Situational Awareness has taken a new 5.6% stake in Nebius (NASDAQ: NBIS) Group, extending the rising AI hedge fund’s exposure beyond Bitcoin miners and power-heavy infrastructure names into one of the market’s fastest-growing AI neocloud companies.
A Schedule 13G filed on Wednesday showed Situational Awareness and related reporting persons beneficially owned 12.41 million Nebius Class A ordinary shares. The filing listed Situational Awareness founder Leopold Aschenbrenner and Carl Shulman among the reporting persons with shared voting and dispositive power over the shares.
The position did not appear in Situational Awareness’ most recent quarterly 13F filing for holdings as of March 31, suggesting Nebius was added after quarter-end. The filing listed May 19 as the event date that required the disclosure.
The move extends one of the most closely watched AI hedge funds further into the infrastructure layer of the AI boom, adding a pure-play neocloud position after a first-quarter portfolio reshuffle that already increased its exposure to bitcoin miners, AI data center developers and power-heavy compute platforms.
Nebius shares rose about 8% in after-hours trading overnight following the filing, adding another jolt to a stock that has already become one of the more closely watched public names in the AI infrastructure trade. Based on recent trading around $208 a share, the reported stake would be worth roughly $2.6 billion.
The Nebius disclosure follows a broader reshuffling by Situational Awareness into AI infrastructure and power-linked equities.
In its March 31 13F, the fund’s reported portfolio value more than doubled from the prior quarter, rising to about $13.68 billion from about $5.52 billion at the end of 2025. A large part of that increase came from a bigger options book tied to semiconductors and AI infrastructure. But its direct equity positions also showed a clear preference for companies exposed to the physical bottlenecks of AI growth: power, data centers, high-density compute and bitcoin mining infrastructure.
The fund added or increased stakes in several bitcoin mining and AI/HPC crossover names during Q1, including Applied Digital, Bitdeer (NASDAQ: BTDR), CleanSpark (NASDAQ: CLSK), Core Scientific (NASDAQ: CORZ), HIVE Digital (NASDAQ: HIVE), IREN, Keel and Riot Platforms (NASDAQ: RIOT). Many of those companies own energized power sites or data center campuses that investors increasingly view as potential building blocks for AI and high-performance computing.
Nebius fits the same infrastructure theme from the other direction. Unlike miners trying to convert power-heavy sites into AI capacity, Nebius is already positioned as an AI neocloud, with its valuation tied more directly to GPU cloud demand, data center deployment and contracted power access.