Grothendieck polynomials, introduced by Lascoux and Schützenberger, are certain $K$-theory representatives for Schubert varieties. Symplectic Grothendieck polynomials, described more recently by Wyser and Yong, represent the $K$-theory classes of orbit closures for the complex symplectic group acting on the complete flag variety. We prove a transition formula for symplectic Grothendieck polynomials and study their stable limits. We show that each of the $K$-theoretic Schur $P$-functions of Ikeda and Naruse arises from a limiting procedure applied to symplectic Grothendieck polynomials representing certain "Grassmannian" orbit closures.