Key Takeaways
- Former OpenAI insider Leopold Aschenbrenner expanded his fund’s equity holdings from $5.5B to $13.67B during the first quarter of 2026
- His top investments center on Bitcoin mining companies such as IREN, Core Scientific, Riot Platforms, CleanSpark, and additional sector players
- Core investment theory: Power infrastructure and physical space, not semiconductor chips, will constrain AI expansion
- Concurrently established $7.46B worth of bearish put options targeting Nvidia, Broadcom, Oracle, and semiconductor ETFs
- Cryptocurrency mining operations possess the essential energy agreements and real estate that artificial intelligence firms desperately require
After departing OpenAI in 2024 amid allegations of information disclosure violations, Leopold Aschenbrenner launched Situational Awareness, an investment fund concentrating heavily on AI infrastructure — particularly enterprises controlling the real estate and electrical capacity essential for artificial intelligence expansion.
According to his Q1 2026 13F regulatory filing accepted by the Securities and Exchange Commission on May 18, the fund’s reported equity positions more than doubled. Holdings surged from $5.52 billion at 2025’s conclusion to $13.67 billion by March 31, 2026.
The Strategic Case for Crypto Mining Companies
Aschenbrenner’s investment rationale is straightforward. Artificial intelligence data centers demand enormous electricity supplies and substantial physical infrastructure. Bitcoin mining operations possess both critical resources. These companies have locked in long-term power agreements, constructed industrial-scale facilities, and established grid connectivity. Such infrastructure advantages cannot be rapidly duplicated by AI enterprises.
His primary long holdings concentrate on cryptocurrency mining firms: IREN, Core Scientific, Riot Platforms, CleanSpark, Bitfarms, Bitdeer, and Hive Digital. Additional positions include Bloom Energy, SanDisk, and cloud infrastructure provider CoreWeave.
Companies within his investment portfolio are already executing this infrastructure pivot. Core Scientific, a significant disclosed position, has publicly announced intentions to transform its Pecos facility into a 1.5 gigawatt artificial intelligence data center complex, repurposing 300 megawatts of current mining operations.
TeraWulf, another industry participant, disclosed that its artificial intelligence and high-performance computing segment generated $21 million in Q1 2026, exceeding Bitcoin mining revenue for the first time. This migration from cryptocurrency operations to AI infrastructure support is accelerating industry-wide.
Aschenbrenner comprehensively explained this investment philosophy in his 165-page publication titled “Situational Awareness: The Decade Ahead.” He contended that computational infrastructure, rather than algorithmic advancement, would control the timeline toward achieving artificial general intelligence.
The Bearish Semiconductor Thesis
Simultaneously, Aschenbrenner initiated $7.46 billion in put option contracts against chip manufacturers and semiconductor-focused investment vehicles. These positions generate profits if targeted equities decline.
His largest bearish wager was a $2.04 billion put contract against the VanEck Semiconductor ETF. Additional positions included a $1.57 billion put against Nvidia, a $1.07 billion put targeting Oracle, and a $1.01 billion put against Broadcom.
This strategy aligns directly with his bullish infrastructure positions. If the highest-value component of AI development centers on electrical capacity and physical facilities, semiconductor producers may not justify their present market valuations.
This establishes a hedged strategy. His fund maintains long exposure to enterprises controlling land and electricity infrastructure while simultaneously shorting processor manufacturers.
The 13F disclosure was filed with the SEC on May 15 and formally accepted on May 18. Complete portfolio information is accessible through the Situational Awareness LP 13F tracker on 13f.info.
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