SuRo Capital Doubles Down on AI with $20M Bet on Nvidia Rival

NEW YORK, NY – January 12, 2026 – SuRo Capital Corp. (Nasdaq: SSSS) capped a robust 2025 by deepening its strategic commitment to the artificial intelligence sector, highlighted by a significant investment in AI infrastructure provider TensorWave and substantial capital returns to its shareholders. The publicly traded investment fund, known for providing retail investors access to high-growth, venture-backed private companies, announced total shareholder distributions of $0.50 per share for the year, a direct result of profitable portfolio realizations.

In its year-end portfolio update, the firm revealed a $20.0 million commitment to TensorWave, Inc., an emerging force in the AI compute space, signaling a reinforced conviction in the future of AI infrastructure. This move, coupled with successful exits from other key holdings, underscores the company's dual strategy: identifying and nurturing category-defining tech companies while generating tangible liquidity and value for its public investors.

“2025 was a strong year for SuRo Capital. Our performance was driven by growing recognition of the value created by our investments in AI and AI infrastructure companies and we believe this momentum positions us well as we enter 2026,” stated Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.

A Strategic Bet on Next-Generation AI Compute

SuRo Capital's most significant new move is its investment in TensorWave, a company building next-generation AI infrastructure. The investment is structured through Magnetar Opportunity 2025-4 LP, a special purpose vehicle managed by Magnetar. SuRo Capital has already funded the first $5.0 million of its commitment, with an additional $15.0 million to be invested upon the satisfaction of certain conditions.

TensorWave is carving out a niche in the highly competitive AI hardware market by building its cloud platforms with AMD's latest accelerators, including the Instinct MI300 series. This positions the company as a direct and viable alternative to the market dominance of Nvidia. By focusing on scalable, memory-optimized performance for large-scale, compute-intensive workloads, TensorWave is designed to meet the increasingly complex demands of both AI training and inference. The company has shown rapid growth, having raised $100 million in a Series A round in May 2025 and projecting a revenue run rate exceeding $100 million by the end of that year.

Mr. Klein emphasized the strategic importance of this investment, stating, “Consistent with our strategy of providing shareholders access to category-defining AI and AI infrastructure companies prior to their entry into the public markets… We believe the company is well positioned to support increasingly complex AI training and inference requirements as demand for advanced infrastructure continues to grow.”

Unlocking Private Market Value for Public Shareholders

The shareholder distributions in 2025, paid in two cash dividends of $0.25 each, were directly fueled by the firm's success in monetizing its private investments. This ability to generate liquidity from pre-IPO companies is a cornerstone of SuRo Capital's value proposition. A key contributor to these returns was the partial sale of its position in CW Opportunity 2 LP, an investment vehicle for the AI hyperscaler CoreWeave.

During the fourth quarter, SuRo Capital generated $9.0 million in net proceeds from this investment, realizing a significant gain of $6.7 million. This follows earlier sales in 2025 that also produced substantial gains. Despite these sales, the firm retains a majority of its stake, holding approximately 68.1% of its original investment, allowing it to continue participating in CoreWeave's considerable upside. CoreWeave, which went public in March 2025, has become a major player in the AI cloud market, validating SuRo Capital's early investment thesis.

“During the year, we generated meaningful liquidity from our portfolio, including through CoreWeave, which supported total distributions of $0.50 per share,” Mr. Klein noted. “These distributions reflect both the underlying strength of our holdings and our continued commitment to disciplined realizations, thoughtful reinvestment, and long-term value creation for our shareholders.”

Further demonstrating this disciplined approach, the company also fully exited its public common shares of Forge Global, Inc. in November, netting $3.1 million in proceeds and a $1.1 million realized gain.

A Portfolio Forged by AI Conviction

The TensorWave investment is not an isolated bet but rather a continuation of a deliberate, portfolio-wide focus on artificial intelligence. As of its last detailed report, AI Infrastructure & Applications constituted the largest segment of SuRo Capital's portfolio, at 30.5% of its fair value. This concentration represents a departure from the model of traditional Business Development Companies (BDCs), which typically focus on senior debt in middle-market firms. Instead, SuRo Capital embraces a venture capital model, offering higher potential returns—and commensurate risk—by investing in equity stakes of disruptive private companies.

Beyond TensorWave and CoreWeave, the firm’s AI-centric portfolio includes exposure to some of the sector's most prominent names. Through a fund investment, it holds a position in OpenAI, the creator of ChatGPT. Other notable holdings include a $12 million investment in AI data platform VAST Data and a $5.0 million investment in HL Digital Assets, the company behind the decentralized exchange Hyperliquid.

Looking ahead, the market anticipates the release of SuRo Capital's full fourth-quarter and year-end 2025 results, which are expected during the week of March 9, 2026. The company noted it was not providing a preliminary Net Asset Value (NAV) range at this time as it works to finalize valuations, some of which could be impacted by financing rounds currently in process at its portfolio companies. As the market awaits the full financial disclosure, SuRo Capital's aggressive push into the core of the AI revolution has firmly positioned it as a key vehicle for public investors seeking exposure to the next wave of private tech innovators.