PaperPanda Fund Terminal
Leopold Aschenbrenner
Situational Awareness LP · CIK: 2045724 · Report Period: 2025-12-31 · Filed: 2026-02-11
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $5,516,758,344 · 25 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 CRWV
|
COREWEAVE INC | COM | 21.9% | $1,211,162,272 | 16,913,312 | ADD | +9,083,356 |
| 2 |
 BE
|
BLOOM ENERGY CORP | COM | 16.5% | $911,000,117 | 10,484,522 | NEW BUY | +10,484,522 |
| 3 |
 INTC
|
INTEL CORP | COM | 13.5% | $746,760,097 | 20,237,401 | ADD | +1 |
| 4 |
 LITE
|
LUMENTUM HLDGS INC | COM | 8.7% | $478,577,256 | 1,298,400 | NEW BUY | +1,298,400 |
| 5 |
 CORZ
|
CORE SCIENTIFIC INC NEW | COM | 7.6% | $418,694,320 | 28,756,478 | ADD | +8,575,944 |
| 6 |
 IREN
|
IREN LIMITED | COM | 6.0% | $328,622,455 | 8,700,621 | ADD | +1,480,200 |
| 7 |
 APLD
|
APPLIED DIGITAL CORP | COM | 5.0% | $278,033,751 | 11,339,060 | ADD | +5,274,905 |
| 8 |
 SNDK
|
SANDISK CORP | COM | 4.5% | $250,245,996 | 1,054,200 | ADD | +939,200 |
| 9 |
 EQT
|
EQT CORP | COM | 3.1% | $170,567,260 | 3,182,225 | ADD | +1,964,839 |
| 10 |
 CIFR
|
CIPHER MINING INC | COM | 2.8% | $154,523,813 | 10,469,093 | NEW BUY | +10,469,093 |
| 11 |
 COHR
|
COHERENT CORP | COM | 1.6% | $88,648,971 | 480,300 | ADD | +325,900 |
| 12 |
 SEI
|
SOLARIS ENERGY INFRAS INC | COM | 1.6% | $85,803,005 | 1,866,500 | ADD | +716,200 |
| 13 |
 TSEM
|
TOWER SEMICONDUCTOR LTD | COM | 1.5% | $84,895,130 | 723,004 | ADD | +252,404 |
| 14 |
 RIOT
|
RIOT PLATFORMS INC | COM | 1.4% | $78,144,759 | 6,167,700 | ADD | +2,575,001 |
| 15 |
 KRC
|
KILROY RLTY CORP | COM | 0.9% | $49,616,149 | 1,327,700 | NEW BUY | +1,327,700 |
| 16 |
 HUT
|
HUT 8 CORP | COM | 0.7% | $39,517,588 | 860,200 | ADD | +261,200 |
| 17 |
 WYFI
|
WHITEFIBER INC | COM | 0.5% | $27,770,080 | 1,757,600 | NEW BUY | +1,757,600 |
| 18 |
 PSIXD
|
POWER SOLUTIONS INTL INC | COM | 0.5% | $24,701,622 | 432,300 | NEW BUY | +432,300 |
| 19 |
 BTDR
|
BITDEER TECHNOLOGIES GROUP | COM | 0.4% | $20,043,480 | 1,788,000 | ADD | +858,400 |
| 20 |
 CLSK
|
CLEANSPARK INC | COM | 0.3% | $16,600,848 | 1,640,400 | NEW BUY | +1,640,400 |
| 21 |
 BITF
|
BITFARMS LTD | COM | 0.3% | $16,208,185 | 6,897,100 | NEW BUY | +6,897,100 |
| 22 |
 LBRT
|
LIBERTY ENERGY INC | COM | 0.2% | $10,470,512 | 567,200 | NEW BUY | +567,200 |
| 23 |
 INFY
|
INFOSYS LTD | COM | 0.2% | $8,910,000 | 500,000 | NEW BUY | +500,000 |
| 24 |
 PUMP
|
PROPETRO HLDG CORP | COM | 0.2% | $8,656,953 | 910,300 | NEW BUY | +910,300 |
| 25 |
 BW
|
