OpenAI前研究员Leopold Aschenbrenner创立的对冲基金Situational Awareness LP在7月因高杠杆操作遭遇巨额亏损[1]。该基金采用4倍杠杆策略，资产规模从峰值450亿美元大幅缩水，单月净值暴跌67%[1]。约160亿美元的公开股票持仓被强制清盘，并折价超过10%转让给城堡投资[1]。
爆仓源于基金的投资判断与市场走势相悖[1]。基金看好的AI基建板块全面下跌，同时做空的Adobe反而大幅上涨约22%[1]，SK海力士等重点持仓股票7月暴跌约47%[1]。在4倍杠杆的放大作用下，这些市场逆转引发了连锁清算[1]。
尽管经历了7月的巨幅回撤，该基金全年仍实现约80%的上涨[1]。基金成立以来累计费后回报超过1000%，2026年上半年收益率曾高达439%[1]。事件发生后，Aschenbrenner承诺彻底移除杠杆，以自有资金方式重新出发[1]。基金目前保留约50亿美元的Anthropic股权，剩余管理规模约100亿美元[1]。
Situational Awareness LP, a hedge fund founded by 25-year-old Leopold Aschenbrenner, a former OpenAI researcher, experienced a dramatic implosion in July, with its net value plummeting 67% in a single month [1]. The fund's public equity holdings, valued at approximately $160 billion, were forcibly liquidated and transferred to Citadel at a discount exceeding 10% [1]. The catastrophic loss stemmed from a combination of adverse market movements and aggressive leverage: while the fund had bet on declines in the AI infrastructure sector, stocks like SK Hynix fell roughly 47% as expected, Adobe unexpectedly surged approximately 22%, and the fund's 4x leverage magnified these losses [1].
Despite the July collapse, the fund retained approximately $50 billion in Anthropic equity and maintained roughly $100 billion in remaining assets under management [1]. Remarkably, the fund closed the year up approximately 80%, having recovered somewhat from its trough [1]. Aschenbrenner has committed to completely eliminating leverage going forward, pledging to operate exclusively with the fund's own capital [1]. Prior to the July crash, the fund had demonstrated exceptional returns, achieving cumulative gains exceeding 1,000% after fees since inception and posting a 439% return in the first half of 2026 [1].
