We're Stepping Up and Buying More Shares of This Holding
As we explain the four factors that lead to our purchase, here's what we’re waiting to see from three other key positions.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
SSSS | Buy | 700 | 9 | 23,825 | 4.0 |
After you receive this Alert, we will will buy 700 shares of SuRo Capital (SSSS) at or near $9. Following the trade, SSSS shares will account got roughly 4.0% of the Pro Portfolio's assets.
We are slowly coming off the bench to selectively put some additional capital to work in shares of SuRo Capital, a move that will increase the Portfolio’s exposure to the dividend stream associated with this business development company.
Today’s move reflects a few things.
First, as we saw last week, hyperscaler capital spending this year will leapfrog what it was in 2025, spending that should flow through to SuRo’s position in CoreWeave (CRWV) . While we expect SuRo will continue to work its way out of its CoreWeave position in the second half of the year, helping fuel its dividend stream in the coming quarters, that same jump in spending should also benefit its newer position in TensorWave.
Second, when SuRo shared its preliminary Q4 2025 portfolio review, it said that during the quarter, it sold or received proceeds from its investments in four holdings, with a net gain of ~$6.8 million. Based on SuRo’s outstanding share count at the end of the September quarter of 25.1 million, that gain more than covers a $0.25 per share quarterly dividend.
Third, we know SuRo has not revised its net asset value per share higher since the end of Q3 2025. Yes, we’ve pointed this out a few times, but it bears repeating since OpenAI’s valuation at that point was tagged at $300 billion, and we know it’s moved up to $500 billion as of October. We also know OpenAI is closing in on a funding round that could push that valuation to over $800 billion. That alone should lead to a nice increase in SuRo’s net asset value in the December quarter and the first half of 2026.
Fourth, while the market tends to focus on OpenAI and CoreWeave when it comes to SuRo, we have to consider other holdings in its portfolio that could tap the IPO market in the coming quarters. OpenAI recently said it will be in that camp, in part to beat competitor Anthropic to the punch, but we can also see Canva, Vast Data, Plaid and a few other holdings doing the same in the coming quarters.
Lending some support for that thinking, Goldman Sachs (GS) now sees the number of IPOs doubling to 120 this year. That would be nice, not only for our position in SSSS shares, but also for our positions Morgan Stanley (MS) and Bank of America (BAC) . Of course, just because Goldman has this view doesn’t mean it must happen, which means we will continue to carefully track the IPO market from filings to pricings and aftermarket performance.
Our Latest View on ServiceNow, Palantir, and Axon
As we make this move, we fully expect some folks will ask if we are inclined to pick up more shares of ServiceNow (NOW) , Palantir (PLTR) , or others in the Portfolio that have been battered. We are seeing some renewed interest in the shares, including Wedbush’s Dan Ives adding NOW to the IVES AI 30, which fuels Wedbush’s Dan IVES Wedbush AI Revolution ETF (IVES) .
As investors that put capital to work, however, we’ll want to see NOW, PLTR, and AXON shares start forming a base, and their MACD indicators do the same or begin to turn up before making a move. We will be watching those items closely, and based on what we see, we may wade deeper into those shares, using extremely oversold conditions to do so.
More Pro Portfolio:
- Buying More Axon Shares After DHS Body Camera Update
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- January Monthly Roundup: Stocks Slide Into February as Volatility Spikes
At the time of publication, TheStreet Pro Portfolio was long SSSS, NOW, PLTR and AXON.
