Upstart (UPST) 10-K 13 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 06, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39797
Entity Registrant Name	Upstart Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4332431
Entity Address, Address Line One	2950 S. Delaware Street
Entity Address, Address Line Two	Suite 410
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	833
Local Phone Number	212-2461
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	UPST
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,827,095,157
Entity Common Stock, Shares Outstanding		93,710,996
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001647639
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to the 2025 Annual Meeting of Stockholders are incorporated by reference into Part II and III of this Annual Report on Form 10-K to the extent stated herein. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents		$ 788,422	$ 368,405
Restricted cash		187,841	99,382
Loans (at fair value)	[1]	806,304	1,156,413
Property, equipment, and software, net		39,013	42,655
Operating lease right of use assets		43,455	54,694
Beneficial interest assets (at fair value)		176,848	41,012
Non-marketable equity securities		41,250	41,250
Goodwill		67,062	67,062
Other assets (includes $48,897 and $107,627 at fair value as of December 31, 2023 and December 31, 2024, respectively)		216,763	146,227
Total assets	[2]	2,366,958	2,017,100
Liabilities:
Payable to investors		60,173	53,580
Borrowings		1,402,168	1,040,424
Payable to securitization note holders (at fair value)		87,321	141,416
Accrued expenses and other liabilities (includes $10,510 and $15,883 at fair value as of December 31, 2023 and December 31, 2024, respectively)		133,800	84,051
Operating lease liabilities		50,278	62,324
Total liabilities	[2]	1,733,740	1,381,795
Stockholders’ equity:
Common stock, $0.0001 par value; 700,000,000 shares authorized; 86,330,303 and 93,469,721 shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively		9	9
Additional paid-in capital		1,044,366	917,872
Accumulated deficit		(411,157)	(282,576)
Total stockholders’ equity		633,218	635,305
Total liabilities and stockholders’ equity		$ 2,366,958	$ 2,017,100
[1] Includes $179.1 million and $102.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2023 and 2024, respectively. Refer to “ Note 5. Fair Value Measurement ” for details. 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, 2023 and 2024, respectively. The liabilities of each of 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, 2023 2024 Assets Cash and cash equivalents $ 1,603 $ 1,312 Restricted cash 23,450 47,642 Loans (at fair value) 1,147,423 750,184 Other assets (includes $5,958 and $1,864 at fair value as of December 31, 2023 and December 31, 2024, respectively) 22,917 12,971 Total assets $ 1,195,393 $ 812,109 Liabilities Payable to investors $ 121 $ 154 Borrowings 387,440 195,606 Payable to securitization note holders (at fair value) 141,416 87,321 Accrued expenses and other liabilities 1,975 4,493 Total liabilities 530,952 287,574 Total net assets $ 664,441 $ 524,535

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Other assets at fair value		$ 107,627	$ 48,897
Accrued expenses and other liabilities at fair value		$ 15,883	$ 10,510
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common stock, authorized (in shares)		700,000,000	700,000,000
Common stock, issued (in shares)		93,469,721	86,330,303
Common stock, outstanding (in shares)		93,469,721	86,330,303
Loans held in consolidated securitization		$ 102,900	$ 179,100
Assets
Cash and cash equivalents		788,422	368,405
Restricted cash		187,841	99,382
Loans (at fair value)	[1]	806,304	1,156,413
Other assets (includes $5,958 and $1,864 at fair value as of December 31, 2023 and December 31, 2024, respectively)		216,763	146,227
Total assets	[2]	2,366,958	2,017,100
Liabilities
Payable to investors		60,173	53,580
Borrowings		1,402,168	1,040,424
Payable to securitization note holders (at fair value)		87,321	141,416
Accrued expenses and other liabilities		133,800	84,051
Total liabilities	[2]	1,733,740	1,381,795
Total stockholders’ equity		633,218	635,305
Variable Interest Entity, Primary Beneficiary
Other assets at fair value		1,864	5,958
Assets
Cash and cash equivalents		1,312	1,603
Restricted cash		47,642	23,450
Loans (at fair value)		750,184	1,147,423
Other assets (includes $5,958 and $1,864 at fair value as of December 31, 2023 and December 31, 2024, respectively)		12,971	22,917
Total assets		812,109	1,195,393
Liabilities
Payable to investors		154	121
Borrowings		195,606	387,440
Payable to securitization note holders (at fair value)		87,321	141,416
Accrued expenses and other liabilities		4,493	1,975
Total liabilities		287,574	530,952
Total stockholders’ equity		$ 524,535	$ 664,441
[1] Includes $179.1 million and $102.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2023 and 2024, respectively. Refer to “ Note 5. Fair Value Measurement ” for details. 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, 2023 and 2024, respectively. The liabilities of each of 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, 2023 2024 Assets Cash and cash equivalents $ 1,603 $ 1,312 Restricted cash 23,450 47,642 Loans (at fair value) 1,147,423 750,184 Other assets (includes $5,958 and $1,864 at fair value as of December 31, 2023 and December 31, 2024, respectively) 22,917 12,971 Total assets $ 1,195,393 $ 812,109 Liabilities Payable to investors $ 121 $ 154 Borrowings 387,440 195,606 Payable to securitization note holders (at fair value) 141,416 87,321 Accrued expenses and other liabilities 1,975 4,493 Total liabilities 530,952 287,574 Total net assets $ 664,441 $ 524,535

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Revenue from fees, net		$ 635,466	$ 560,431	$ 907,272
Interest income, interest expense, and fair value adjustments, net:
Interest income	[1]	186,360	168,996	105,580
Interest expense	[1]	(40,433)	(34,894)	(10,843)
Fair value and other adjustments	[1]	(144,865)	(180,971)	(159,565)
Total interest income, interest expense, and fair value adjustments, net		1,062	(46,869)	(64,828)
Total revenue		636,528	513,562	842,444
Operating expenses:
Sales and marketing		166,800	127,143	345,776
Customer operations		157,996	150,418	187,994
Engineering and product development		253,653	280,138	237,247
General, administrative, and other		230,935	212,388	185,290
Total operating expenses		809,384	770,087	956,307
Loss from operations		(172,856)	(256,525)	(113,863)
Other income, net		18,793	21,206	9,473
Expense on convertible notes		(7,694)	(4,706)	(4,684)
Gain on debt extinguishment		33,361	0	0
Net loss before income taxes		(128,396)	(240,025)	(109,074)
(Benefit) provision for income taxes		185	107	(409)
Net loss		$ (128,581)	$ (240,132)	$ (108,665)
Net loss per share, basic (in dollars per share)		$ (1.44)	$ (2.87)	$ (1.31)
Net loss per share, diluted (in dollars per share)		$ (1.44)	$ (2.87)	$ (1.31)
Weighted-average number of shares outstanding used in computing net loss per share, basic (in shares)		89,450,038	83,765,896	82,771,268
Weighted-average number of shares outstanding used in computing net loss per share, diluted (in shares)		89,450,038	83,765,896	82,771,268
[1] Balances for the year ended December 31, 2023 and 2024 include amounts related to the consolidated securitization. Refer to “ Note 2. Revenue ” for details.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2021		83,659,665
Beginning balance at Dec. 31, 2021	$ 807,078	$ 8	$ 740,849	$ 66,221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		2,464,572
Issuance of common stock upon exercise of stock options	12,354	$ 1	12,353
Issuance of common stock upon settlement of restricted stock units (in shares)		866,717
Shares withheld related to net share settlement of restricted stock units (in shares)		(619)
Shares withheld related to net share settlement of restricted stock units	(16)		(16)
Stock-based compensation expense	131,905		131,905
Issuance of common stock under employee stock purchase plan (in shares)		162,796
Issuance of common stock under employee stock purchase plan	7,662		7,662
Repurchases of stock (in shares)		(5,883,176)
Repurchases of stock	(177,883)	$ (1)	(177,882)
Net loss	(108,665)			(108,665)
Ending balance (in shares) at Dec. 31, 2022		81,259,676
Ending balance at Dec. 31, 2022	672,435	$ 8	714,871	(42,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		1,441,787
