There has been general agreement that grain refinement upon severe plastic deformation (SPD) saturates at equivalent strains of 10–20, as a dynamic equilibrium between refinement and coarsening is established. Meanwhile, few reports question such steady state, but suggest another strain hardening regime might be entered for strains >1000. So far, neither an in-depth analysis nor a general theory for such ultra-SPD strain hardening has been established. The present work provides clear evidence for additional strain hardening at ultra-severe strains. Although at this stage the strain hardening rate is awfully weak (≈0.03 MPa), it manifests in noticeable grain refinement and hardness increase. Texture and the existence of subgrains still support dislocation-based plasticity. Specimens deformed to ultra-severe strains possess improved thermal stability. Although an unambiguous conclusion regarding the origin of the ultra-SPD strain hardening is currently not possible, the potential mechanisms are being discussed. While continuous impurity uptake from the anvils could explain the hardening and improved thermal stability, estimation of grain boundary migration rates suggests that a slight but continuous net refinement is also plausible. Together with structural transformations of grain boundaries, this offers an alternative, intrinsic source for ultra-SPD hardening. It is hoped that this thought-provoking conclusion stimulates further research into this subject.