Leopold Aschenbrenner’s AI fund lost most of its value. Now it’s back with $400M.
THE SO WHAT
A fund that “nearly blew up” in July and is already redeploying $400M shows how much LP appetite remains for concentrated AI risk, even after visible drawdowns. If you’re an operator, expect more volatile, thesis-driven capital around you — funding cycles may compress, but expectations for step-change outcomes will spike.
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