SuRo Capital (SSSS) Q4 2024 earnings summary

Executive summary

• Net asset value (NAV) per share was $6.68 as of December 31, 2024, with net assets totaling $157.6 million, down from $7.99 per share and $203.4 million a year earlier.

• Portfolio positioned at a major inflection point with the largest pre-IPO pipeline in fund history, including CoreWeave, Canva, WHOOP, Liquid Death, Lime, VAST Data, and OpenAI.

• Invested $54.5 million in AI infrastructure and applications in 2024, including CoreWeave, OpenAI, and VAST Data, marking one of the most active investment years in a decade.

• ServiceTitan completed a successful IPO in December 2024; CoreWeave filed for IPO in March 2025.

• Fully exited Oklo and PublicSquare positions, realizing significant returns, including a 20x return on Oklo.

Financial highlights

• NAV per share at year-end was $6.68, with net assets of $157.6 million and liquid assets of $23.6 million.

• Net investment loss for FY 2024 was $14.0 million ($0.59 per share); net realized loss on investments was $5.0 million.

• Net change in unrealized depreciation was $(19.0) million for FY 2024.

• NAV per share declined 16% in 2024, with total return based on NAV at -16.40%.

• Liquid assets represented 10% of gross assets as of December 31, 2024.

Outlook and guidance

• IPO window seen as reopening, with CoreWeave, Lime, Canva, Liquid Death, VAST Data, and others as likely candidates for public markets between late 2024 and early 2025.

• CoreWeave's IPO could raise $4 billion at a valuation above $35 billion; 2024 revenue was $1.9 billion, over 8x 2023 revenue.

• OpenAI expects revenue to more than triple to over $12.5 billion; in talks for a $40 billion raise at up to $300 billion valuation.

• VAST Data surpassed $200 million ARR, with a gross margin near 90% and cash flow positive for three years.

• No explicit NAV growth guidance for 2025; future NAV depends on portfolio company valuations and market conditions.