Leopold Aschenbrenner's Situational Awareness LP reached $13.7B in assets under management in Q1 2026, according to a May 26, 2026 analysis published by BitcoinMiningStock.io. The hedge fund added $8.5B in put options targeting semiconductor stocks including SMH, Nvidia, and AMD during the quarter. The Q1 2026 filing marked the first time Aschenbrenner deployed a substantial options book after five quarters of primarily long equity positions. The fund was launched in 2024 following Aschenbrenner's publication of a 165-page essay arguing that artificial general intelligence infrastructure buildout would define late-2020s investment opportunities.
Situational Awareness LP Grew from $255M to $13.7B Across Six Quarters
Situational Awareness LP first appeared in 13F filings in late 2024 with $255M in reported holdings. The fund crossed $1B in Q1 2025 and $5B in Q4 2025. Q1 2026 represented the largest quarterly increase, more than doubling total reported assets. The long stock and call option portion of the portfolio remained relatively flat, moving from $5.5B to $5.2B between Q4 2025 and Q1 2026. The entire growth in reported 13F notional value came from the new $8.5B put option book on semiconductor stocks. Five previous quarters showed no meaningful put exposure except for a $9M Infosys put in Q4 2025.
Q1 2026 Portfolio Added $8.5B Put Options on Semiconductor Stocks
The largest reported position in Q1 2026 was a $2.04B put on the VanEck Semiconductor ETF (SMH). Five of the next six largest positions were also puts: Nvidia ($1.57B), Oracle, Broadcom, AMD, and Micron. The $1.57B Nvidia put represented a brand new position on 8.99 million shares with no offsetting long. Oracle, Broadcom, AMD, and ASML carried fresh puts ranging from approximately $0.5B to $1B each. Micron and Taiwan Semiconductor carried three-part structures with puts, calls, and small long positions on the same names. Intel reversed from a $747M call position in Q4 2025 to a $159M put plus 202,000-share residual long in Q1 2026.
Eleven names carried put positions in the Q1 2026 filing. On nine of those names, put exposure exceeded any offsetting long position by ratios ranging from approximately 18x to 3,150x. The 13F filing does not disclose whether puts are bought or sold, nor does it provide strike prices or expiration dates. Options appear in 13F reports at notional value of underlying shares, not premium paid.
Largest Bullish Position Remained Bloom Energy at $879M
The largest bullish position in Q1 2026 was Bloom Energy common stock valued at $879M, with CoreWeave and SanDisk following. Bitcoin mining companies received the largest percentage increases in holdings. CleanSpark holdings increased sevenfold from Q4 2025 to Q1 2026. Bitfarms holdings increased nearly threefold, while Riot and Bitdeer positions both approximately doubled. Smaller increases went to larger-capitalization names already carrying HPC-pivot premiums, including IREN and Applied Digital.
Three brand new long positions appeared in Q1 2026: T1 Energy ($44M), SharonAI ($18M), and HIVE Digital ($6M). T1 Energy operates as a US solar and battery integrator. All three new positions aligned with AI data center and power infrastructure themes.
Eight Positions Exited Between Q4 2025 and Q1 2026
Eight names left the portfolio entirely between Q4 2025 and Q1 2026, freeing approximately $1.1B in capital. The source analysis noted no single clear pattern among the exited companies.
Next 13F Filing Due Mid-August 2026
The Q1 2026 13F filing reflects positions as of March 31, 2026. The next quarterly filing is due mid-August 2026. That filing will show whether the put option book expanded, contracted, or rotated during Q2 2026.
FAQ
What was the largest position in Situational Awareness LP's Q1 2026 portfolio?
The largest position was a $2.04B put on the VanEck Semiconductor ETF (SMH), according to the Q1 2026 13F filing analyzed by BitcoinMiningStock.io on May 26, 2026.
Which bitcoin mining stock did Leopold Aschenbrenner increase most in Q1 2026?
CleanSpark holdings increased sevenfold between Q4 2025 and Q1 2026, representing the largest percentage increase among bitcoin mining positions in the portfolio.
When will Situational Awareness LP file its next quarterly holdings report?
The next 13F filing covering Q2 2026 positions is due mid-August 2026, according to the source analysis published May 26, 2026.
