Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents		$ 489,784	$ 788,422
Restricted cash		347,121	187,841
Loans (at fair value)	[1]	1,229,976	806,304
Property, equipment, and software, net		44,259	39,013
Operating lease right of use assets		34,646	43,455
Beneficial interest assets (at fair value)		316,199	176,848
Non-marketable equity securities		41,250	41,250
Goodwill		67,062	67,062
Other assets (includes $107,627 and $229,214 at fair value as of December 31, 2024 and September 30, 2025, respectively)		334,551	216,763
Total assets	[2]	2,904,848	2,366,958
Liabilities:
Payable to investors		93,400	60,173
Borrowings		1,855,754	1,402,168
Payable to securitization note holders (at fair value)		55,175	87,321
Accrued expenses and other liabilities (includes $15,883 and $20,492 at fair value as of December 31, 2024 and September 30, 2025, respectively)		116,250	133,800
Operating lease liabilities		40,551	50,278
Total liabilities	[2]	2,161,130	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 97,275,544 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively		10	9
Additional paid-in capital		1,119,900	1,044,366
Accumulated deficit		(376,192)	(411,157)
Total stockholders’ equity		743,718	633,218
Total liabilities and stockholders’ equity		$ 2,904,848	$ 2,366,958

[1] Includes $102.9 million and $64.1 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2024 and September 30, 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 September 30, 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,September 30,20242025Assets Cash and cash equivalents $1,312 $871 Restricted cash47,642 90,563 Loans (at fair value)750,184 1,052,786  Other assets (includes $1,864 and $824 at fair value as of December 31, 2024 and September 30, 2025, respectively) 12,971 7,033 Total assets$812,109 $1,151,253 LiabilitiesPayable to investors$154 $154 Borrowings195,606 140,522 Payable to securitization note holders (at fair value)87,321 55,175 Accrued expenses and other liabilities4,493 2,338 Total liabilities287,574 198,189 Total net assets$524,535 $953,064