Hedge fund Situational Awareness, founded in 2024 by former OpenAI researcher Leopold Aschenbrenner, has approached investors and lenders for fresh capital after suffering heavy losses during July’s artificial intelligence stock sell-off. The fund held approximately $1.11 billion in positions across seven Bitcoin miner stocks, including IREN, Core Scientific, Riot Platforms and CleanSpark. The fund had gained 439% after fees through June, but borrowing increased the size of its bets, driving up losses when AI stocks collapsed during July’s market rout. The size of the losses and amount of capital sought were not disclosed.
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