Key points
- Situational Awareness disclosed 19 companies it owned outright. Every one of them rose on July 30.
- The range ran from ProPetro (PUMP) up 5.9% to IREN up 30.6%. All 19 had closed at a July low the day before.
- Nebius (NBIS) was the largest, 12,410,060 shares. The same block was worth $2.74B on July 23 and $1.84B on July 29.
- The 13F alone understates the book. SharonAI (SHAZ) grew 578% after that filing, and Keel (KEEL) is listed under its old name.
Once Citadel bought Leopold Aschenbrenner's stock book on Thursday, the obvious question was which stocks were actually in it. That part is public, but it takes four filings rather than one, and the quarterly report everybody quotes is the least current of them.
Situational Awareness filed its holdings for March 31 back on May 18. It lists 26 long positions, but eight are small stakes in the same companies the fund was betting against with put options, all under $21 million. The other 18 are standalone bets. A nineteenth, Nebius (NBIS), never appears there at all. It sits in a Schedule 13G dated May 27, because the stake crossed 5% of the company and that triggers a different form.
Every one of the 19 went up on July 30.
| Stock | Latest filed | Jul 30 |
|---|---|---|
| Nebius (NBIS) | $1.84B | +27.1% |
| Bloom Energy (BE) | $878.7M | +26.4% |
| SanDisk (SNDK) | $724.4M | +26.0% |
| CoreWeave (CRWV) | $556.1M | +21.5% |
| IREN | $401.0M | +30.6% |
| Core Scientific (CORZ) | $389.1M | +20.4% |
| Applied Digital (APLD) | $320.0M | +20.5% |
| SharonAI (SHAZ) | $216.3M | +21.6% |
| Riot (RIOT) | $142.2M | +21.2% |
| CleanSpark (CLSK) | $104.5M | +21.1% |
| Solaris (SEI) | $62.5M | +18.0% |
| T1 Energy (TE) | $43.9M | +14.7% |
| Keel (KEEL) | $38.8M | +27.0% |
| Bitdeer (BTDR) | $29.8M | +24.7% |
| Power Solutions (PSIX) | $26.3M | +9.3% |
| WhiteFiber (WYFI) | $20.9M | +27.5% |
| Babcock (BW) | $19.9M | +19.2% |
| ProPetro (PUMP) | $13.1M | +5.9% |
| HIVE Digital | $6.4M | +18.1% |
Most of those dollar figures are March 31 marks straight from the 13F. Two aren't. Nebius is 12,410,060 shares from the May 27 filing, and SharonAI is 5,396,127 shares from a Form 4 dated July 2, both priced at the July 29 close. Those two are the only holdings with anything filed after March.
Every company in the table had also closed on Wednesday at its lowest price of July.
The quarterly filing understates the book
SharonAI shows how badly. The 13F puts it at 796,108 shares, marked at $18.1 million, which would make it one of the smallest positions in the table. By July 2 the fund held 5,396,127 shares, an increase of 578%, worth about $216.3 million at Wednesday's close. That is twelve times the figure in the quarterly report, and it moves SharonAI from near the bottom of the book into the top half.
The path there is in the filings. A Schedule 13G with an event date of June 22 reported 1,696,127 shares plus warrants to purchase 6,374,823 more, capped by a 19.99% beneficial ownership limitation and reported as 19.9% of the company. A Form 4 filed July 2 then shows the fund exercising 3,700,000 of those warrants, leaving 2,674,823 outstanding. Carl Shulman is named alongside Aschenbrenner as a reporting person on both.
Nebius is the same story in a different shape. At $1.84 billion it's more than double Bloom Energy, the largest line in the quarterly report, and it isn't in that report at all. The 18 standalone longs there add up to about $3.8 billion between them.
For the other 17 companies there is simply nothing filed after March 31. None of them crossed a 5% threshold, so none of them generated a form. The next quarterly report, covering June 30 positions, is due Aug. 14.
One holding is filed under a name it no longer uses
The 13F lists a $38.8 million position in Bitfarms. There is no company called Bitfarms anymore. It became Keel Infrastructure Corp (KEEL) on March 31, the same date the filing covers, so the holding sits in the report under the old name and trades under the new ticker.
It is also one of the positions the fund added to hardest. Situational Awareness held 6,897,100 shares at Dec. 31 and 19,875,840 at March 31, an increase of 188% in a single quarter. Keel rose 27.0% on Thursday, from $3.18 to $4.04.