BABCOCK & WILCOX ENTERPRISES | COM | 0.2% | $8,583,726 | 1,353,900 | NEW BUY | +1,353,900 |
Position Changes
4 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | SEI | SOLARIS ENERGY INFRAS INC | ADD | +716,200 | +62.3% | 1,866,500 | $85,803,005 |
| 2 | TSEM | TOWER SEMICONDUCTOR LTD | ADD | +252,404 | +53.6% | 723,004 | $84,895,130 |
| 3 | BE | BLOOM ENERGY CORP | NEW BUY | +10,484,522 | New | 10,484,522 | $911,000,117 |
| 4 | EQT | EQT CORP | ADD | +1,964,839 | +161.4% | 3,182,225 | $170,567,260 |
| 5 | APLD | APPLIED DIGITAL CORP | ADD | +5,274,905 | +87.0% | 11,339,060 | $278,033,751 |
| 6 | - | TAIWAN SEMICONDUCTOR MFG LTD | SOLD | -270,000 | Exit | - | - |
| 7 | CRWV | COREWEAVE INC | ADD | +9,083,356 | +116.0% | 16,913,312 | $1,211,162,272 |
| 8 | - | VANECK ETF TRUST | SOLD | -600,000 | Exit | - | - |
| 9 | HUT | HUT 8 CORP | ADD | +261,200 | +43.6% | 860,200 | $39,517,588 |
| 10 | - | NVIDIA CORPORATION | SOLD | -1,600,000 | Exit | - | - |
| 11 | - | VISTRA CORP | SOLD | -1,287,910 | Exit | - | - |
| 12 | RIOT | RIOT PLATFORMS INC | ADD | +2,575,001 | +71.7% | 6,167,700 | $78,144,759 |
| 13 | INTC | INTEL CORP | ADD | +1 | +0.0% | 20,237,401 | $746,760,097 |
| 14 | - | LUMENTUM HLDGS INC | SOLD | -417,600 | Exit | - | - |
| 15 | SNDK | SANDISK CORP | ADD | +939,200 | +816.7% | 1,054,200 | $250,245,996 |
| 16 | BTDR | BITDEER TECHNOLOGIES GROUP | ADD | +858,400 | +92.3% | 1,788,000 | $20,043,480 |
| 17 | CLSK | CLEANSPARK INC | NEW BUY | +1,640,400 | New | 1,640,400 | $16,600,848 |
| 18 | LBRT | LIBERTY ENERGY INC | NEW BUY | +567,200 | New | 567,200 | $10,470,512 |
| 19 | IREN | IREN LIMITED | ADD | +1,480,200 | +20.5% | 8,700,621 | $328,622,455 |
| 20 | KRC | KILROY RLTY CORP | NEW BUY | +1,327,700 | New | 1,327,700 | $49,616,149 |
| 21 | BW | BABCOCK & WILCOX ENTERPRISES | NEW BUY | +1,353,900 | New | 1,353,900 | $8,583,726 |
| 22 | - | BLOOM ENERGY CORP | SOLD | -3,193,802 | Exit | - | - |
| 23 | - | CIPHER MINING INC | SOLD | -5,740,493 | Exit | - | - |
| 24 | PSIXD | POWER SOLUTIONS INTL INC | NEW BUY | +432,300 | New | 432,300 | $24,701,622 |
| 25 | - | BROADCOM INC | SOLD | -230,000 | Exit | - | - |
| 26 | BITF | BITFARMS LTD | NEW BUY | +6,897,100 | New | 6,897,100 | $16,208,185 |
| 27 | - | GALAXY DIGITAL INC. | SOLD | -2,737,500 | Exit | - | - |
| 28 | COHR | COHERENT CORP | ADD | +325,900 | +211.1% | 480,300 | $88,648,971 |
| 29 | - | WESTERN DIGITAL CORP | SOLD | -152,821 | Exit | - | - |
| 30 | LITE | LUMENTUM HLDGS INC | NEW BUY | +1,298,400 | New | 1,298,400 | $478,577,256 |
