A $45B AI Fund Blew Up. Here's What Was Inside.

Lead story: Leopold Aschenbrenner's Situational Awareness sold its entire public equities book to Citadel after margin calls from Goldman, JPMorgan, and BofA. The fund ran ~4x leverage on concentrated AI infrastructure bets. We break down the Q1 2026 13F portfolio below.

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STRATEGY PERFORMANCE

The fund launched in late 2024 with roughly $225 million and grew to as much as $45 billion by early July (Bloomberg), backed by Stripe's Patrick and John Collison, Nat Friedman, Daniel Gross, and Jane Street. It ran as much as 4x leverage on concentrated AI infrastructure positions.

When the Philadelphia Semiconductor Index fell roughly 24% from its June 22 peak in July, core holdings dropped 27-54%. The fund held ~$8.5B in semiconductor put hedges (SMH, NVDA, AVGO, AMD, others), but the concentrated infrastructure longs fell harder than the hedges offset. Prime brokers Goldman Sachs, JPMorgan Chase, and Bank of America issued margin calls. The entire ~$20B public equity book went to Citadel in a single block. The fund retains a $5 billion stake in Anthropic.

Filtered to analysts with 100+ predictions. Ranked by average 3-month return on bullish calls. Data sourced from Benzinga.

Alexandra Merz told Bloomberg she's skipping the SpaceX IPO because she expects Tesla to acquire SpaceX outright. We dug into the 13F filings and options chain data. Institutional investors are quietly loading up on Jan/Jun 2027 call options at concentrations that suggest someone knows something. Or thinks they do

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