Issuance of common stock upon exercise of stock options	12,881	$ 1	12,880
Issuance of common stock upon settlement of restricted stock units (in shares)		3,170,158
Shares withheld related to net share settlement of restricted stock units (in shares)		(777)
Shares withheld related to net share settlement of restricted stock units	(15)		(15)
Stock-based compensation expense	181,705		181,705
Issuance of common stock under employee stock purchase plan (in shares)		459,459
Issuance of common stock under employee stock purchase plan	8,431		8,431
Net loss	$ (240,132)			(240,132)
Ending balance (in shares) at Dec. 31, 2023	86,330,303	86,330,303
Ending balance at Dec. 31, 2023	$ 635,305	$ 9	917,872	(282,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	3,159,674	3,159,674
Issuance of common stock upon exercise of stock options	$ 21,414		21,414
Issuance of common stock upon settlement of restricted stock units (in shares)		3,646,748
Shares withheld related to net share settlement of restricted stock units (in shares)		(568)
Shares withheld related to net share settlement of restricted stock units	(22)		(22)
Stock-based compensation expense	137,720		137,720
Issuance of common stock under employee stock purchase plan (in shares)		333,564
Issuance of common stock under employee stock purchase plan	7,685		7,685
Purchase of capped calls	(40,883)		(40,883)
Settlement of capped calls	580		580
Net loss	$ (128,581)			(128,581)
Ending balance (in shares) at Dec. 31, 2024	93,469,721	93,469,721
Ending balance at Dec. 31, 2024	$ 633,218	$ 9	$ 1,044,366	$ (411,157)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss		$ (128,581)	$ (240,132)	$ (108,665)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Change in fair value of loans		125,002	190,320	170,841
Change in fair value of servicing assets		16,490	22,171	12,962
Change in fair value of servicing liabilities		(1,246)	(2,013)	(7,114)
Change in fair value of beneficial interest assets		5,151	21,672	0
Change in fair value of beneficial interest liabilities		12,568	4,817	0
Change in fair value of other financial instruments		4,130	(2,145)	(7,811)
Stock-based compensation		133,400	175,039	125,945
Gain on loan servicing rights, net		(15,449)	(13,713)	(28,739)
Gain on debt extinguishment		(33,361)	0	0
Depreciation and amortization		20,549	24,903	13,513
Loan premium amortization		(17,021)	(3,869)	0
Non-cash interest expense and other		3,217	3,057	3,047
Net changes in operating assets and liabilities:
Purchases of loans held-for-sale		(4,309,268)	(3,006,510)	(7,807,429)
Proceeds from sale of loans held-for-sale		4,101,937	2,514,627	6,828,617
Principal payments received for loans held-for-sale		192,889	189,746	152,018
Principal payments received for loans held by consolidated securitization		47,997	24,832	0
Payments on beneficial interest liabilities		(6,700)	(596)	0
Other assets		(8,690)	(8,932)	4,173
Operating lease liability and right-of-use asset		(807)	(6,822)	10,204
Payable to investors for beneficial interest assets	[1]	0	5,792	0
Accrued expenses and other liabilities		44,124	(3,956)	(19,422)
Net cash provided by (used in) operating activities		186,331	(111,712)	(657,860)
Cash flows from investing activities
Purchases and originations of loans held-for-investment		(323,096)	(157,223)	(149,298)
Proceeds from sale of loans held-for-investment		0	972	14,289
Principal payments received for loans held-for-investment		145,266	102,446	43,311
Principal payments received for notes receivable and repayments of residual certificates		5,917	4,328	6,736
Settlements of beneficial interest assets		(4,469)	0	0
Purchases of property and equipment		(837)	(1,527)	(8,825)
Capitalized software costs		(9,153)	(10,559)	(14,088)
Acquisition of beneficial interest assets		(63,284)	(56,892)	0
Proceeds from beneficial interest assets		11,930	0	0
Purchases of non-marketable equity securities		0	0	(1,250)
Purchase of certificates of deposit		0	0	(5,000)
Net cash used in investing activities		(237,726)	(118,455)	(114,125)
Cash flows from financing activities
Proceeds from warehouse borrowings		387,281	626,910	688,813
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender		913,440	0	0
Payment of debt issuance costs to third party		(3,945)	0	0
Repayments of warehouse borrowings		(357,352)	(575,937)	(400,898)
Payments for repurchases of convertible notes		(325,344)	0	0
Purchase of capped calls		(40,883)	0	0
Settlement of capped calls		580	0	0
Principal payments made on securitization notes		(55,368)	(23,320)	0
Payable to investors	[1]	12,385	(48,781)	(16,821)
Proceeds from issuance of securitization notes		0	165,318	0
Proceeds from issuance of common stock under employee stock purchase plan		7,685	8,431	7,662
Proceeds from exercise of stock options		21,414	12,881	12,354
Taxes paid related to net share settlement of equity awards		(22)	(15)	(16)
Repurchases of common stock		0	0	(177,883)
Net cash provided by financing activities		559,871	165,487	113,211
Change in cash, cash equivalents and restricted cash		508,476	(64,680)	(658,774)
Supplemental disclosures of cash flow information
Cash paid for interest		43,119	36,547	12,473
Cash (received) paid for income taxes, net		258	(658)	328
Supplemental disclosures of non-cash investing and financing activities
Settlement of borrowings in connection with loan sale		221,749	0	0
Securities retained under unconsolidated securitization transaction		13,001	13,172	4,680
Beneficial interests obtained in connection with loan sale		90,565	0	0
Capitalized stock-based compensation expense		4,320	6,666	5,960
Issuance costs of new convertible notes		(443)	0	0
Issuance of line of credit receivable		(54,780)	0	0
Securities retained under consolidated securitization transaction		0	44,763	0
Beneficial interest assets included in payable to investors		0	5,792	0
Cash and Restricted Cash
Cash and cash equivalents		788,422	368,405
Restricted cash		187,841	99,382
Total cash, cash equivalents and restricted cash		$ 976,263	$ 467,787	$ 532,467
[1]During the year ended December 31, 2024, the Company elected to change the presentation of changes in the payable to investors balance on the consolidated statement of cash flows, refer to “ Note 1. Description of Business and Significant Accounting Policies” for further details.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash, cash equivalents and restricted cash at beginning of year	$ 467,787	$ 532,467	$ 1,191,241
Cash, cash equivalents and restricted cash at end of year	$ 976,263	$ 467,787	$ 532,467

Description of Business and Sig

Description of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Description of Business and Significant Accounting Policies	Description of Business and Significant Accounting Policies Description of Business Upstart Holdings, Inc. and its subsidiaries (together “Upstart”, the “Company”, “management”, “we”, or “our”) apply artificial intelligence models and cloud applications to the process of underwriting consumer credit. The Company helps originate credit by providing lending partners with access to a proprietary, cloud-based, artificial intelligence lending marketplace. As the Company’s technology continues to improve and additional lending partners adopt the Upstart platform, consumers benefit from improved access to affordable and frictionless credit. The Company currently operates in the United States and is headquartered in San Mateo, California. The Company’s fiscal year ends on December 31. Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries, and consolidated VIEs. All intercompany accounts and transactions have been eliminated. The Company’s functional and reporting currency is the U.S. dollar. Reclassifications During the second quarter of 2024, the Company elected to change its presentation of changes in the payable to investors balance on the consolidated statement of cash flows. Payable to investors balance consists of a) liabilities associated with fiduciary cash that is temporarily held by the Company on behalf of our institutional investors and is presented within restricted cash on the consolidated balance sheets; and b) cash payable to investors for acquisitions or settlements of beneficial interests. Under the new presentation, the portion of the payable to investors balance related to fiduciary cash is reclassified from operating to financing activities within the consolidated statement of cash flows. There is no change in the presentation for the change in the payable to investors balance related to acquisition and settlements of beneficial interests. Comparative amounts have been reclassified to conform to the current year presentation. The following tables present the effects of the changes in presentation within the consolidated statements of cash flows: Year Ended December 31, 2022 As Previously Reported Adjustment As Adjusted Cash flows from operating activities Payable to investors $ (16,821) $ 16,821 $ — Payable to investors for beneficial interest assets — — — Net cash provided by (used in) operating activities (674,681) 16,821 (657,860) Cash flows from financing activities Payable to investors (1) — (16,821) (16,821) Net cash provided by (used in) financing activities $ 130,032 $ (16,821) $ 113,211 Year Ended December 31, 2023 As Previously Reported Adjustment As Adjusted Cash flows from operating activities Payable to investors $ (42,989) $ 42,989 $ — Payable to investors for beneficial interest assets — 5,792 5,792 Net cash provided by (used in) operating activities (160,493) 48,781 (111,712) Cash flows from financing activities Payable to investors (1) — (48,781) (48,781) Net cash provided by (used in) financing activities $ 214,268 $ (48,781) $ 165,487 ____________ (1) Related to liabilities associated with fiduciary cash that is temporarily held by the Company on behalf of our institutional investors. The reclassification had no impact on the consolidated balance sheets, consolidated statements of operations and comprehensive loss or consolidated statements of shareholders’ equity. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying consolidated financial statements, which management believes are critical in understanding and evaluating the Company’s reported financial results include: (i) fair value determinations; (ii) stock-based compensation; (iii) consolidation of VIEs; and (iv) the evaluation for impairment of goodwill and acquired intangible assets. The Company bases its estimates on various factors it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the results of operations reported in future years. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consists of deposits held with financial institutions in checking and interest-bearing deposit accounts as well as money market accounts. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Restricted cash primarily consists of deposit accounts that are held in our custody but restricted for regulatory or legal purposes. Restricted cash includes fiduciary funds received from borrowers for interest and principal applied to loans as part of loan servicing, but not yet distributed to institutional investors as well as collateral provided by institutional investors in relation to loan purchases. Restricted cash also consists of collateral for a letter of credit required under an operating lease agreement, cash received from borrowers for interest and principal applied to loans pledged to warehouse credit facilities, but not yet distributed to the Company, and cash balances restricted in connection with committed capital and other co-investment agreements. Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The price used to measure fair value is not adjusted for transaction costs. The principal market is the market in which the Company would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability, it is assumed that the Company has access to the market as of the measurement date. If no market for the asset exists, or if the Company does not have access to the principal market, a hypothetical market is used. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2— Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value on a recurring basis include loans, line of credit receivable, notes receivable and residual certificates, loan servicing assets and liabilities, derivatives, beneficial interests, payable to securitization note holders, and trailing fee liabilities. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. However, for certain instruments, the Company must utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in measuring fair value. In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon the Company’s own estimates, and the measurements reflect information and assumptions that management believes a market participant would use in pricing the asset or liability. Financial Instruments not Measured at Fair Value The Company’s financial instruments not measured at fair value consist primarily of cash and cash equivalents, restricted cash, and other assets (excluding certain financial instruments, which are measured at fair value, such as line of credit receivable, loan servicing assets, interest rate caps, notes receivable and residual certificates), accounts payable, payable to investors, and other liabilities (excluding certain financial instruments, such as loan servicing liabilities, beneficial interest liabilities, and trailing fee liabilities which are measured at fair value). Payable to investors includes amounts of loan repayments not yet distributed to institutional investors, as well as amounts received from institutional investors but not yet invested directly in whole loans. The carrying values of these financial instruments approximates their respective fair values due to their short-term nature. Borrowings are presented at par, net of debt issuance costs that are amortized over the contractual term using the effective interest method, with accrued interest included as part of accrued expenses and other liabilities on the consolidated balance sheets. The carrying value of borrowings associated with the warehouse credit facilities approximates the fair value due to their relatively short maturities. Variable Interest Entities A legal entity is considered a VIE if it has either a total equity investment that is insufficient to finance its operations without additional subordinated financial support or whose equity holders lack the characteristics of a controlling financial interest. The Company’s variable interests arise from contractual, ownership, or other monetary interests in the entity. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The Company determines it is the primary beneficiary if it has the power to direct activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits of the VIE that could be potentially significant to the VIE. The Company assesses whether or not it is the primary beneficiary of a VIE on an ongoing basis. Consolidated Securitization The Company elected the measurement alternative under Accounting Standards Codification (“ASC”) 810, Consolidation , and maximizes the use of observable inputs to estimate the fair value of the financial assets and liabilities of a consolidated securitization entity. Under the measurement alternative, the Company determined that the fair value of the liabilities, which consists of securitization notes and residual certificates issued by the entity, is based on more observable inputs than inputs used to determine the fair value of the assets, which consists of held-for-sale loans. Thus, the fair value of these loans is determined by the sum of the fair value of the related securitization notes and residual certificates. The fair value is corroborated with discounted cash flow that considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows on loans, discounted using an estimate of market rates of return. The value of residual certificates issued and retained by the Company is eliminated upon consolidation. Changes in the fair value of these assets and liabilities are included in the consolidated statements of operations and comprehensive loss. Transfer of Financial Assets Upstart-powered loans originated by lending partners are either retained by the lending partners, purchased by the Company and immediately sold to institutional investors under loan sale agreements, or purchased and held by the Company for a period of time before being sold to third-party investors, or held to maturity by the Company for the primary purpose of product research and development. Loans held on the Company’s consolidated balance sheets are classified as either held-for-investment or held-for-sale, and loans purchased for immediate resale to third-party investors are classified as held-for-sale. Immediate loan resales