SpaceX Narrows Its List, OpenAI Raises More: What It Means for 3 Holdings
Let’s discuss SpaceX's updated list of potential lead underwriters for its upcoming IPO, and how Sam Altman's new capital raise affects this position.
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Let’s catch up on two pieces of information concerning our positions in Morgan Stanley (MS) , Bank of America (BAC) , and SuRo Capital (SSSS) . The items I’m referring to are the word that SpaceX has selected bankers for its IPO slated for later this year, and reports that OpenAI’s Sam Altman is raising another round of capital from Middle East investors.
SpaceX Chooses Two of Our Holdings
According to Reuters, Bank of America, Goldman Sachs (GS) , JPMorgan Chase (JPM) , and Morgan Stanley (MS) are being considered for senior roles leading the SpaceX IPO. The keyword in that sentence is “roles,” which tells us there will be multiple lead underwriters with their names in big letters across the cover of the offering prospectus. The prevailing narrative is that because of its ties with Elon Musk, Morgan Stanley is a leading contender.
What’s important is SpaceX is targeting an IPO as soon as this year, and the transaction could raise more than $30 billion, which would value the company around $1.5 trillion or more. That would be a prize ticket for the investment banking businesses for those selected firms, but as big as the associated fees may be, it’s only one of several highly anticipated IPOs in the coming months.
OpenAI Raising Capital in the Middle East
Bloomberg and other outlets are reporting OpenAI’s Sam Altman has been meeting with top investors in the Middle East to line up funding for a new investment round that could total at least $50 billion. The valuation level associated with that raise is between $750 billion-$830 billion, a sizable step up from the $500 billion figure tied to the capital raise it completed in October.
This is important to think about when it comes to the net asset value per share for SuRo Capital’s investment portfolio. The last we heard from SuRo in early November, at the end of Q3 2025, its position in OpenAI, held through its ARK Type One Deep Ventures Fund LLC position, was valued at $27.7 million. That was based on the $300 billion valuation for OpenAI at the close of Q3 2025.
When SuRo reports in early March, it will need to adjust that value to reflect the $500 billion figure, and some back-of-the-napkin math suggests that the revised figure will be around $45 million. On its own, that step up should bring SuRo’s net asset value per share to just shy of $10, but the final tally will hinge on movement in some of its other top holdings, including CoreWeave (CRWV) . As we learned in SuRo’s recent Q4 2025 portfolio update, at the end of 2025, it still held ~ 68% of its investment in CRWV investment through its CW Opportunity 2 LP position.
Given the slide in CRWV shares that unfolded in the first half of November, we aren’t surprised that SuRo remains a sizable owner. As we discussed at the time, we see that as SuRo being a prudent steward of the portfolio. CRWV shares bounced around in December and have risen significantly so far this year, which suggests to us that SuRo may be getting ready to unwind more of that position. If we’re right, that action would likely result in an eventual dividend payment to shareholders.
While SuRo is closely associated with OpenAI and CoreWeave, let’s remember there are 33 other investments in its portfolio, with sizable ones in Whoop and Blink Health, as well as in Canva, Vast Data, and Plaid. Whoop CEO Will Ahmed has shared that the company could go public this year or next. Market expectations are that Canva will go public this year, and Plaid late this year or in 2027.
As we see it, those transactions suggest a continued dividend stream for SuRo and a high probability that its NAV per share continues to grow. That keeps us patient investors with the Pro Portfolio’s position size, but for folks that are new to the SuRo story or are underweight our position size, the year-to-date dip offers a nice entry point.
Our SSSS price target remains $12, but we would remind you that our play with the shares is a total return one.
At the time of publication, TheStreet Pro Portfolio was long MS, BAC and SSSS.
