Situational Awareness’s Infrastructure Bet & The Citadel Takeout

Situational Awareness’s infrastructure bet, the Citadel takeout, & why liquidity—not thesis—decided what survived.

The AI Stack Capital Map, Stress-Tested A fund up 439 per cent through June fell 67 per cent in a single month, unwound the bulk of its public book to Citadel, and still sits up roughly 80 per cent on the year. The layer that came through intact was the private model-layer position the fund was, by design, least exposed to. The thesis was defensible. The expression was not.

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