to institutional investors are accounted for as transfers of financial assets when the Company surrenders control of these loan assets. These sales typically occur shortly after the origination of the loans by the lending partner and the Company’s subsequent acquisition of the loans from the originating lending partner. Loans sold to institutional investors are derecognized from the Company’s consolidated balance sheets at the time of sale in accordance with the ASC 860, Transfers and Servicing . The Company records an asset or a liability at fair value for its estimated post-sale servicing arrangements. Loan Servicing Assets and Liabilities Loan servicing assets and liabilities are recognized at fair value when the Company transfers loans, which qualify as sales under ASC 860 with servicing rights retained or when the Company enters into servicing agreements with lending partners who retain Upstart-powered loans. A loan servicing asset or liability exists depending on whether the revenue from servicing is expected to more than adequately compensate the Company for carrying out its servicing obligations. Loan servicing assets and liabilities are recorded in other assets and accrued expenses and other liabilities, respectively, in the consolidated balance sheets, with changes in fair value recorded in servicing revenue, net, which is part of revenue from fees, net in the consolidated statements of operations and comprehensive loss. Refer to “ Note 2. Revenue ” for further details. Property, Equipment, and Software, Net Property, equipment, and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method over the estimated useful lives of the assets, which are generally three years for internally developed software, computer and networking equipment, and furniture and fixtures. Leasehold improvements are depreciated over the shorter of the remaining lease term or the estimated useful life. Internally developed software is capitalized upon completion of the preliminary project stage, when it becomes probable that the project will be completed, and the software will be used as intended. Capitalized costs primarily consist of salaries and payroll related costs for employees directly involved in development efforts. Costs related to the preliminary project stage and activities occurring after the implementation of the software are expensed as incurred. Costs incurred for software upgrades are capitalized if they result in additional functionalities or substantial enhancements. The Company evaluates its long-lived assets for potential impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When such an event occurs the carrying amount of the asset is reduced to its estimated fair value. Leases The Company determines if an arrangement is or contains a lease at inception. Operating leases are recorded on the consolidated balance sheets with right-of-use assets representing the right to use the underlying asset and lease liabilities representing the obligation to make lease payments. Right-of-use assets (“ROU”) and lease liabilities are recognized at lease commencement primarily based on the present value of lease payments over the lease term, and as necessary, at modification. The operating lease ROU assets also include any initial direct costs, lease payments made prior to lease commencement, and lease incentives received. Variable lease payments are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company’s lease terms are the non-cancelable period including any rent-free periods provided by the lessor and may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be exercised. Lease costs for lease payments are recognized on a straight-line basis over the lease term. As the rate implicit on the Company’s leases is not readily determinable, the Company uses its secured incremental borrowing rate to determine the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and in a similar economic environment. The Company has elected not to separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for any lease and non-lease components as a single lease component. The Company has immaterial leases with a term of 12 months or less. Derivative Financial Instruments The Company evaluates its contracts and financial instruments to determine if these contracts and instruments or their parts meet the definition of derivatives in accordance with the requirements of ASC 815, Derivatives and Hedging . Derivatives are recorded on the consolidated balance sheets at fair value with changes in the value recorded in earnings on the consolidated statements of operations and comprehensive loss, and are reported within the net cash used in operating activities in the consolidated statements of cash flows. The Company uses derivative financial instruments to manage risks related to our ongoing business operations, including managing interest rates on our warehouse facilities. The Company does not employ derivatives for trading or speculative purposes and has no derivatives classified as accounting hedges. Beneficial Interests Beneficial interests represent the Company’s right to receive cash payments from or an obligation to make cash payments to certain institutional investors and lending partners based on the credit performance of the underlying loan portfolios. The Company evaluates these arrangements to determine if they or their components meet the characteristics of derivative financial instruments. In certain arrangements, the Company is obligated to make payments to these third-parties or is entitled to receive payments from them if credit performance of the loans sold or originated under the arrangements deviates from initial expectations set at the time of loan sale or origination. These arrangements meet the definition of derivatives under ASC 815, Derivatives and Hedging , and are measured at their fair value. Under other arrangements, the Company makes an initial investment and is entitled to a portion of cash flows from repayments received over time on the underlying loan portfolios sold under theses arrangements. These cash flows vary depending on the demonstrated credit performance relative to our expectations. These arrangements are debt-like financial instruments with embedded derivatives related to the variability of demonstrated credit performance of underlying loan portfolios against initial expectations. The Company elected to account for these hybrid instruments at fair value under ASC 825, Financial Instruments . For all arrangements, changes in fair value and other adjustments are recognized on the consolidated statements of operations and comprehensive loss. Refer to “ Note 4. Beneficial Interests ” and “ Note 5. Fair Value Measurement ” for additional information. Non-marketable Equity Securities The Company’s strategic investments consists of non-marketable equity securities on the consolidated balance sheets which are investments in privately held companies. Non-marketable equity securities do not have a readily determinable fair value and are measured by the Company at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “measurement alternative”). Gains and losses on the investment, realized and unrealized, are recognized in other income (expense), net on our consolidated statements of operations and comprehensive loss and a new carrying value is established for the investment upon such recognition of the gains and losses. There have been no unrealized or realized gains and losses or impairments related to the non-marketable equity securities accounted for under the measurement alternative for the years presented. The determination of whether an orderly transaction is for an identical or similar investment requires significant management judgment. In its evaluation, the Company considers factors such as differences in the rights and preferences of the investment and the extent to which those differences would affect the fair value of the investment. In the event the Company identifies an observable price change from an orderly transaction for an identical or similar investment of the same issuer, the Company must estimate the fair value of its strategic investments using the most recent data available. The Company’s impairment analysis encompasses an assessment of both qualitative and quantitative factors. Business Combinations The Company accounts for business combinations using the acquisition method of accounting which requires the fair values of assets acquired and liabilities assumed to be recognized in the consolidated financial statements. Assets acquired and liabilities assumed in a business combination are recognized at their estimated fair value as of the acquisition date. The excess purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period, with the corresponding offset to goodwill. Acquisition-related costs, such as legal and consulting fees, are recognized separately from the business combination and are expensed as incurred. