Situational Awareness, the $20bn hedge fund founded by former OpenAI employee Leopold Aschenbrenner, has sought to raise fresh capital from investors after suffering heavy losses during the recent rout in AI stocks.
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In a letter sent to investors on July 24 presenting the fund’s half-year results, Aschenbrenner acknowledged that the fund had “not been immune” to the market ructions, particularly in Asia, but argued that the tech sell-off had created some of the most attractive investment opportunities since early 2025.
“PS. At times we call out opportunities that seem like a particularly good time to add funds, if you have been waiting for one,” he said in the investor letter, seen by the FT, which was sent in recent days and offered the ability to invest new cash on August 1.
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Early investors include Stripe co-founders Patrick and John Collison, former GitHub chief executive Nat Friedman and technology investor Daniel Gross. The fund has also received backing from trading firm Jane Street.
The hedge fund has operated with a skeleton staff, with only four investment professionals and a total of eight employees, according to its most recent regulatory filing. Aschenbrenner, who had no prior trading experience before starting the fund, has amassed a huge following on social media, with more than 250,000 followers on X.
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