Situational Awareness LP

Situational Awareness LP is already the kind of fund that attracts mythology. Leopold Aschenbrenner wrote a viral AGI essay, raised money quickly, and by late 2025 the public equity book had become large enough that every new filing triggered another round of commentary.

I wanted the opposite: one post that sticks as closely as possible to the public record.

This reconstruction uses the fund’s official site, the about page, Leopold Aschenbrenner’s own For Our Posterity site, the SEC Form ADV, the onshore and offshore Form D sequence and, the separate Sydecar-administered series vehicle filing, every public SALP 13F filing, the SEC Data Library’s Form 13F data sets page, Core Scientific 13D, 13D/A, and the SEC’s own Form 13F FAQ. I also cross-checked the latest filing against the bulk data export for the December 2025 / January 2026 / February 2026 reporting cycle from that SEC Data Library Form 13F data-sets release. When I infer something rather than directly observe it, I say so.

As of April 21, 2026, the latest public 13F for SALP is the filing for December 31, 2025, filed on February 11, 2026. The March 31, 2026 quarter is not due until May 15, 2026, because Form 13F is due within 45 days after quarter-end, per the SEC FAQ.

The short version

• The official SALP website says the firm was founded by Leopold Aschenbrenner in 2024, and the homepage says September 2024.
• Leopold’s own site says he founded an AGI-focused investment firm with anchor investments from Patrick Collison, John Collison, Nat Friedman, and Daniel Gross.
• The main onshore fund, Situational Awareness Partners LP, filed its first Form D on September 23, 2024; a later amendment says the actual first sale happened on November 1, 2024.
• By the onshore fund’s March 10, 2026 Form D/A, it had sold $1,762,326,027 of interests to 93 investors.
• The offshore feeder, Situational Awareness Offshore LP, filed on December 11, 2024 and disclosed $24,042,356 sold to 2 investors.
• The latest public Form ADV, dated March 30, 2026, shows $9,278,344,000 of regulatory assets under management across 2 pooled investment vehicle clients.
• The public 13F book grew from $254.8 million at December 31, 2024 to $5.5168 billion at December 31, 2025.
• In the public record I could verify, the only SALP Schedule 13D sequence was Core Scientific: 5.8% on the initial 13D and 9.4% on the amendment.

Timeline

• 2024-05-06: Bloomberg’s LEI record says the Situational Awareness LP legal entity was created in Delaware on this date. Source: Bloomberg LEI
• 2024-06-14: Leopold publishes “SITUATIONAL AWARENESS: The Decade Ahead.” Source: For Our Posterity
• 2024-09-23: Situational Awareness Partners LP files its first Form D: indefinite 506(b) offering, $5 million minimum, first sale not yet occurred. Source: Initial onshore Form D
• 2024-10-04: Bloomberg’s LEI record shows a legal-form change effective on this date. Source: Bloomberg LEI
• 2024-11-01: Later Form D/A says this was the onshore fund’s first sale date. Source: 2025 onshore Form D/A
• 2024-12-05: A separate filing appears for “Situational Awareness LP Nov 2024 a Series of CGF2021 LLC”: a Sydecar-administered Delaware series vehicle that sold $24.975 million to 32 investors. Source: Series vehicle Form D
• 2024-12-11: Situational Awareness Offshore LP files Form D from the Cayman Islands, showing $24.042 million sold to 2 investors and a $5 million minimum. Source: Offshore Form D
• 2025-02-11: SALP files its first public 13F, for 2024-Q4. Source: Q4 2024 13F
• 2025-08-19: SALP files a Core Scientific 13D, disclosing 17,682,918 shares, 5.8% ownership, and $213.19 million of working capital used. Source: Core Scientific 13D
• 2025-09-08: Onshore Form D/A says $997,910,000 had been sold to 65 investors. Source: 2025 onshore Form D/A
• 2025-10-14: Core Scientific 13D/A discloses 28,756,478 shares and 9.4% ownership. Source: Core Scientific 13D/A
• 2026-02-11: SALP files its latest public 13F to date, for 2025-Q4: 29 line items and $5,516,758,344 of disclosed 13F value. Source: Q4 2025 13F
• 2026-03-10: Onshore Form D/A says $1,762,326,027 had been sold to 93 investors. Source: 2026 onshore Form D/A
• 2026-03-30: Latest public Form ADV shows SALP at 77 Federal Street, 4th Floor, $9.278 billion of RAUM, and a 2-fund structure. Source: Form ADV

What the firm record says now

The official SALP homepage describes the firm as a global equity investor focused on AI, headquartered in San Francisco, founded by Leopold Aschenbrenner in September 2024. The about page says SALP invests both in companies building AI and in companies that AI may help or hurt.