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired. Goodwill is reviewed for impairment annually, or more frequently if an event or a change in circumstances indicates that goodwill may be impaired. We first assess qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. Examples of qualitative factors include, but are not limited to, a significant adverse change in legal factors or in the business climate, a significant decline in our stock price, a significant decline in our projected revenue or cash flows, or the presence of other indicators that would indicate a reduction in the fair value of a reporting unit. If the Company concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative test is performed. We perform a quantitative goodwill impairment test by determining the fair value of the reporting unit and comparing it to the carrying value of the reporting unit. If the fair value of the reporting unit is greater than the reporting unit’s carrying value, then the carrying value of the reporting unit is deemed to be recoverable. If the carrying value of the reporting unit is greater than the reporting unit’s fair value, goodwill is impaired and written down to the reporting unit’s fair value. Acquired intangible assets are recorded at fair value on the date of acquisition and amortized on a straight-line basis over their estimated useful lives. Acquired intangible assets are presented net of accumulated amortization on the consolidated balance sheets. The Company reviews the carrying amounts of intangible assets for impairment whenever an event or change in circumstances indicates that the carrying amount of the assets may not be recoverable. We measure the recoverability of intangible assets by comparing the carrying amount of each asset to the future undiscounted cash flows we expect the asset to generate. Impairment is measured by the amount in which the carrying value of the asset exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of amortization. Revenue Recognition The Company’s revenue consists of two components: revenue from fees, net and interest income, interest expense, and fair value adjustments, net. The revenue from fees, net line item on the consolidated statements of operations and comprehensive loss is primarily comprised of platform and referral fees, net, which are recognized in accordance with ASC 606, Revenue from Contracts with Customers, and servicing and other fees, net, which are accounted for under ASC 860, Transfers and Servicing. Refer to “ Note 2. Revenue ” for further information. Operating Expenses Sales and Marketing Sales and marketing expenses primarily consist of costs incurred across various advertising channels, including expenses for partnerships with third-parties providing borrower referrals, direct mail and digital advertising campaigns, as well as other expenses associated with building overall brand awareness and experiential marketing costs. Sales and marketing expenses also include payroll and other personnel-related costs, including stock-based compensation expense, for related teams. These costs are recognized in the period incurred. Customer Operations Customer operations expenses include payroll and other personnel-related expenses, including stock-based compensation expense, for personnel engaged in onboarding, loan servicing, customer support and other related operational teams. These costs also include costs of third-party collection agencies and other systems and tools the Company uses as part of information verification, fraud detection, and payment processing activities. These costs are recognized in the period incurred. Engineering and Product Development Engineering and product development expenses primarily consist of payroll and other employee-related expenses, including stock-based compensation expenses, for the engineering and product development teams as well as the costs of systems and tools used by these teams. These costs are recognized in the period incurred. General, Administrative, and Other General, administrative, and other expenses consist primarily of payroll and other employee-related expenses, including stock-based compensation expense for legal and compliance, finance and accounting, human resources and facilities teams, as well as depreciation and amortization of property, equipment and software, professional services fees, facilities and travel expenses. These costs are recognized in the period incurred. Stock-Based Compensation The Company issues stock options and restricted stock units (“RSUs”) to employees and non-employees, including directors and third-party service providers, and employee stock purchase rights granted under the Company’s employee stock purchase plan (“ESPP”). The Company also had previously granted performance-based restricted stock units (“PRSUs”). Stock options and employee stock purchase rights granted under the ESPP are initially measured at fair value at the date of grant using the Black-Scholes option-pricing model. RSUs and restricted stock are measured at the fair market value of our common stock at the grant date. PRSUs are initially measured at fair value using a Monte Carlo simulation model. Stock-based compensation expenses are recognized based on their respective grant-date fair values. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures, such that the expense is recorded only for those awards that are expected to vest. Other Income, Net Other income, net primarily consists of dividend income earned by the Company on its unrestricted cash and cash equivalents balance which is recognized in the period earned. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance may be established to reduce the deferred tax asset to the level at which it is “more likely than not” that the tax asset or benefits will be realized. Realization of tax benefits of deductible temporary differences and operating loss carryforwards depends on having sufficient taxable income of an appropriate character within the carryback or carryforward periods. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon review by the taxing authority. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Net Loss Per Share The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the year to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the year had been distributed. Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the year. Diluted net loss per share is the amount of net loss available to each share of common stock outstanding during the reporting year, adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, unvested RSUs, purchase rights committed under the ESPP, and convertible debt. The calculation of diluted net loss per share excludes all anti-dilutive common shares. For years in which the Company reports net losses, basic and diluted net loss per share are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendments enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. The Company adopted this guidance effective for its 2024 Annual Report on Form 10-K and has made the required disclosures. Refer to “ Note 15. Segment Information ” for these disclosures. Recently Issued Accounting Pronouncements In Dec

Revenue

