies rather than operating a traditional product business. Its investment thesis centers on physical infrastructure for AI—power generation, data centers, and compute capacity—rather than AI model developers or software companies. The portfolio includes investments in energy solutions for data centers (e.g., Bloom Energy), semiconductor companies, neocloud platforms, and Bitcoin miners pivoting to AI compute workloads.

Differentiator

Problem solved

Functional benefit

Products and services

• Situational Awareness LP Hedge Fund Limited partnership interests in an AI-focused hedge fund that invests in publicly traded equities and private financings of companies building physical AI infrastructure (neoclouds, energy and power providers, Bitcoin miners pivoting to AI compute, and AI semiconductor startups). Offered to qualified institutional investors and high-net-worth individuals through private placement; revenue is generated through management fees and performance fees.

Quantifiable outcome

• Over 1,000% returns after fees since fund launch in September 2024
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Altimeter Capital Management: Technology-focused hedge fund known for concentrated public-equity bets on growth and platform companies, including AI-exposed names. Comparable given its tech-thematic, high-conviction investment style.
• Lone Pine Capital: Concentrated long-biased hedge fund with a long-standing focus on technology, internet, and emerging growth companies. Comparable given its thematic tech focus and high-conviction position sizing.
• Coatue Management: Large tech-focused hedge fund that has made concentrated public and private bets on AI infrastructure and cloud providers. Closest comparable as a long-biased, technology-thematic hedge fund with crossover-style private investments.
• D1 Capital Partners: Long-biased hedge fund with a strong technology and internet focus that invests across public and private markets. Comparable given its tech-thematic approach and crossover private-investment activity.
• Tiger Global Management: Crossover hedge/VC firm that invests heavily in late-stage tech and AI-related companies across public and private markets. Highly comparable given its thematic tech focus and willingness to take large concentrated positions.
• Viking Global Investors: Large hedge fund that has historically maintained significant exposure to technology and growth equities, including AI-infrastructure names. Comparable given its size, tech orientation, and concentrated long book.
• Maverick Capital: Technology-focused long/short hedge fund that has been an active investor in AI-infrastructure and growth platforms. Comparable given its tech sector specialization and willingness to take concentrated positions.

Others

• Baillie Gifford: Long-duration growth investment manager with concentrated positions in AI labs and AI infrastructure. Comparable given its thematic technology focus and willingness to hold concentrated positions in transformative tech names.
• Two Sigma Investments: Large technology-driven hedge fund with significant exposure to AI-related equities and infrastructure. Comparable in scale and tech orientation, though its strategy is more systematic than Situational Awareness's fundamental approach.
• Citadel LLC: Multi-strategy hedge fund and market maker with massive technology, equities, and AI-infrastructure exposure. Comparable in scale and AUM but operates a much broader, more diversified strategy than Situational Awareness.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/leopoldasch

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Situational Awareness