Set the two quarterly filings side by side and the same trade shows up across the group. CleanSpark's share count rose 648%, Keel's 188%, Bitdeer's 92% and Riot's 86%. T1 Energy, SharonAI and HIVE Digital were new positions entirely. Over the same three months the fund cut Bloom Energy by 36% and Solaris by 41%. The buying went into bitcoin miners converting to AI work, and the selling came out of power equipment.
What the Nebius stake is worth depends on the day
The Nebius filing reports 12,410,060 Class A shares under sole dispositive power, with an event date of May 19. That came to 5.6% of the company, measured against the 220,406,311 shares outstanding the issuer reported for March 31.
Published estimates of what that stake is worth run from about $1.8 billion to about $2.8 billion, and both ends are defensible. It is the same block of shares priced on different days.
| Priced at | NBIS close | Stake |
|---|---|---|
| Jul 23 | $220.97 | $2.74B |
| Jul 28 | $169.69 | $2.11B |
| Jul 29 | $148.22 | $1.84B |
| Jul 30 | $188.43 | $2.34B |
Nebius fell 32.9% between July 23 and July 29, so a valuation written before the crash and one written after differ by nine hundred million dollars without anybody buying or selling a share. Any figure quoted for this position needs the date attached to it.
What the 19 companies actually do
Nebius, CoreWeave, IREN, Core Scientific, Applied Digital, SharonAI and WhiteFiber rent out computing capacity. Riot, CleanSpark, Bitdeer, HIVE and Keel are bitcoin miners, most of them converting capacity to AI work.
The rest supply what those buildings run on. Babcock & Wilcox builds boilers. ProPetro does hydraulic fracturing. Power Solutions International makes engines and generator sets. Solaris Energy Infrastructure rents mobile turbines. T1 Energy runs solar manufacturing in Texas, and we covered its Austin fab budget increase on Tuesday, which the company tied directly to data center demand.
Those five rose between 5.9% and 19.2% on Thursday alongside everything else.
Three of Thursday's risers sit outside every filing, and two used to be inside. Cipher Mining (CIFR) rose 28.1% and was a holding at Dec. 31, gone by the March report. Galaxy Digital rose 17.7% and was in the book at Sept. 30, gone by December. Marathon Digital rose 17.5% and appears in none of the three quarters.
A deal being credited for Thursday is two weeks old
Nebius agreed to sell more than $1 billion of computing capacity to the startup Reflection AI through 2029, with access to Nvidia's GB300 chips. Several outlets pointed to that contract on Thursday as a reason the stock rose.
Nebius signed it on July 14. We wrote about it on July 16, when the stock was down 14% on the day. Nebius's most recent SEC filing is dated July 27.
The contract is real. The date is July 14, and the stock fell on it.
Nvidia had a much quieter day
Nvidia closed at $195.15, up 2.71%. The two largest lines in the 13F were both bets against chips rather than for them: $2.04 billion of put options on a semiconductor ETF and $1.57 billion on Nvidia itself.
Microsoft is part of Thursday too. It reported Azure growth of 43% on Wednesday evening and a commercial backlog of $678 billion, which we covered the same night. A hyperscaler saying its own capacity is spoken for is good news for whoever rents capacity to the customers it turns away.
What the filings still owe us
The price Citadel paid remains undisclosed. So does the size of what it kept, and whether it sold any of it into Thursday's rise.
Three dates fill some of that in, and we laid them out here. A Form 4 covering the SharonAI stake is due Aug. 3. Anyone crossing 5% of a company owes a Schedule 13D or 13G within five business days, which points to Aug. 6. Situational Awareness's own quarterly holdings report is due Aug. 14, and it'll describe a portfolio the firm has already sold.
Until then the March 31 marks are the floor, not the number. Two of the nineteen turned out to be far larger than that filing showed, and there's no way to know from public documents whether the other seventeen did the same. This is information, not investment advice.
Sources
- Situational Awareness LP Form 13F-HR for March 31, 2026 positions, filed May 18, 2026, and the prior two quarters, SEC EDGAR
- Schedule 13G on Nebius Group N.V., filed May 27, 2026, and on SharonAI Holdings Inc., filed June 29, 2026, SEC EDGAR
- Form 3 and Form 4 on SharonAI Holdings Inc., filed June 29 and July 2, 2026, SEC EDGAR
- Prices are July 29 and July 30, 2026 closes