Revenue	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue from Fees, Net The Company disaggregates revenue from fees by type of service for the years presented as follows: Year Ended December 31, 2022 2023 2024 Revenue from fees, net: Platform and referral fees, net $ 732,237 $ 414,120 $ 502,411 Servicing and other fees, net 175,035 146,311 133,055 Total revenue from fees, net $ 907,272 $ 560,431 $ 635,466 Platform and Referral Fees, Net Lending Partners. The Company enters into contracts with lending partners to provide access to a cloud-based artificial intelligence lending marketplace developed by the Company (the “Upstart platform”) to enable lending partners to originate unsecured personal and secured auto refinance loans. The Upstart platform includes a cloud-based application (through Upstart.com or a lending partner-branded program) for submitting loan applications, verifying information provided within submitted applications, risk underwriting (through a series of proprietary technology solutions), delivery of electronic loan offers, and if the offer is accepted by the borrower, electronic loan documentation signed by the borrower. Lending partners can specify certain parameters of loans they are willing to originate. Under these contracts, lending partners can choose to use Upstart’s referral services, which allow them to access new borrowers through Upstart’s marketing channels. After origination, Upstart-powered loans are either retained by lending partners, purchased by the Company for immediate resale to institutional investors under loan sale agreements, or purchased and held by the Company. For loans not retained by the lending partners, the Company pays the lending partners a one-time loan premium fee upon completion of the minimum contractual holding period and a monthly loan trailing fee based on the amount and timing of principal and interest payments made by the borrowers of the underlying loans. Both the loan premium fees and loan trailing fees are consideration payable to customers, which are our lending partners, and are recorded as a reduction to platform and referral fees, net, which is part of revenue from fees, net, in the consolidated statements of operations and comprehensive loss. The Company recognized $27.7 million, $8.1 million, and $11.5 million of loan premium fees and loan trailing fees as contra-revenue within platform and referral fees, net during the years ended December 31, 2022, 2023 and 2024, respectively. The Company recognized $4.3 million and $4.6 million of loan trailing fee liability as of December 31, 2023 and 2024, which is recorded at fair value and included within accrued expenses and other liabilities on the Company’s consolidated balance sheets. Refer to “ Note 5. Fair Value Measurement ” for additional information on changes in fair value associated with trailing fee liabilities. The Company’s arrangements for platform and referral services typically consist of an obligation to provide one or both of these services to customers, on a when and if needed basis (a stand-ready obligation), and revenue is recognized as such services are performed. Additionally, the services have the same pattern and period of transfer, and when provided individually or together, are accounted for as a single combined performance obligation representing a series of distinct services. Platform and referral services are typically provided under a fixed or variable price per unit based on a percentage of the value of loans originated each period with certain lending partners subject to minimum fees; however, pricing for these services may also be based on usage fees, calculated as a percentage of each loan originated. The nature of the Company’s promise is to stand-ready and provide continuous access to and process transactions through the platform. Platform and referral fees represent variable consideration as loan origination volume is not known at contract inception. These fees are determined each time a loan is originated. Fees for platform and referral services are typically billed and paid on a monthly basis. As such, the Company’s contracts with customers do not include a significant financing component. Auto Dealerships. The Company enters into subscription agreements with auto dealerships to access Upstart Auto Retail software, a cloud-based solution that facilitates dealership operations and enables them to provide consumers with access to Upstart-powered auto loans. Subscription agreements generally have a contractual term of one amount, $3.8 million, and $5.4 million of subscription fee revenue for the years ended December 31, 2022, 2023 and 2024, respectively. The Company had $19.5 million and $19.0 million of accounts receivable that are included in other assets on the consolidated balance sheets related to contracts with customers as of December 31, 2023 and 2024, respectively. The standard payment terms on accounts receivable are 30 days. The Company’s allowance for bad debt and bad debt expense were immaterial for the years presented. The Company capitalizes incremental costs of obtaining a contract with a customer, which are certain sales commissions paid to employees in connection with the acquisition of lending partners. Capitalized costs are amortized over the expected period of benefit, which we have determined, based on an analysis, to be three years. The Company applies the practical expedient to expense costs to obtain contracts with customers if the amortization period is one year or less. As of December 31, 2023 and 2024, the Company had $2.7 million and $2.5 million of contract costs, respectively, capitalized within other assets on the consolidated balance sheets. During the years ended December 31, 2022, 2023 and 2024, the Company recognized an amortization expense of $2.8 million, $3.2 million, and an $3.2 million, respectively, of capitalized contracts costs to sales and marketing in the consolidated statements of operations and comprehensive loss for the years presented. Customers accounting for greater than 10% of total revenue were as follows: Year Ended 2022 2023 2024 Customer A 28% 23% 27% Customer B 45% 29% 26% Customer C * * 10% Customer D * 11% * Customers accounting for greater than 10% of accounts receivable were as follows: December 31, December 31, 2023 2024 Customer E * 15% Customer B 11% * Customer D 15% * * Less than 10% Servicing and Other Fees, Net The Company also enters into contracts with lending partners and institutional investors to provide loan servicing for the life of Upstart-powered loans. These services commence upon origination of these loans by lending partners and include collection, processing and reconciliations of payments received, institutional investor reporting and borrower customer support as well as distribution of funds to the holders of the loans. The Company charges the loan holder a monthly servicing fee calculated based on a predetermined percentage of the outstanding principal balance. Servicing fees also include certain ancillary fees charged on a per transaction basis for processing late payments and payments declined due to insufficient funds. Servicing fees are recognized in the period the services are provided. Loan servicing fees are not within the scope of ASC 606, Revenue from Contracts with Customers , and are accounted for under ASC 860, Transfers and Servicing . The Company charges lending partners and institutional investors for collection agency fees related to their outstanding loan portfolio. The Company either performs borrower collection activities in-house, or outsources to third-party collection agencies particularly for loans that are more than 30 days past due or charged off. The Company has discretion in hiring the collection agencies and determining the scope of their work. As the principal in the arrangement, the Company recognizes gross revenue from collection agency fees in the period that the services are provided. Upstart also receives certain ancillary borrower fees inclusive of late payment fees and ACH fail fees. The total fees charged by collection agencies are recognized in the period incurred and reported as part of customer operations expenses. Servicing and other fees, net also includes gains and losses on assets and liabilities recognized under loan servicing arrangements for loans retained by lending partners or loans sold to institutional investors. Such gains or losses are recognized based on whether the benefits of servicing are expected to be more or less than adequate compensation for servicing obligations performed by the Company. Servicing fees also include changes in fair value of loan servicing assets and liabilities. Refer to “ Note 5. Fair Value Measurement ” for additional information on changes in fair value associated with servicing assets and liabilities. The following table presents the components of servicing and other fees, net as part of revenue