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spotgamma.com
04/08/2026
Anatomy of a Margin Call: How Situational Awareness LP Unwound a $20 Billion AI Book in One Trade
Leopold Aschenbrenner's Situational Awareness LP sold its entire public book — to Citadel, per the WSJ — after July's AI infrastructure crash. The positions, the margin math, and the cohort-wide repricing of the liquidation discount.