Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents		$ 652,388	$ 788,422
Restricted cash		404,624	187,841
Loans (at fair value)	[1]	984,552	806,304
Property, equipment, and software, net		44,174	39,013
Operating lease right of use assets		16,410	43,455
Beneficial interest assets (at fair value)		396,216	176,848
Line of credit receivable (at fair value)		112,742	56,269
Non-marketable equity securities		41,250	41,250
Goodwill		67,062	67,062
Other assets (includes $51,358 and $138,582 at fair value as of December 31, 2024 and December 31, 2025, respectively)		255,387	160,494
Total assets	[2]	2,974,805	2,366,958
Liabilities:
Payable to investors		107,659	60,173
Borrowings		1,829,145	1,402,168
Payable to securitization note holders (at fair value)		46,542	87,321
Accrued expenses and other liabilities (includes $15,883 and $15,219 at fair value as of December 31, 2024 and December 31, 2025, respectively)		171,495	133,800
Operating lease liabilities		21,149	50,278
Total liabilities	[2]	2,175,990	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 98,033,361 shares issued and outstanding as of December 31, 2024 and December 31, 2025, respectively		10	9
Additional paid-in capital		1,156,361	1,044,366
Accumulated deficit		(357,556)	(411,157)
Total stockholders’ equity		798,815	633,218
Total liabilities and stockholders’ equity		$ 2,974,805	$ 2,366,958

[1] Includes $102.9 million and $53.8 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2024 and 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 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,December 31,20242025Assets Cash and cash equivalents $1,312 $1,183 Restricted cash47,642 89,088 Loans (at fair value)750,184 819,344  Other assets (includes $1,864 and $225 at fair value as of December 31, 2024 and December 31, 2025, respectively) 12,971 6,340 Total assets$812,109 $915,955 LiabilitiesPayable to investors$154 $154 Borrowings195,606 97,333 Payable to securitization note holders (at fair value)87,321 46,542 Accrued expenses and other liabilities4,493 23,415 Total liabilities287,574 167,444 Total net assets$524,535 $748,511