Хедж-фонд Situational Awareness продал AI-портфель, но сохранил долю в Anthropic

The Situational Awareness hedge fund, founded by former OpenAI researcher Leopold Aschenbrenner, has reportedly liquidated its entire public securities portfolio, TechCrunch reported on July 30, 2026. The cause was losses on leveraged positions in AI stocks — however, the fund's private stake in Anthropic remained untouched.

Who Is Behind the Fund

Leopold Aschenbrenner is one of the most prominent researchers to have left OpenAI in 2024. That same year he published an extensive document titled "Situational Awareness" — a warning about the risks of accelerated AI development — which circulated widely in the tech community. After leaving the company, Aschenbrenner founded a hedge fund of the same name, focused on investments in the AI sector.

The fund's strategy was built on leveraged bets — using borrowed capital — on the public stocks of AI companies.

• Founder — Leopold Aschenbrenner, former member of OpenAI's safety team
• Strategy — leveraged positions in public AI stocks
• Public portfolio — reportedly fully liquidated as of July 30, 2026
• Retained — a stake in the private AI company Anthropic

Why the Public Portfolio Had to Be Sold

Leverage multiplies both gains and losses. According to TechCrunch, when the value of the fund's public AI positions dropped sharply, brokers issued margin calls: cover the losses immediately or close the positions. The fund was forced to sell off its public holdings.

AI stocks are characterized by high volatility: rapid sector growth alternates with sharp pullbacks driven by regulatory changes, competition, and macroeconomic factors. Leverage in such a sector creates elevated risk precisely at moments of maximum market stress — when exiting positions is least advantageous.

Why the Anthropic Stake Remains a Trump Card

Anthropoc is a private AI company whose shares are not traded on a public exchange. Private stakes cannot be forcibly liquidated in a margin call: they are beyond the reach of broker requirements. This is precisely what allowed the fund to retain its position in Anthropic even as the public portfolio was fully liquidated.

Anthropoc was founded in 2021 by Dario Amodei and other former OpenAI employees. The company — developer of the Claude model — has attracted major investments from Amazon and Google; in its latest rounds, its valuation exceeded $60 billion. A successful IPO or sale of the company could deliver a significant return on investment for the fund.

"He still has cards to play,"

TechCrunch characterizes the fund's position.

What This Means

The story of Situational Awareness is an instructive lesson in the risks of leveraged strategies in the AI sector: forced asset liquidation happens precisely when funds least want to exit their positions. Private stakes in companies like Anthropic provide protection against this scenario — provided that until the moment of exit, the fund has sufficient resources to weather the volatility of the public market.

Frequently Asked Questions

What Is the Situational Awareness Fund?

Situational Awareness is a hedge fund founded by Leopold Aschenbrenner, a former member of OpenAI's safety team. The name references his well-known 2024 document on the risks of AI acceleration. The fund specialized in leveraged investments in public AI stocks.

Why Is Anthropic Harder to Sell Than Public Stocks?

Anthropoc is a private company: its shares do not trade on an exchange and are not subject to broker requirements for immediate margin coverage. This stake can only be sold on the secondary private capital market or when the company goes public via IPO.