Investor bets on AI power grid

A former OpenAI researcher’s hedge fund disclosed a $5.52 billion stock portfolio in February, and the biggest bets were on power and data-center plumbing for artificial intelligence. (sec.gov) The fund, Situational Awareness LP, filed its latest Form 13F on February 11, 2026, for holdings as of December 31, 2025. Third-party 13F trackers show the portfolio at about $5.52 billion, up from about $254.8 million a year earlier and roughly $1.01 billion at the end of March 2025. (sec.gov) (13f.info) Those filings do not prove a clean jump from $225 million to $5.5 billion in cash assets. They show reported long U.S. equity and options positions, while the fund’s investment adviser records listed about $383 million in regulatory assets under management in January 2025. (13f.info) (aum13f.com) The shape of the portfolio still points in one direction: electricity first, chips second. The fund’s top disclosed holdings included Bloom Energy, CoreWeave call options, Intel call options, Lumentum, Core Scientific, and Iris Energy, according to 13F aggregators built from the Securities and Exchange Commission filing. (13f.info) (radientanalytics.com) That fits the bottleneck now facing artificial-intelligence data centers. Bloom Energy said in its 2025 data-center power report that operators are turning to on-site generation because grid connections are slow, and it projected an additional 35 gigawatts of demand over five years. (bloomenergy.com) Bloom’s pitch is fuel cells installed at the site, like bringing a private power plant to the server farm instead of waiting for the utility. In a June 17, 2025 update, the company said developers in key markets viewed even two-year grid-power timelines as unrealistic and expected on-site generation to fully power 27% of data-center facilities by 2030. (bloomenergy.com) Core Scientific sits on the other side of the same constraint: land, substations, and megawatts that were built for bitcoin mining can be repurposed for artificial-intelligence workloads. On June 3, 2024, it signed 12-year contracts to provide about 200 megawatts of infrastructure for CoreWeave, with projected cumulative revenue of more than $3.5 billion over the initial term. (corescientific.com) CoreWeave then moved to own more of that footprint outright. On July 7, 2025, CoreWeave said it would acquire Core Scientific in an all-stock deal that valued the company at about $9 billion and would add roughly 1.3 gigawatts of gross power capacity, plus more than 1 gigawatt of expansion potential. (coreweave.com) (investors.corescientific.com) CoreWeave’s own filings show why investors chased the stack around it. The company reported revenue of $1.9 billion in 2024, up from $229 million in 2023, in its March 2025 initial public offering documents. (sec.gov) Social posts turned the filing into a simple slogan about the “AI power grid,” but the records support a narrower claim. The disclosed portfolio was a concentrated bet that the shortage in artificial-intelligence buildout is less about model ideas than about getting enough electricity, real estate, and interconnection fast enough. (sec.gov) (bloomenergy.com)