---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43088404.md"
description: "This Leopold / Situational Awareness story is crazy.> Go from $1.5B to $20B in under two years.> Over 1,000% since launch, 270% ytd to May alone.> Jane Street which almost never allocates to external managers becomes an investor.> $24B near the highs, levered as much as 4x. Up 439% for H1'26.> July 2026: AI names go down as much as 50%.> Compounded with up to 4x margin...> Leopold sends letter to LPs for additional capital reported by FT yesterday, says that this is a buying opp.> Today: CNBC reports Situational Awareness has exited all public equity positions.> One buyer takes everything, both L/S books, in one enormous block.> Jane Street?? Who buys a whole levered spread book in one go? Isn't that is literally Jane Street's business?> As an LP, Jane Street had the inside view of exactly his book. Which would make this even more ironic...> If it was JS, the arc completes: Leopold's rarest backer would be the buyer of his whole book lol.> What's left of Leopold? Whatever's left in the private book after selling Anthropic stake and the capital raise, if any."
datetime: "2026-07-30T14:56:49.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43088404.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43088404.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43088404.md)
author: "[Paradi Lab](https://longbridge.com/en/profiles/27651407.md)"
---

# This Leopold / Situational Awareness story is craz…


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