Leopold Aschenbrenner’s fund crash: 5,000 investors still copy it

Leopold Aschenbrenner’s Situational Awareness hedge fund fell 67% in July 2026, reportedly wiping out about $35 billion in just a few weeks.

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Even so, around 5,000 Autopilot users, on the app that lets people copy public stock picks, are still mirroring Situational Awareness with roughly $28 million allocated. Withdrawals appear to have totaled only $3 million to $5 million, which suggests some users either saw the sell-off as a temporary hit or didn’t fully register how concentrated the portfolio was.

The damage seems to have come from leverage said to be as high as 4-to-1 on a concentrated basket of computing-infrastructure stocks, not necessarily from Situational Awareness’s public-market thesis itself. When the market moved against the fund, the borrowing magnified the losses, margin calls forced selling, and most of Situational Awareness’s public portfolio was reportedly sold to Citadel.

Autopilot users were copying Situational Awareness’s stock picks, not its leverage, so the mirrored portfolio reportedly dropped about 30% in July before regaining some ground. That’s still brutal if you’re a retail investor, but it’s a lot better than a 67% collapse.

If you use copy trading, this deserves a close look. Situational Awareness was reportedly still up about 80% for 2026, reportedly made a new $400 million private investment in early August, and reportedly kept positions in Anthropic, Fluidstack, and MatX. The whole episode also puts a sharper focus on the risk-disclosure, suitability, and regulation questions around Autopilot, the app that lets users mirror public stock picks.