Leopold Aschenbrenner's Situational Awareness fund acquires 5.6% stake in Nebius Group

Situational Awareness, which manages roughly $13.7 billion, bought 12.4 million shares of Nebius Group (NBIS) representing a 5.6% ownership stake, according to a recent 13G filing with the Securities and Exchange Commission (SEC).

Nebius is a neocloud — a cloud infrastructure provider that focuses purely on leasing GPU hardware designed for AI applications (model training, inference deployments, and agentic systems), unlike hyperscalers such as AWS, Microsoft Azure, or Google Cloud Platform which offer bundled services across compute, database management, data analytics, and storage.

Nebius reported revenue of $399 million during the first quarter, up 684% year over year, and according to management is on pace to achieve between $7 billion and $9 billion in annualized run rate revenue by year-end.