| 31 | PUMP | PROPETRO HLDG CORP | NEW BUY | +910,300 | New | 910,300 | $8,656,953 |
| 32 | - | MICRON TECHNOLOGY INC | SOLD | -300,000 | Exit | - | - |
| 33 | INFY | INFOSYS LTD | NEW BUY | +500,000 | New | 500,000 | $8,910,000 |
| 34 | CIFR | CIPHER MINING INC | NEW BUY | +10,469,093 | New | 10,469,093 | $154,523,813 |
| 35 | - | SEAGATE TECHNOLOGY HLDNGS PL | SOLD | -48,567 | Exit | - | - |
| 36 | CORZ | CORE SCIENTIFIC INC NEW | ADD | +8,575,944 | +42.5% | 28,756,478 | $418,694,320 |
| 37 | WYFI | WHITEFIBER INC | NEW BUY | +1,757,600 | New | 1,757,600 | $27,770,080 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | VANECK ETF TRUST | SOLD | -2,044,100 | Exit | - | - |
| 2 | SEI | SOLARIS ENERGY INFRAS INC | NEW BUY | +1,150,300 | New | 1,150,300 | $45,977,491 |
| 3 | - | BLOOM ENERGY CORP | NEW BUY | +3,193,802 | New | 3,193,802 | $56,220,650 |
| 4 | TSEM | TOWER SEMICONDUCTOR LTD | NEW BUY | +470,600 | New | 470,600 | $34,024,380 |
| 5 | - | CIPHER MINING INC | NEW BUY | +5,740,493 | New | 5,740,493 | $72,272,807 |
| 6 | - | BROADCOM INC | REDUCE | -961,606 | -80.7% | 230,000 | $75,879,300 |
| 7 | EQT | EQT CORP | REDUCE | -927,959 | -43.3% | 1,217,386 | $66,262,320 |
| 8 | - | CONSTELLATION ENERGY CORP | SOLD | -319,200 | Exit | - | - |
| 9 | APLD | APPLIED DIGITAL CORP | REDUCE | -527,645 | -8.0% | 6,064,155 | $139,111,716 |
| 10 | - | TAIWAN SEMICONDUCTOR MFG LTD | NEW BUY | +270,000 | New | 270,000 | $75,408,300 |
| 11 | CRWV | COREWEAVE INC | NEW BUY | +7,829,956 | New | 7,829,956 | $1,071,529,479 |
| 12 | - | VANECK ETF TRUST | NEW BUY | +600,000 | New | 600,000 | $195,816,000 |
| 13 | HUT | HUT 8 CORP | NEW BUY | +599,000 | New | 599,000 | $20,851,190 |
| 14 | - | GALAXY DIGITAL INC. | NEW BUY | +2,737,500 | New | 2,737,500 | $92,554,875 |
| 15 | COHR | COHERENT CORP | NEW BUY | +154,400 | New | 154,400 | $16,631,968 |
| 16 | - | WESTERN DIGITAL CORP | NEW BUY | +152,821 | New | 152,821 | $18,347,689 |
| 17 | - | NVIDIA CORPORATION | NEW BUY | +1,600,000 | New | 1,600,000 | $298,528,000 |
| 18 | - | VISTRA CORP | ADD | +13,732 | +1.1% | 1,287,910 | $252,327,327 |
| 19 | RIOT | RIOT PLATFORMS INC | NEW BUY | +3,592,699 | New | 3,592,699 | $68,369,062 |
| 20 | - | LUMENTUM HLDGS INC | NEW BUY | +417,600 | New | 417,600 | $67,947,696 |
| 21 | - | MICRON TECHNOLOGY INC | NEW BUY | +300,000 | New | 300,000 | $50,196,000 |
| 22 | SNDK | SANDISK CORP | NEW BUY | +115,000 | New | 115,000 | $12,903,000 |
