Situational Awareness: The Full Story of Leopold's Collapse

Leopold Aschenbrenner’s massive liquidation event followed heavy leverage and losses in its AI infrastructure bets. Today, we discuss the July timeline, the sale of the public equity book to Citadel, and the remaining Anthropic stake.
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TIMESTAMPS
0:00 Leopold’s Rise and Fall
2:41 The Unraveling Begins
4:14 Margin Calls and Liquidation
7:03 Citadel Swoops In
9:13 Hunting the Position
10:19 Aftermath
11:25 Anthropic Saves the Fund
13:44 Ken Griffin's History
16:30 Was Leopold Right?
18:41 Bear Case
21:21 Recursive Self-Improvement
22:25 Ledger
23:24 Leverage Lessons
23:59 Closing
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RESOURCES
Josh: x.com/JoshKale
Ejaaz: x.com/cryptopunk7213
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Not financial or tax advice. See our investment disclosures here:
bankless.com/disclosures⁠
Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.