The latest Form ADV adds much more structure:

• Principal office: 77 Federal Street, 4th Floor, San Francisco, CA 94107.
• Other offices: 0.
• Advisory clients: 2, both pooled investment vehicles.
• Regulatory assets under management: $9,278,344,000, all discretionary.
• RAUM attributable to non-U.S. clients: $879,415,000.
• Private-fund structure in the ADV: Situational Awareness Partners LP is listed as the master fund and Situational Awareness Offshore LP as the feeder.
• Current gross asset value reported for the private fund: $9,278,344,000.
• Minimum commitment: $5,000,000.
• Approximate beneficial owners of the private fund: 81.
• Approximate private fund ownership by the adviser and related persons: 4%.
• Approximate private fund ownership by non-U.S. persons: 14%.

The ADV also lays out the control structure unusually clearly. On Schedule A, the direct owners of the adviser are reported with ownership-code bands rather than exact percentages:

• Leopold Aschenbrenner: Chief Investment Officer and limited partner, ownership code D = 50% to less than 75%.
• Carl Shulman: Director of Research and limited partner, ownership code C = 25% to less than 50%.
• Nicholas Gross-Whitaker: Chief Operating Officer and limited partner, ownership code A = 5% to less than 10%.
• Situational Awareness LLC is listed as general partner, and Schedule B says Leopold owns that LLC as manager with ownership code E = 75% or more.

The March 2026 ADV also shows the service-provider stack:

• Auditor: KPMG LLP in Walnut Creek.
• Prime brokers: BofA Securities Prime and Goldman Sachs & Co. LLC.
• Custodians: BofA Securities Prime, Citizens Financial Group, and Goldman Sachs.
• Administrator: Stone Coast Fund Services LLC in Portland, Maine.

One underappreciated ADV detail: the miscellaneous schedule says the two funds managed by SALP were not required to conduct their initial audit for 2024, and that the first audit covers November 1, 2024 through December 31, 2025. That lines up neatly with the later Form D/A first-sale date of November 1, 2024.

What 13F can and cannot tell you

This matters a lot here.

The SEC’s Form 13F FAQ says Form 13F covers Section 13(f) securities: mostly U.S.-listed equities, ETF shares, and certain options and warrants. Securities not on the official 13(f) list do not belong in the filing. The same FAQ says the filing must report issuer name, class, shares, and fair market value, and that regular quarterly 13Fs are due within 45 days after quarter-end.

So a 13F is not “the whole fund.” It leaves out, among other things:

• private investments,
• many non-U.S. holdings,
• shorts,
• swaps and other derivatives that are not 13(f) reportable,
• bonds and credit instruments,
• and plain cash.

That gap is large for SALP. The latest public 13F shows $5.5168 billion of 13(f) securities at December 31, 2025. The March 30, 2026 ADV shows $9.2783 billion of RAUM. The visible 13F book is therefore only about 59.5% of the gross asset base visible in the adviser filing.

One tiny but revealing filing detail: summing every Q4 2025 XML line item yields $5,516,758,345, because the information table includes a stray 1 share of Intel common stock valued at $37 in addition to the giant Intel call position. The SEC summary page total is $5,516,758,344. For percentages below, I use the official summary-page total.

Public 13F growth

That is a 21.6x increase in public 13F value in four quarters.

Portfolio history, quarter by quarter

2024-Q4: the starter book

The first 13F is tiny compared with what comes later: just 6 names and $254.8 million. But the theme is already obvious. This is not an “AI software” portfolio. It is power, cooling, hardware plumbing, and data-center-adjacent infrastructure.

• Public 13F value: $254.8m across 6 line items.
• Option mix: common 100.0%, calls 0.0%, puts 0.0%.
• Top 10 issuer concentration: 100.0%.

2025-Q1: scale-up and the first huge convex bet

By March 31, 2025 the public book is already above $1.0 billion. The big new wrinkle is obvious: SALP is willing to use options aggressively, and the defining expression is the Intel call.

This quarter also shows the first recognizable SALP public-book mix of power, AI-capacity bottlenecks, and hosting/data-center names: CoreWeave, Core Scientific, Applied Digital, IREN, Vistra, EQT, and Broadcom, all appearing together.

• Public 13F value: $1005.6m across 12 line items.
• Option mix: common 54.3%, calls 45.7%, puts 0.0%.
• Top 10 issuer concentration: 95.7%.