| 23 | - | SEAGATE TECHNOLOGY HLDNGS PL | NEW BUY | +48,567 | New | 48,567 | $11,464,726 |
| 24 | BTDR | BITDEER TECHNOLOGIES GROUP | NEW BUY | +929,600 | New | 929,600 | $15,886,864 |
| 25 | CORZ | CORE SCIENTIFIC INC NEW | ADD | +12,186,496 | +152.4% | 20,180,534 | $362,038,780 |
| 26 | IREN | IREN LIMITED | ADD | +820,037 | +12.8% | 7,220,421 | $338,854,358 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | VANECK ETF TRUST | NEW BUY | +2,044,100 | New | 2,044,100 | $570,058,608 |
| 2 | - | BROADCOM INC | ADD | +491,606 | +70.2% | 1,191,606 | $328,466,194 |
| 3 | EQT | EQT CORP | ADD | +1,155,947 | +116.8% | 2,145,345 | $125,116,520 |
| 4 | - | CONSTELLATION ENERGY CORP | ADD | +135,800 | +74.0% | 319,200 | $103,024,992 |
| 5 | APLD | APPLIED DIGITAL CORP | ADD | +2,556,200 | +63.3% | 6,591,800 | $66,379,426 |
| 6 | CRWV | CoreWeave Inc | SOLD | -1,225,000 | Exit | - | - |
| 7 | - | Talen Energy Corp | SOLD | -148,395 | Exit | - | - |
| 8 | - | Modine Mfg Co | SOLD | -716,824 | Exit | - | - |
| 9 | - | VISTRA CORP | ADD | +748,332 | +142.3% | 1,274,178 | $246,948,438 |
| 10 | - | Onto Innovation Inc | SOLD | -586,717 | Exit | - | - |
| 11 | CORZ | CORE SCIENTIFIC INC NEW | ADD | +3,472,460 | +76.8% | 7,994,038 | $136,458,229 |
| 12 | IREN | IREN LIMITED | ADD | +3,034,254 | +90.1% | 6,400,384 | $93,253,595 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | CORZ | Core Scientific Inc New | NEW BUY | +4,521,578 | New | 4,521,578 | $32,736,225 |
| 2 | - | Vistra Corp | ADD | +97,449 | +22.7% | 525,846 | $61,755,354 |
| 3 | - | VERTIV HOLDINGS CO | SOLD | -455,146 | Exit | - | - |
| 4 | INTC | Intel Corp | NEW BUY | +20,237,400 | New | 20,237,400 | $459,591,354 |
| 5 | - | MARVELL TECHNOLOGY INC | SOLD | -785,896 | Exit | - | - |
| 6 | - | Broadcom Inc | NEW BUY | +700,000 | New | 700,000 | $117,201,000 |
| 7 | EQT | EQT Corp | NEW BUY | +989,398 | New | 989,398 | $52,863,535 |
| 8 | - | Constellation Energy Corp | ADD | +87,000 | +90.2% | 183,400 | $36,978,942 |
| 9 | APLD | Applied Digital Corp | NEW BUY | +4,035,600 | New | 4,035,600 | $22,680,072 |
| 10 | CRWV | CoreWeave Inc | NEW BUY | +1,225,000 | New | 1,225,000 | $45,423,000 |
| 11 | - | Onto Innovation Inc | NEW BUY | +586,717 | New | 586,717 | $71,192,241 |
| 12 | - | Talen Energy Corp | ADD | +9,517 | +6.9% | 148,395 | $29,630,030 |
| 13 | IREN | IREN Limited | NEW BUY | +3,366,130 | New | 3,366,130 | $20,499,732 |
| 14 | - | Modine Mfg Co | ADD | +650,457 | +980.1% | 716,824 | $55,016,242 |
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