Situational Awareness

Q4 2025 13F · by Leopold Aschenbrenner, founder

As of: Dec 31, 2025
Filed: Feb 11, 2026
US stock: $3.9B · prev $2.2B
Positions: 24 · prev 19
Options notional: $1.6B
Documents: 1· no amendments

Picture70.9% US stock

Mostly picture · of what this 13F reports is US stock

US stock listed on a US exchange 70.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.2%
Calls at notional value 28.9%

Moves42 since the prior filing

+24.9 pp in · −24.9 pp out

New 12 +42.70 pp
Added 12 −17.79 pp
Trimmed 0 0.00 pp
Exited 7 −24.92 pp

Options: 11 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 149% a year, about 0.7 years per position

Low
Moderate
High

Top 5 positions65% of US stock

BE Bloom Energy Corporation new+22.37 pp new+22.3722.4%
LITE Lumentum Holdings Inc. new+12.23 pp new+12.2312.2%
CRWV CoreWeave, Inc. Class A added−13.95 pp added−13.9511.2%
CORZ Core Scientific, Inc. added−5.44 pp added−5.4410.7%
IREN IREN Limited added−6.71 pp added−6.718.4%

Positions24 in this filing · 7 exited


BEBloom Energy Corporation	22.37%	10,076,022	$876M	new	+22.37 pp	new
LITELumentum Holdings Inc.	12.23%	1,298,400	$479M	new	+12.23 pp	new
CRWVCoreWeave, Inc. Class A	11.16%	6,098,812	$437M	added+48%	−13.95 pp	2 q
CORZCore Scientific, Inc.	10.70%	28,756,478	$419M	added+43%	−5.44 pp	4 q
IRENIREN Limited	8.40%	8,700,621	$329M	added+21%	−6.71 pp	4 q
APLDApplied Digital Corporation	7.10%	11,339,060	$278M	added+87%	+0.90 pp	4 q
SNDKSandisk Corporation	6.39%	1,054,200	$250M	added×9.2	+5.81 pp	2 q
CIFRCipher Digital Inc.	3.95%	10,469,093	$155M	new	+3.95 pp	new
EQTEqt Corp	3.40%	2,482,225	$133M	added×2.0	+0.45 pp	4 q
COHRCoherent Corp.	2.27%	480,300	$89M	added×3.1	+1.53 pp	2 q
SEISolaris Energy Infrastructure, Inc.	2.19%	1,866,500	$86M	added+62%	+0.14 pp	2 q
TSEMTower Semiconductor Ltd	2.17%	723,004	$85M	added+54%	+0.65 pp	2 q
RIOTRiot Platforms, Inc.	2.00%	6,167,700	$78M	added+72%	−1.05 pp	2 q
KRCKilroy Realty Corp.	1.27%	1,327,700	$50M	new	+1.27 pp	new
HUTHut 8 Corp.	1.01%	860,200	$40M	added+44%	+0.08 pp	2 q
WYFIWhiteFiber, Inc.	0.71%	1,757,600	$28M	new	+0.71 pp	new
PSIXPower Solutions International, Inc.	0.63%	432,300	$25M	new	+0.63 pp	new
BTDRBitdeer Technologies Group Class A	0.51%	1,788,000	$20M	added+92%	−0.20 pp	2 q
CLSKCleanspark Inc	0.42%	1,640,400	$17M	new	+0.42 pp	new
1B2Bitfarms LTD/CANADA	0.41%	6,897,100	$16M	new	+0.41 pp	new
LBRTLiberty Energy Inc.	0.27%	567,200	$10M	new	+0.27 pp	new
BWBabcock & Wilcox Enterprises, Inc.	0.22%	1,353,900	$9M	new	+0.22 pp	new
PUMPProPetro Holding Corp.	0.22%	910,300	$9M	new	+0.22 pp	new
INTCIntel Corp	0.00%	1	$37	new	0.00 pp	new
VSTVistra Corp.	—	−1,287,910	—	exited	−11.25 pp	—
GLXYGalaxy Digital Inc. Class A	—	−2,737,500	—	exited	−4.13 pp	—
Cipher Digital Incconvertible	—	−5,740,493	—	exited	−3.22 pp	—
Lumentum Holdings Incconvertible	—	−417,600	—	exited	−3.03 pp	—
Bloom Energy Corpconvertible	—	−3,048,002	—	exited	−1.96 pp	—
Western Digital Corpconvertible	—	−152,821	—	exited	−0.82 pp	—
STXSeagate Technology Holdings PLC (Ireland)	—	−48,567	—	exited	−0.51 pp	—

Other 13(f) securities

Options 5

Contract	% of notional	Shares	Notional
CRWV CALL	48.31%	10,814,500	$774M
INTC CALL	46.58%	20,237,400	$747M
EQT CALL	2.34%	700,000	$38M
BE CALL	2.21%	408,500	$35M
INFY PUT	0.56%	500,000	$9M

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0002045724-26-000002
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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