2025-Q2: concentrated, hedged, and much larger

June 30, 2025 is a much more concentrated book. The two headline lines are the continuing Intel call and a very large VanEck Semiconductor ETF (SMH) put. That pairing says SALP was willing to keep specific upside optionality while also hedging a chunk of the broader semiconductor complex.

Notably, CoreWeave disappears completely in this quarter’s public filing, only to come back much larger later.

• Public 13F value: $2123.0m across 9 line items.
• Option mix: common 51.8%, calls 21.4%, puts 26.9%.
• Top 10 issuer concentration: 100.0%.

2025-Q3: the portfolio becomes a full AI-supply-chain map

This is where SALP’s public book stops looking like a concentrated infrastructure trade and starts looking like a broad thesis map.

The September 30, 2025 13F expands to 28 line items and mixes:

• data-center and hosting names,
• bitcoin miners with power-site optionality,
• optics and photonics,
• storage and memory,
• selected power names,
• and large option overlays on CoreWeave, Intel, Nvidia, TSMC, Micron, Broadcom, and SMH.

My inference: by Q3, the public book is no longer just “AI beneficiaries.” It is a bottleneck portfolio: compute, power, hosting, optics, storage, and hedges around the obvious consensus AI winners.

• Public 13F value: $4138.4m across 28 line items.
• Option mix: common 54.2%, calls 24.4%, puts 21.4%.
• Top 10 issuer concentration: 84.7%.

2025-Q4: from broad hedges to harder single-name conviction

The December 31, 2025 filing is the latest public quarter and the most revealing.

By value, the public book is now dominated by:

• CoreWeave at about 22.0% of the 13F book when common plus calls are combined,
• Bloom Energy at about 16.5%,
• Intel at about 13.5%,
• Lumentum at about 8.7%,
• Core Scientific at about 7.6%.

What changed is almost more interesting than the size:

• the large broad semiconductor hedge is mostly gone,
• the Nvidia, TSMC, Micron, Broadcom, and SMH public-option hedges disappear,
• Bloom Energy explodes into a top position,
• Lumentum, Sandisk, and Tower get much larger,

• and the public book leans even harder into specific bottlenecks rather than generic index-like AI exposure.

• Public 13F value: $5516.8m across 29 line items.
• Option mix: common 70.9%, calls 28.9%, puts 0.2%.
• Top 10 issuer concentration: 89.7%.

The quarter-to-quarter changes that mattered

2024-Q4 to 2025-Q1

SALP added Applied Digital, Broadcom, Core Scientific, CoreWeave, EQT, Intel, IREN, and Onto Innovation, while fully exiting Marvell and Vertiv. The existing positions it kept mostly got bigger, especially Modine and Constellation.

2025-Q1 to 2025-Q2

SALP added just one new issuer, VanEck ETF Trust, but that one line became the quarter’s biggest disclosed position via a large put. At the same time, it fully exited CoreWeave, Modine, Onto Innovation, and Talen, while meaningfully increasing Broadcom, Vistra, Core Scientific, IREN, and EQT.

2025-Q2 to 2025-Q3

This is the big expansion quarter. SALP added 17 new issuers, including Bloom, Cipher, Coherent, CoreWeave, Galaxy Digital, Hut 8, Lumentum, Nvidia puts, Micron puts, TSMC puts, Riot, Sandisk, Tower, and Western Digital. The only full exit was Constellation. Meanwhile, the big SMH put and Broadcom line both shrank sharply, while IREN, Intel, and Core Scientific got much larger.

2025-Q3 to 2025-Q4

SALP added Babcock & Wilcox, Bitfarms, CleanSpark, Infosys put, Kilroy, Liberty Energy, Power Solutions, ProPetro, and WhiteFiber. It fully exited Galaxy Digital, Seagate, Vistra, and Western Digital, and it also eliminated the public option hedges in Broadcom, Micron, Nvidia, TSMC, and SMH. The largest increases among continuing names were Bloom Energy (+$854.8m), Lumentum (+$410.6m), Sandisk (+$237.3m), CoreWeave (+$139.6m), and Applied Digital (+$138.9m).

Core Scientific: the only verified 13D campaign

The 13F tables tell you quarter-end snapshots. The Core Scientific 13D sequence tells you how SALP behaved between snapshots.

The initial August 19, 2025 Schedule 13D says:

• SALP and affiliates beneficially owned 17,682,918 shares,
• equal to 5.8% of the class,
• and the fund had used $213,190,431.12 of working capital to buy the stock.

That same filing is also where the structure becomes public in plain English: SALP is the adviser, SAF AI GP LP is the general partner, Situational Awareness LLC is the adviser’s GP, Situational Awareness Partners LP is the fund, Leopold Aschenbrenner is the managing partner/control person, and Carl Shulman is the co-portfolio manager.