from fees, net in the Company’s consolidated statements of operations and comprehensive loss: Year Ended December 31, 2022 2023 2024 Servicing fees $ 115,742 $ 107,008 $ 89,323 Borrower fees 25,208 29,139 26,444 Collection agency fees 10,519 15,865 16,405 Other fees 675 743 677 Net gain (loss) on servicing rights and fair value adjustments 22,891 (6,444) 206 Total servicing and other fees, net $ 175,035 $ 146,311 $ 133,055 Interest Income, Interest Expense, and Fair Value Adjustments, Net Interest income, interest expense, and fair value adjustments, net is comprised of interest income, interest expense and net changes in the fair value of financial instruments held in the Company’s normal course of business at fair value, including loans, derivatives, beneficial interests, notes receivable and residual certificates, trailing fee liabilities, payable to securitization note holders, and line of credit receivable. The following table presents components of the interest income, interest expense, and fair value adjustments, net presented in the Company’s consolidated statements of operations and comprehensive loss: Year Ended December 31, 2022 2023 2024 Interest income (1) $ 105,580 $ 168,996 $ 186,360 Interest expense (1) (10,843) (34,894) (40,433) Fair value and other adjustments, net: Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net (1) (101,422) (130,440) (111,175) Realized loss on sale of loans, net (58,143) (24,042) (15,983) Fair value adjustments and realized losses on beneficial interests, net — (26,489) (17,707) Total fair value and other adjustments, net (159,565) (180,971) (144,865) Total interest income, interest expense, and fair value adjustments, net $ (64,828) $ (46,869) $ 1,062 __________ (1) Includes interest income, interest expense and unrealized loss on loans, loan charge-offs, and other fair value adjustments, net related to the consolidated securitization as follows: Year Ended December 31, 2022 2023 2024 Interest income, interest expense, and fair value adjustments, net related to consolidated securitization: Interest income $ — $ 19,697 $ 28,968 Interest expense — (6,733) (9,598) Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net — (5,496) (29,396) Total interest income, interest expense, and fair value adjustments, net $ — $ 7,468 $ (10,026) Interest Income Interest income is recognized based on the terms of the underlying agreements with borrowers for loans and line of credit receivable held on the Company’s consolidated balance sheets and is earned over the life of a loan or a line of credit receivable. Interest income also includes accrued interest earned on outstanding loans and line of credit receivable but not collected. Home equity lines of credit (“HELOCs”) that have reached a delinquency over 180 days and all other loans and line of credit receivable that have reached a delinquency over 120 days are charged off and do not accrue interest. The Company does not record an allowance for credit losses on accrued interest receivable. As of December 31, 2023 and 2024, the Company has recorded $14.2 million and $8.2 million of accrued interest income in loans Interest Expense Interest expense is primarily related to interest recorded on the Company’s borrowings on warehouse credit facilities and interest expense related to the consolidated securitization. Interest expense includes accrued interest incurred but not paid. Interest expense also includes changes in fair value of the interest rate caps. Refer to “ Note 9. Interest Rate Cap Arrangements ” for additional information. Accrued interest expenses for the warehouses were immaterial as of December 31, 2023 and 2024. Fair Value and Other Adjustments, Net Fair value and other adjustments, net include changes in fair value of financial instruments, other than loan servicing assets and liabilities and interest rate caps. These adjustments are recorded in the Company’s consolidated statements of operations and comprehensive loss and include both realized and unrealized changes to the value of related assets and liabilities. Refer to “ Note 5. Fair Value Measurement ” for additional information. Fair value and other adjustments, net also includes amounts received from borrowers for previously charged-off loans held on the Company’s consolidated balance sheets. These amounts are recognized in the period when amounts are received. Amounts received from borrowers for previously charged-off loans were immaterial,$7.2 million, and $14.6 million for the years ended December 31, 2022, 2023 and 2024, respectively.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Consolidated VIEs The Company consolidates VIEs in which the Company has a variable interest and is determined to be the primary beneficiary. This determination is based on whether the Company has a variable interest (or combination of variable interests) that provides the Company with both (a) the power to direct the activities that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE. The Company continually reassesses whether it is the primary beneficiary of a VIE throughout the entire period the Company is involved with the VIE. The Company also determines whether decision-maker or service-provider fees are variable interests. Decision-maker or service-provider fees are not considered variable interests when the arrangement does not expose the Company to risks of loss that a potential VIE was designed to pass on to its variable interest holders, the fees are commensurate, the arrangement is at market, and the Company does not have any other interests (including direct interests and certain indirect interests held through related parties) that absorb more than an insignificant amount of a VIE’s potential variability. This determination can have a significant impact on the Company’s consolidation analysis, as it could affect whether a legal entity is a VIE and whether the Company is the primary beneficiary of a VIE. When the Company’s decision-maker or service-provider fee is not a variable interest, the Company is viewed as acting as a fiduciary for the potential VIE. The following tables present a summary of financial assets and liabilities from the Company’s involvement with consolidated VIEs: December 31, 2023 Assets Liabilities Net Assets Consolidated securitization $ 187,258 $ 141,420 $ 45,838 Consolidated warehouse entities 645,455 388,681 256,774 Other consolidated VIEs 362,680 851 361,829 Total consolidated VIEs $ 1,195,393 $ 530,952 $ 664,441 December 31, 2024 Assets Liabilities Net Assets Consolidated securitization $ 109,739 $ 87,322 $ 22,417 Consolidated warehouse entities 430,887 196,982 233,905 Other consolidated VIEs 271,483 3,270 268,213 Total consolidated VIEs $ 812,109 $ 287,574 $ 524,535 Consolidated Securitization On July 6, 2023, the Company completed a private securitization securities offering (“UPST 2023-2”). As a retaining sponsor of the transaction, under risk retention requirements in Title 17 U.S. Code of Federal Regulations Part 246, Credit Risk Retention, promulgated by the SEC, the Company is required to retain at least 5% of the economic risk in UPST 2023-2. The Company elected to satisfy the risk retention requirements by holding eligible vertical retained interests in the form of a combination of securitization notes and residual certificates. The Company has also retained the remainder of the residual certificates issued as part of the transaction. The Company was the sole contributor of the collateral, which included $204.7 million outstanding principal balance of Upstart-powered loans held by the Company. The weighted-average coupon of the securitization notes issued was approximately 9.2%, and their sale generated approximately $165.3 million in gross cash proceeds. These proceeds and payments made on securitization notes are classified as financing activities in the consolidated statement of cash flows. The retained interests in UPST 2023-2 held by the Company were deemed to potentially absorb more than an insignificant amount of expected losses or expected returns at the inception of the securitization transaction. The Company, as servicer, also has the power to direct the activities that most significantly impact the economics of the entities associated with the UPST 2023-2 securitization, and as such, the Company determined it was the primary beneficiary and consolidated the