Situational Awareness LP triples Keel Infrastructure stake in Q1 2026

Situational Awareness LP, the hedge fund managed by Leopold Aschenbrenner, has significantly expanded its exposure to Keel Infrastructure Corp (NASDAQ:KEEL). According to regulatory filings for the first quarter of 2026, the fund increased its holding in the digital infrastructure company by approximately 188 per cent.

The position, which first appeared in the fund’s 13F portfolio in the fourth quarter of 2025 with nearly 7 million shares, grew to close to 20 million shares by the end of the first quarter of 2026. This move marks a substantial escalation in Aschenbrenner’s conviction regarding the company’s assets.

Keel Infrastructure Corp operates digital and energy infrastructure, with a primary focus on high-performance computing and artificial intelligence workloads across North America. The firm owns and operates data centres that house computers to validate transactions on the bitcoin blockchain, while also selling computational power used for hashing calculations related to cryptocurrency mining.

A key component of the company’s value proposition lies in its energy infrastructure. Keel controls a development pipeline with 2.2 GW of power capacity and has established grid interconnections across prime regions, including Pennsylvania, Washington, and Québec. The company claims to bypass the typical five-to-seven-year utility queue for grid interconnection requests, offering secured connections to the power grid.

Market analysts note that at 2.2 GW of capacity, the current valuation of this infrastructure is considered by some bulls to be less than a fraction of the cost required to build ground-up data centres that must clear similar utility hurdles. This investment occurs against a backdrop of broader institutional interest in AI-related equities and ongoing trade discussions between the US and China.