The Nebius stake disclosure by Situational Awareness, a hedge fund built around the thesis that AGI is arriving faster than most investors realize, sent shares of the Dutch AI cloud provider up 11% in premarket trading Thursday. The filing, posted Wednesday, revealed the fund holds 12.4 million Class A Ordinary Shares in Nebius, equal to 5.6% of the company.
| Detail | Figure |
|---|---|
| Shares held by Situational Awareness | 12,410,060 Class A |
| Stake percentage | 5.6% |
| Shares outstanding (as of Mar 31, 2026) | 220,406,311 |
| Nebius premarket move (Thursday) | +11% |
| Nebius year-to-date gain | +149% |
| Fund AUM | ~$13.7 billion |
Who Is Behind the Nebius Stake Disclosure
Situational Awareness was founded by Leopold Aschenbrenner, who was fired from OpenAI’s superalignment team in 2024. He subsequently wrote a 165-page essay, also titled “Situational Awareness,” arguing that AGI was coming faster than governments or capital markets understood, and built the fund around that conviction.
The Schedule 13G lists Carl Shulman as a co-reporting person alongside Aschenbrenner, the adviser, the general partner, SA LLC, and the fund itself, all sharing beneficial ownership of the same block of shares. Shulman, an AI safety researcher, has not been publicly associated with the fund’s day-to-day operations before this filing.
The fund has grown quickly. Its U.S. equity and options portfolio expanded from roughly $254 million in Q4 2024 to over $5.5 billion by Q4 2025, according to 13F disclosures tracked by Bankless. Total assets under management are now estimated at $13.7 billion.
The portfolio carries a sharp internal tension. The same fund disclosing a long position in Nebius also held, at the end of Q1 2026, $8.46 billion in notional put exposure against chipmaker stocks, including $2 billion against the VanEck Semiconductor ETF and $1.6 billion against Nvidia. Long the infrastructure builder, hedged against the chip supply chain: the positioning reflects a bet on who captures AI compute revenue, not necessarily on semiconductors staying elevated.
Why the Nebius Stake Disclosure Matters Beyond the Filing
Nebius is not a conventional cloud provider. Spun out of Russian internet company Yandex and listed in the U.S., it focuses on GPU-based compute for AI model training, targeting European and global enterprise customers who need capacity outside the major American hyperscalers.
The company has been building fast. In March, it signed a deal with Meta covering $12 billion of dedicated capacity and up to $15 billion of additional compute over five years. That agreement built on a prior $3 billion arrangement between the two companies struck in November 2025. CEO Arkady Volozh said at the time the deal would help
