1 of 1
Story summary
- A margin call forced Situational Awareness to sell holdings after the SMH ETF fell 25% from its year-to-date peak.
- Leopold Aschenbrenner raised $225 million, grew the fund to $45 billion by June 2025, and leveraged 400%.
- Situational Awareness sold public stocks to Citadel, which profited from the transaction.
- The fund remained up 80% for the year because of private Anthropic shares.
- Analysts called the performance ‘levered beta’ rather than true alpha.