The amended October 14, 2025 13D/A says the position had risen to:

• 28,756,478 shares,
• equal to 9.4% of the class.

The amendment’s Exhibit 99.2 shows that SALP traded around the stake instead of just accumulating monotonically. It disclosed:

• two sales on August 20, 2025 totaling 1,638,177 shares,
• then a long sequence of purchases from September 9 through October 14,
• including a final 2,306,152-share purchase on October 14, 2025 at $19.0684 per share.

That is the clearest example in the public record of SALP expressing high-conviction single-name size outside the passive quarterly 13F rhythm.

What the holdings actually say

My read, and this is now interpretation rather than raw filing fact, is that SALP’s public portfolio is best understood as a view on AI bottlenecks, not a generic AI basket.

The recurring clusters are:

• power and energy: Vistra, Constellation, Talen, Bloom, EQT, Liberty, ProPetro, Babcock & Wilcox;
• data-center shell / hosting / power-site optionality: CoreWeave, Core Scientific, Applied Digital, IREN, WhiteFiber;
• miners that can be re-rated as infrastructure or site-control assets: Cipher, Riot, Hut 8, Bitdeer, Bitfarms, CleanSpark;
• optics / interconnect / photonics: Lumentum, Coherent;
• storage / memory / semiconductor supply: Intel, Sandisk, Tower, Onto, Western Digital, Seagate;
• overlay hedges: the large Intel calls throughout 2025, the Q2 SMH put, and the Q3 puts on Nvidia, TSMC, Micron, and Broadcom.

The important point is that the book is not “long Nvidia, long Microsoft, long AI software.” In fact, by the latest public quarter, the biggest disclosed public exposures are CoreWeave, Bloom Energy, Intel calls, Lumentum, and Core Scientific. That is a much more specific thesis than the usual AI-manager caricature.

What I could not verify

There are still limits to what the public record can show.

• I could not verify any public SALP LP letters, quarterly deck, or investor memo produced by the fund itself beyond the official website and Leopold’s public writing site.
• I cannot see the short book, private positions, swaps, most non-13F instruments, or the exact relationship of the separate CGF2021/Sydecar series vehicle to the main master-feeder structure.
• I also cannot cleanly separate which parts of the visible public book are pure directional longs and which are paired or hedged positions without access to internal netting, primes, or letters.

So the right conclusion is not “this is everything the fund owns.” The right conclusion is: this is the most complete reconstruction of what the public record actually lets you see.

Bottom line

If you strip away the mythology, the public record says this:

• SALP was assembled quickly in 2024 around Leopold Aschenbrenner’s AI thesis.
• It raised capital fast: the onshore Form D/A alone went from zero sold in September 2024 to $997.9m sold by September 2025 and $1.762bn by March 2026.
• By March 2026 the adviser reported $9.278bn of RAUM across two pooled vehicles.
• The public 13F book grew from $254.8m at the end of 2024 to $5.5168bn at the end of 2025.
• The public book consistently targeted AI bottlenecks: power, hosting, miners, optics, storage, and selective optionality.
• The only clearly visible over-5% 13D sequence was Core Scientific, where SALP moved from 5.8% to 9.4% in less than two months.

That is already enough to say something stronger than the usual summary: SALP is not just an “AI hedge fund.” In the public filings, it looks like a very specific wager that the winners from the AGI buildout will not just be model vendors, but the companies controlling the power, sites, interconnect, storage, and financial convexity around the buildout itself.

Sources

• Situational Awareness LP homepage
• Situational Awareness LP about page
• Leopold Aschenbrenner, For Our Posterity
• SALP Form ADV, dated March 30, 2026
• Situational Awareness Partners LP initial Form D
• Situational Awareness Partners LP Form D/A filed September 8, 2025
• Situational Awareness Partners LP Form D/A filed March 10, 2026
• Situational Awareness Offshore LP Form D
• Situational Awareness LP Nov 2024 a Series of CGF2021 LLC Form D
• SALP Q4 2024 13F filing
• SALP Q1 2025 13F filing
• SALP Q2 2025 13F filing
• SALP Q3 2025 13F filing
• SALP Q4 2025 13F filing
• SEC Data Library Form 13F data sets page
• Core Scientific initial Schedule 13D
• Core Scientific Schedule 13D/A
• Core Scientific Exhibit 99.2, transactions in the past 60 days
• SEC FAQ on Form 13F
• Bloomberg LEI record for Situational Awareness LP