From $255M to $13.7B in 6 Quarters: Leopold Aschenbrenner’s Massive Bet on AI Infrastructure

Leopold Aschenbrenner just took Situational Awareness LP from $255M to $13.7B in only six quarters. His Q1 2026 filing dropped and one new move stands out as especially sharp. Full breakdown of what he’s doing with AI infrastructure stocks here

Should you copy his trades? That is a good question. Let’s take a close look.

Situational Awareness LP first appeared on the 13F radar in late 2024 with a small $255M book. It has grown almost every quarter since.

The fund crossed $1B in Q1 2025 and $5B in Q4 2025. Q1 2026 is the biggest jump yet, more than doubling to $13.7B. But the long stock plus call portion of the book barely moved (from $5.5B to $5.2B). The entire growth in reported 13F notional is a brand new $8.5B put-option book on the semiconductor complex. Notably, five previous quarters Aschenbrenner had no meaningful put exposure at all (just a $9M Infosys put in Q4 2025). Q1 2026 is the first time he is filing a real options book.

Here are the largest reported positions, color-coded by type. Blue is long common stock, green is call options, red is put options.

There are eleven names where the fund owns puts. On nine of them, the put exposure dwarfs any offsetting long position by anywhere from ~18x to ~3,150x.

Intel, on the other hand, is the cleanest reversal in the filing. Q4 held a $747M call on 20.24M INTC shares; Q1 holds a $159M put plus a 202K-share long stub. The structure of the book around Intel has clearly flipped, even if the directional intent of the new put line is open.

Anyway, a reminder before we move on: 13F reports options at notional value of the underlying shares, not premium paid. The actual cash outlay on the $8.5B put book should be much smaller.

Eight names left the book entirely between Q4 and Q1. And there is no single clear pattern of the companies got cut. As a result, any read on motive here is speculative.

However, the eight exits freed up ~$1.1B of capital, which could have been used to fund some of new positions.

With that all said, it’s worth mentioning that the current 13F is dated March 31, so positions may have moved since. The next 13F (due mid-August) will tell us whether the put book grows, shrinks, or rotates. That filing will tell us more clues on Leopold Aschenbrenner’s updated thesis.