Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents		$ 599,778	$ 788,422
Restricted cash		239,750	187,841
Loans (at fair value)	[1]	814,677	806,304
Property, equipment, and software, net		42,407	39,013
Operating lease right of use assets		40,557	43,455
Beneficial interest assets (at fair value)		216,578	176,848
Non-marketable equity securities		41,250	41,250
Goodwill		67,062	67,062
Other assets (includes $107,627 and $131,266 at fair value as of December 31, 2024 and March 31, 2025, respectively)		234,218	216,763
Total assets	[2]	2,296,277	2,366,958
Liabilities:
Payable to investors		83,114	60,173
Borrowings		1,334,863	1,402,168
Payable to securitization note holders (at fair value)		75,904	87,321
Accrued expenses and other liabilities (includes $15,883 and $10,093 at fair value as of December 31, 2024 and March 31, 2025, respectively)		78,680	133,800
Operating lease liabilities		47,074	50,278
Total liabilities	[2]	1,619,635	1,733,740
Commitments and Contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.0001 par value; 700,000,000 shares authorized; 93,469,721 and 95,071,582 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively		10	9
Additional paid-in capital		1,090,236	1,044,366
Accumulated deficit		(413,604)	(411,157)
Total stockholders’ equity		676,642	633,218
Total liabilities and stockholders’ equity		$ 2,296,277	$ 2,366,958

[1] Includes $102.9 million and $88.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2024 and March 31, 2025, respectively. Refer to “Note 5. Fair Value Measurement” for details.

[2] The following table presents information on assets and liabilities related to variable interest entities (“VIEs”) that are consolidated by Upstart Holdings, Inc. at December 31, 2024 and March 31, 2025, respectively. The liabilities of each VIE can only be settled using the assets of the corresponding VIE and creditors of these entities do not have recourse to the general credit of Upstart Holdings, Inc. The assets and liabilities in the table below exclude intercompany balances that eliminate in consolidation. December 31,March 31,20242025Assets Cash and cash equivalents $1,312 $447 Restricted cash47,642 53,670 Loans (at fair value)750,184 724,251  Other assets (includes $1,864 and $1,129 at fair value as of December 31, 2024 and March 31, 2025, respectively) 12,971 11,620 Total assets$812,109 $789,988 LiabilitiesPayable to investors$154 $154 Borrowings195,606 126,976 Payable to securitization note holders (at fair value)87,321 75,904 Accrued expenses and other liabilities4,493 2,462 Total liabilities287,574 205,496 Total net assets$524,535 $584,492