Leopold Aschenbrenner, the 25-year-old former OpenAI researcher described in the report as a rising AI-focused Wall Street investor, has returned to dealmaking just days after his Situational Awareness hedge fund was pushed to the brink by margin calls from multiple Wall Street lenders, according to Bloomberg, citing people familiar with the matter. The latest disclosure identified the recipient as Source Foundry, a stealth chip manufacturing startup backed by Sequoia Capital. Aschenbrenner’s fund had already invested $100 million in the company and added another $400 million in a deal completed on Tuesday, bringing its total commitment to $500 million. Source Foundry was founded in San Francisco in 2025 by Stanford materials scientist Abdulmalik Obaid, who serves as CEO, together with Joe Burg. The company is focused on building simpler, cheaper and faster semiconductor lithography and manufacturing processes and tools, with an explicit aim of challenging ASML’s extreme ultraviolet, or EUV, lithography systems and addressing the gap between exponential AI compute demand and the chip industry’s linear production expansion.
Leopold Aschenbrenner has moved back into investing only days after his hedge fund neared collapse, putting another $400 million into a Sequoia Capital-backed private company, according to Bloomberg, citing people familiar with the matter.
The newly disclosed company is Source Foundry, a stealth chip manufacturing startup. Aschenbrenner’s fund had previously invested $100 million in Source Foundry. With the latest $400 million injection, the fund’s total investment in the company now stands at $500 million.
First visible move after Situational Awareness came under pressure
The investment was completed on Tuesday. Bloomberg described it as the first sign of how Aschenbrenner is handling the fallout after his Situational Awareness fund came close to breaking down last week, when multiple Wall Street lenders issued a dense wave of margin calls.
What Source Foundry is building
Source Foundry is a stealth chip manufacturing startup founded in San Francisco in 2025. The company was co-founded by Stanford materials scientist Abdulmalik Obaid, who serves as CEO, and Joe Burg.
Its focus is on developing semiconductor lithography and manufacturing processes and tools that are simpler, lower-cost and faster. The company’s stated target is ASML’s extreme ultraviolet lithography machines.
A bet on advanced AI chip production
The report said Source Foundry is trying to close the gap between exponential growth in AI compute demand and the linear expansion of traditional chip manufacturing capacity, with the broader goal of reshaping how advanced AI chips are produced.
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