Situational Awareness LP, the hedge fund run by former OpenAI researcher Leopold Aschenbrenner, has rapidly scaled its disclosed equity book from roughly $254 million in late 2024 to $5.52 billion by the end of Q4 2025, with a highly concentrated portfolio of 29 holdings tilted toward AI power infrastructure and data-center enablers. Recent 13F filings show aggressive additions in names such as Bloom Energy, Bitcoin miners including IREN and Core Scientific, and semiconductor-related calls, reflecting the fund’s thesis that electricity supply and compute capacity—not model development—will capture the largest share of AI-driven value. With the Q1 2026 report due around mid-May, traders are monitoring whether the fund continues to expand positions in these sectors or initiates new ones in complementary areas like utilities or advanced chips, moves that could further validate or shift market-implied probabilities around its evolving allocation strategy.