Recent losses in AI-related holdings have placed Situational Awareness LP under pressure, prompting a rapid portfolio sale to Citadel that provided liquidity without an immediate public capital raise. Founder Leopold Aschenbrenner’s firm, focused on artificial intelligence infrastructure and compute plays, retains key private stakes such as in Anthropic, yet the episode highlights margin and redemption risks that could still drive outreach to new investors before the August 31 deadline. Traders see an even split because the Citadel transaction stabilized operations while leaving open the possibility of targeted fundraising to rebuild public-equity exposure. Any credible announcement of a new round, partnership, or capital commitment in the coming weeks would likely shift the market-implied odds decisively.