Situational Awareness LP

Hedge Fund • Sector

Situational Awareness LP is a Sector-focused Hedge Fund based in San Francisco, CA led by Leopold Nmn Aschenbrenner, managing $2.1B across 16 long positions as of Q3 2025 with 52% Technology concentration, 96% concentrated in top 10 holdings, 27% allocation to CRWV, and 52% technology allocation.

CIOLeopold Nmn Aschenbrenner

Portfolio Value: $2.1B
Positions: 16
Top Holding: CRWV at 27.43%
Last Reported: Q3 2025

Address512 2nd St, Suite 400, San Francisco, CA, 94107, United States

Top Holdings

Largest long holdings in Situational Awareness LP's portfolio (95.6% of total portfolio)

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Holding	Sector	Market Value	Weight	Traded	Ownership	Owned Since
1 CoreWeave, Inc. CRWV	Software - Infrastructure Technology	$563.2M	27.43%	+$563.2M Bought	0.83% 4.1M shares	Q1 2025 Held for 8 months
2 Core Scientific, Inc. CORZ	Software - Infrastructure Technology	$362.0M	17.63%	+$218.6M Bought	6.57% 20.2M shares	Q1 2025 Held for 8 months
3 Iris Energy IREN	Financial - Capital Markets Financial Services	$338.9M	16.50%	+$38.5M Bought	2.65% 7.2M shares	Q1 2025 Held for 8 months
4 Vistra VST	Independent Power Producers Utilities	$252.3M	12.29%	+$2.7M Bought	0.38% 1.3M shares	Q4 2024 Held for 11 months
5 Applied Digital APLD	Financial - Capital Markets Financial Services	$139.1M	6.77%	-$12.1M Sold	2.25% 6.1M shares	Q1 2025 Held for 8 months
6 Galaxy Digital Inc. Class A Common Stock GLXY	Unknown Unknown	$92.6M	4.51%	+$92.6M New	1.59% 2.7M shares	Q3 2025 Held for 2 months
7 Riot Platforms, Inc. RIOT	Software - Application Technology	$68.4M	3.33%	+$68.4M New	0.97% 3.6M shares	Q3 2025 Held for 2 months
8 EQT Corporation EQT	Oil & Gas Exploration & Production Energy	$66.3M	3.23%	-$50.5M Sold	0.20% 1.2M shares	Q1 2025 Held for 8 months
9 Solaris Energy Infrastructure SEI	Unknown Unknown	$46.0M	2.24%	+$46.0M New	2.58% 1.2M shares	Q3 2025 Held for 2 months
10 Tower Semiconductor TSEM	Semiconductors Technology	$34.0M	1.66%	+$34.0M New	0.42% 470.6K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Situational Awareness LP's latest filing

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Market Value

$2.1B

Prior: $1.1B

Q/Q Change

+86.73%

+$953.7M

Net Flows % of MV

+4.74%

Turnover Ratio

40.15%

New Purchases

10 stocks

$331.6M

Added To

3 stocks

+$259.8M

Sold Out Of

2 stocks

$431.5M

Reduced Holdings

2 stocks

-$62.6M

Increased Positions

Position	Shares Δ	Change
1 Galaxy Digital Inc. Class A Common Stock GLXY	New	0 → 2.7M +$92.6M
2 Riot Platforms, Inc. RIOT	New	0 → 3.6M +$68.4M
3 Solaris Energy Infrastructure SEI	New	0 → 1.2M +$46.0M
4 Tower Semiconductor TSEM	New	0 → 470.6K +$34.0M
5 Hut 8 Mining Corp. HUT	New	0 → 599.0K +$20.9M

Decreased Positions

Position	Shares Δ	Change
1 Broadcom Inc. AVGO	Sold	1.2M → 0 −$328.5M
2 Constellation Energy CEG	Sold	319.2K → 0 −$103.0M
3 EQT Corporation EQT	-43.25%	2.1M → 1.2M −$50.5M
4 Applied Digital APLD	-8.0%	6.6M → 6.1M −$12.1M