From Wikipedia:
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Early designs may have relied solely on an inertial guidance system. The initial design was intended for nuclear warhead delivery. Later designs reportedly include terminal guidance and conventional warheads.
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Rudimentary guidance is not a problem for a nuclear strike, but you need a lot more precision for a conventional warhead. I wonder what kind of terminal guidance would work in this case, considering the Shkval is blinding itself to some extent with its supercavitation's bubble. Not to mention the nose of the torpedo's taken up by the supercavitator.