New SuRo Capital Price Target After $10 Billion Update

Target, Dartboard

In our opening comments on Tuesday morning, we touched on the news of Whoop’s latest capital raise and its new post-money valuation of $10.1 billion.

As shareholders of SuRo Capital (SSSS) shares, there are several things to consider. First, exiting 2025, Whoops was SuRo’s second-largest portfolio holding, roughly 12.6% of its assets. The position also serves as a reminder that while SuRo is commonly associated with OpenAI and CoreWeave (CRWV) , its portfolio is more than AI and digital infrastructure.

Back on March 11, when we increased our SSSS price target to $14 from $12, we discussed how capital raises for OpenAI and Vast Data that closed in the current quarter were not reflected in SuRo’s Q4 2025 ended net asset value (NAV) per share figure of $8.09. In sharing its guidance, SuRo management telegraphed that financing in portfolio holdings subsequent to Q4 2025 could contribute at least $5 and as much as $6.50 to its NAV per share figure.

Based on some back-of-the-envelope math for the latest OpenAI and Vast Data post-money valuations, we estimated that those two financings equated to about $4.35 per share in incremental NAV. When we perform a similar analysis for Whoop’s new $10.1 billion post-money valuation and compare it to the $3.6 billion post-money valuation from its August 2021 funding round, we estimate that remarking of the position should add around another $2 per share in NAV for SuRo.

Applying the same multiple that led us to boost our SSSS price target to $14 from $12 to our new estimated NAV per share of about $14.45, yields a new price target of $16. We will reset our SSSS price target at that level and reiterate our One rating, noting the IPO path ahead for OpenAI, Whoop and potentially others in SuRo’s investment portfolio.

More Pro Portfolio

At the time of publication, TheStreet Pro Portfolio was long SSSS.