Days after his AI hedge fund Situational Awareness nearly collapsed, ex-OpenAI researcher Leopold Aschenbrenner has put $400M into a private company, his first move to rebuild.

Last week the fund imploded from about $45B to $10B in assets as margin calls, driven by leverage reported up to 400%, forced it to dump public bets like SK Hynix and CoreWeave to Ken Griffin's Citadel at a discount. The $400M private investment, completed Tuesday, is the first sign of how the 20-something manager plans to pick up the pieces.