Former OpenAI Executive Bets $13.67B on Bitcoin Miners While Shorting Nvidia (NVDA)

Key Takeaways

• Former OpenAI researcher Leopold Aschenbrenner expanded his fund’s equity holdings from $5.5B to $13.67B during Q1 2026
• His primary investments focus on Bitcoin mining companies like IREN, Core Scientific, Riot Platforms, CleanSpark, and similar firms
• Investment thesis: AI expansion faces constraints from power availability and real estate, not semiconductor supply
• Concurrently established $7.46B in bearish put options targeting Nvidia, Broadcom, Oracle, and semiconductor ETFs
• Bitcoin mining operations possess the essential infrastructure—energy agreements and land—that AI firms desperately require

After departing OpenAI in 2024 amid controversy over an alleged information disclosure incident, Leopold Aschenbrenner launched his investment vehicle Situational Awareness. His strategy centers on a bold wager: investing in AI infrastructure providers—particularly those controlling the land and energy resources critical to AI’s expansion.

According to his Q1 2026 13F disclosure, filed with the SEC and accepted May 18, Aschenbrenner’s fund witnessed explosive growth. Total disclosed equity positions surged from $5.52 billion at year-end 2025 to $13.67 billion by March 31, 2026.

The Strategic Pivot to Bitcoin Mining Operations

Aschenbrenner’s investment rationale rests on a straightforward premise: artificial intelligence data centers demand enormous electrical capacity and substantial physical footprints. Bitcoin mining facilities already possess these critical assets. These operations have locked in long-term energy supply agreements, constructed industrial-scale infrastructure, and established grid connectivity. Such capabilities cannot be rapidly duplicated by traditional AI companies.

His portfolio’s top long positions concentrate on Bitcoin mining enterprises: IREN, Core Scientific, Riot Platforms, CleanSpark, Bitfarms, Bitdeer, and Hive Digital. Additional holdings include Bloom Energy, SanDisk, and cloud infrastructure provider CoreWeave.

IREN Limited, IREN

The mining companies in his portfolio are actively executing this strategic pivot. Core Scientific, prominently featured among his disclosed positions, has publicly announced intentions to transform its Pecos facility into a 1.5 gigawatt AI data center complex, reallocating 300 megawatts of current mining infrastructure.

TeraWulf, another sector participant, disclosed that its artificial intelligence and high-performance computing segment generated $21 million in Q1 2026, surpassing its Bitcoin mining revenue for the first time. This sectoral transformation from cryptocurrency mining to AI infrastructure provision is accelerating industry-wide.

Bearish Positioning on Semiconductor Manufacturers

Simultaneously, Aschenbrenner initiated $7.46 billion in put option contracts against semiconductor manufacturers and related investment vehicles. These derivative positions generate profits when underlying stock prices decline.

His largest bearish bet involved a $2.04 billion put option against the VanEck Semiconductor ETF. Additional significant positions include a $1.57 billion put targeting Nvidia, a $1.07 billion put against Oracle, and a $1.01 billion put on Broadcom.

This strategy logically complements his bullish infrastructure positions. If AI’s most valuable component proves to be power infrastructure and physical capacity rather than processing hardware, then semiconductor companies may be overvalued relative to their actual value capture in the AI ecosystem.

This creates an elegant paired trade structure: long positions on entities controlling land and electricity, short positions on processor manufacturers.

The 13F disclosure was submitted to the Securities and Exchange Commission on May 15 and officially accepted May 18. Complete portfolio holdings information is accessible through the Situational Awareness LP 13F tracker on 13f.info.

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