Situational Awareness: What Assets Are Left After the Citadel Sale

Leopold Aschenbrenner’s fund sold most or all of its public equity book to Citadel on 30 July 2026 — accounts differ on which — and kept the private one. Before asking what is left, it is worth being precise about what was there — because the number everyone is quoting for the public book is not what it appears to be.

Start with what the fund actually filed.

What was there to sell?

The fund’s most recent legally required disclosure is a 13F for 31 March 2026, filed on 18 May. It reports $13.68 billion across 42 line items — and that headline number is not a stock portfolio.

Only $3.86 billion of it is common stock. The rest is the value of the shares underlying options positions: $8.46 billion of puts and $1.36 billion of calls, together 72% of the reported total. A 13F lists options by the market value of the underlying, not by premium paid, so adding those lines to the stock lines produces a figure that describes nothing.

Split properly, the filing says something much more specific.

The stock book: $3.86 billion, and 98% of it is infrastructure

The ten largest of 26 common-stock positions, together 94% of the $3.86bn; the remaining 16 come to $234m.

Power, storage, and the companies that host compute. Bloom Energy makes fuel cells; SanDisk makes memory; CoreWeave, IREN, Core Scientific, Applied Digital, Riot and CleanSpark run or convert data centres; Solaris Energy Infrastructure supplies power equipment and T1 Energy manufactures solar modules, cells and batteries.

Not quite everything. Alongside them sit token stock lines in exactly the names the fund holds puts on — AMD at $20.2m, the VanEck ETF at $10.3m, Intel at $8.9m, TSMC at $7.6m, ASML at $6.1m, Micron at $5.9m, Corning at $0.7m and Nvidia at $497,912. Together those are $60m, 1.6% of the stock book. It is tempting to read them as share legs attached to the options, and the size and the exact overlap of underlyings both point that way — but a 13F cannot show it. The filing proves only that the fund held small amounts of these shares and options on the same names; it does not link them into one trade, and this article does not claim elsewhere to know the fund’s intent from a 13F. One more holding, ProPetro at $13m, fits neither group.

The puts: $8.46 billion notional, mostly against large-cap chips

Every put in the filing — all 11 of them:

Mostly semiconductors, but not only: Oracle is database and cloud software, Infosys is IT services, and Corning makes glass and optical components. Together those three are $1.10bn of the $8.46bn. The accurate description is large-cap technology weighted heavily toward chips, not “the semiconductor complex”.

That is the shape worth reading. On the evidence of this filing the fund was long the picks-and-shovels — power, storage, hosting — while holding large put positions against the big listed technology names. Whether those puts were a hedge on the long book or a directional view is not something a 13F can tell you: it reports positions, not intent, and it does not report the premium paid, the strikes, the expiries or any short positions at all.

One thing it settles, with a qualification. Our earlier article said the fund held no meaningful position in Nvidia and the other obvious large-caps. On common stock that is right: Nvidia’s line is $497,912. But it is not right to say there was no Nvidia position at all — a $1.57bn notional put is a substantial derivative exposure to Nvidia, even though it is neither $1.57bn of capital nor necessarily a bet against the company. A first pass at this filing that ignored the put/call field made this look like a simple contradiction, and led to a correction on that article which has itself now been reversed.

What a 13F does not show

Worth stating plainly, because it bounds everything above. A 13F is a regulatory filing, not an audited statement, and the SEC does not vouch for its completeness. It excludes short positions, cash and borrowings, most derivatives outside listed equity options, private holdings, and therefore total assets under management. It is a partial view of one side of one book on one date.

So the $3.86 billion stock line is not “what the fund was worth”, and the $13.68 billion headline is not “what there was to sell”.

So what is actually left?

Three things, on the reporting — and the reporting does not fully agree with itself.

The private positions. Anthropic, the chip designer MatX, and the data-centre firm Fluidstack. Multiple outlets agree none of this was part of the Citadel transaction.

Possibly a residual public book. Here accounts diverge: the Wall Street Journal and TechCrunch describe the majority of public equities being sold, Bloomberg and Business Insider report a small remaining public position with the manager continuing to trade, and Axios describes the entire public portfolio going. That conflict is unresolved.

Whatever the sale realised, net. The price has not been reported, and because the book was leveraged, proceeds may have gone to repaying financing or meeting redemptions rather than sitting as cash.

How much is the Anthropic stake worth?

Two figures circulate, at two different dates. One is a reported valuation and one is derived from two rounded numbers:

• In June 2026, the Wall Street Journal reported the stake at around 20% of the fund, when assets were about $20 billion — implying roughly $4 billion.
• After the July sale, Bloomberg’s figure, via TechCrunch, is about $5 billion, against total assets of about $10 billion.

Both come from unnamed sources and neither from the fund, and they are eight weeks apart. That makes them not directly comparable rather than contradictory — there is no evidence the stake actually rose from $4bn to $5bn in the interval, and the $4bn is itself a product of two rounded figures multiplied together, not a reported valuation. What they do share is that Anthropic is now roughly half of the reported total, and that it is the reason the fund is described as moving toward a private holding structure. Note the ceiling on that: half makes it the largest single asset, not a majority, and both the numerator and the denominator are estimates from unnamed sources.

What does that stake mean at Anthropic’s valuation?

Anthropic’s Series H in May 2026 valued the company at $965 billion post-money. Divide the reported stakes into it:

Both land at roughly half of one percent of the company. That is the arithmetic worth holding onto: a position large enough to define what a multi-billion-dollar fund now is, is a fraction of a percent on the cap table of the company it is invested in.

This is an inversion, not a disclosure — nobody publishes what percentage of Anthropic the fund owns. And if the shares were bought at an earlier, lower valuation, the cost basis differs from the mark; no source gives the entry price.

How did the assets move?

The reported sequence, all of it from unnamed sources:

Against that, the first-half return was reported at 439%, and the fund is reported to have begun in September 2024 with roughly $225 million of seed capital from Patrick and John Collison, Nat Friedman and Daniel Gross. That last figure is a press number and no filing confirms it — the fund’s first 13F, for December 2024, reports about $254.8 million of listed equity, which is a different thing measured at a different time.

Both things are true at once: reported assets more than halved in weeks, and the fund is still enormously larger than it started. Note the wording — a fall in reported assets is not the same as an investment loss. Selling a leveraged book shrinks it, repaying financing shrinks it, and redemptions shrink it, and none of those is the same as the portfolio going down. Nobody has published which of them this was.

What would actually settle this?

The Q3 13F, in November. The Q2 filing due mid-August covers 30 June, a month BEFORE the sale, so it cannot show what left — it only updates the pre-sale book. November’s is the first filing that can show the aftermath, and it will still only cover listed equities.

Any filing describing the sale itself. None has been identified. Everything about the Citadel transaction currently rests on press reporting from unnamed sources.

Whether the fund raises new capital. Reporting indicates it is seeking it. Investors deciding whether to fund a vehicle whose largest single asset is one private stake is a more informative signal than any valuation estimate.

Anthropic’s next round. The single asset that now defines this fund is marked to a private valuation, and private valuations move in steps, not ticks.

Sources

Each was checked on 1 August 2026.