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We analyze the Secure Remote Password (SRP) protocol for structural weaknesses using the Cryptographic Protocol Shapes Analyzer (CPSA) in the first formal analysis of SRP (specifically, Version 3). SRP is a widely deployed Password Authenticated Key Exchange (PAKE) protocol used in 1Password, iCloud Keychain, and other products. As with many PAKE protocols, two participants use knowledge of a preshared password to authenticate each other and establish a session key. SRP aims to resist dictionary attacks, not store plaintext-equivalent passwords on the server, avoid patent infringement, and avoid export controls by not using encryption. Formal analysis of SRP is challenging in part because existing tools provide no simple way to reason about its use of the mathematical expression “v + g b mod q”. Modeling v + g b as encryption, we complete an exhaustive study of all possible execution sequences of SRP. Ignoring possible algebraic attacks, this analysis detects no major structural weakness, and in particular no leakage of any secrets. We do uncover one notable weakness of SRP, which follows from its design constraints. It is possible for a malicious server to fake an authentication session with a client, without the client’s participation. This action might facilitate an escalation of privilege attack, if the client has higher privileges than does the server. We conceived of this attack before we used CPSA and confirmed it by generating corresponding execution shapes using CPSA.