entities associated with UPST 2023-2. The loans held in the consolidated securitization trust are classified as held-for-sale and included in loans, at fair value, and the notes sold to third-party investors are recorded at fair value as payable to securitization note holders on the consolidated balance sheets. Refer to “ Note 5. Fair Value Measurement ” for additional information on determination of fair value of these assets and liabilities. The value of the residual certificates issued as part of the securitization and retained by the Company was eliminated as part of the consolidation. Warehouse Entities The Company established various entities deemed to be VIEs to enter into warehouse credit facilities for the purpose of purchasing Upstart-powered loans. Refer to “ Note 8. Borrowings ” for additional information. These entities are Delaware statutory trusts that are structured to be bankruptcy-remote, with third-party banks operating as trustees. Other Consolidated VIE The Company has formed a number of VIEs for the purpose of holding Upstart-powered loans that are not pledged or eligible to be pledged to the Company’s warehouse credit facilities. In addition, the Company has formed consolidated VIEs for the purpose of holding restricted cash or loans as collateral in connection with committed capital and other co-investment arrangements. Unconsolidated VIEs The Company’s transactions with unconsolidated VIEs include securitizations of unsecured personal whole loans and sales of whole loans to VIEs, including loan sales under its committed capital and other co-investment arrangements. Refer to “ Note 4. Beneficial Interests ” for additional information on unconsolidated VIEs related to committed capital and other co-investment arrangements. Securitizations While the Company continues to be involved with the unconsolidated VIEs in its role as the sponsor and the servicer of securitization transactions, the Company has determined that it is not the primary beneficiary of these entities. The Company’s unconsolidated VIEs include entities established as the issuers and grantor trusts for various securitization transactions. In cases where the VIEs are not consolidated and the transfer of the loans from the Company to the securitization trust meets sale accounting criteria, the Company recognizes a gain or loss on sales of loans. The net proceeds of the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction. The assets are transferred into a trust such that the assets are legally isolated from the creditors of the Company and are not available to satisfy obligations of the Company. These assets can only be used to settle obligations of the underlying securitization trusts. During the year ended December 31, 2023, the Company exercised clean up calls related to two historical unconsolidated securitizations and subsequently liquidated the associated entities. As part of the clean up calls, the Company, as servicer, repurchased the remaining collateral and received the cash reserve amounts held by the related entities. Additionally, during the year ended December 31, 2024, the Company exercised clean up calls related to two unconsolidated securitizations and subsequently liquidated the associated entities. The clean up calls had no material impact on the consolidated financial statements of the Company for the years presented. The following tables summarize the aggregate value of assets and liabilities of unconsolidated VIEs associated with securitizations in which the Company holds a variable interest but is not the primary beneficiary: December 31, 2023 Assets (1) Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 445,929 $ 319,357 $ 126,572 $ 20,885 _________ (1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs. December 31, 2024 Assets (1) Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 507,666 $ 363,890 $ 143,776 $ 25,774 _________ (1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs. The Company’s maximum exposure to loss from its involvement with unconsolidated VIEs represents the value of securities retained and cash deposits made under the risk retention requirements for the related securitizations and estimates the loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is remote. The carrying value of assets that relate to variable interests in unconsolidated VIEs consists of $14.8 million and $22.1 million of securitization notes and residual certificates that are carried at fair value and included in other assets on the consolidated balance sheets as of December 31, 2023 and 2024, respectively. The Company also had $6.0 million and $3.7 million of cash deposits held as reserve accounts for related securitizations, included in other assets on the consolidated balance sheets as of December 31, 2023 and 2024, respectively. For securitization transactions where the Company is not the risk retaining sponsor, and servicing is the only form of continuing involvement, the Company would only experience a loss if it were required to repurchase a loan due to a breach in representations and warranties and is not able to collect all repayments, refer to “ Note 12. Commitments and Contingencies ” for further information.

Beneficial Interests

Beneficial Interests	12 Months Ended
	Dec. 31, 2024
Beneficial Interests [Abstract]
Beneficial Interests	Beneficial Interests The Company’s beneficial interests are associated with committed capital and other co-investment arrangements with a number of third-party institutional investors and lending partners, in which the Company puts certain amounts of assets at risk. The risk is subject to a dollar cap, which represents the Company’s maximum exposure to losses in each particular arrangement. In certain arrangements, the Company is obligated to make payments to these third-parties or is entitled to receive payments from them if credit performance of the loans sold or originated under the arrangements deviates from initial expectations set at the time of loan sale or origination. These arrangements meet the definition of derivatives under ASC 815 and can produce an asset or a liability depending on the credit performance of the underlying loan portfolio as of the reporting date, which are settled periodically in cash based on contractual terms. Under other arrangements, the Company makes an initial investment and is entitled to a portion of cash flows from repayments received over time on the underlying loan portfolios sold under theses arrangements. These cash flows vary depending on the demonstrated credit performance relative to our expectations. These arrangements are debt-like financial instruments with embedded derivatives related to the variability of demonstrated credit performance of underlying loan portfolios against initial expectations. The Company accounts for these derivatives and hybrid instruments at fair value under ASC 815 and ASC 825, respectively. Refer to “ Note 5. Fair Value Measurement ” for additional information. Beneficial interests represent the value of the future cash flows as part of these arrangements, discounted to the present value based on expected performance. The following table presents the aggregate outstanding principal balance of the underlying loan portfolios as well as the fair value of beneficial interest assets, by type, which collectively are presented as a separate asset line item on the consolidated balance sheets, and beneficial interest liabilities, which are presented in other liabilities on the consolidated balance sheets. December 31, 2023 December 31, 2024 Outstanding Principal Balance Fair Value Outstanding Principal Balance Fair Value Beneficial interest assets (hybrid instruments) $ 958,870 $ 41,012 $ 2,214,535 $ 168,091 Beneficial interest assets (derivatives) $ — $ — $ 1,943,215 $ 8,757 Total beneficial interest assets $ 958,870 $ 41,012 $ 4,157,750 $ 176,848 Beneficial interest liabilities (derivatives) $ 769,102 $ 4,221 $ 1,091,538 $ 10,089 The Company recognizes beneficial interests at fair value with changes reported as part of the fair value and other adjustments on the consolidated statements of operations and comprehensive loss . The table below presents losses recognized on beneficial interests during the following years: Year Ended 2022 2023 2024 Fair value adjustments and realized losses on beneficial interests, net $ — $ (26,489) $ (17,707) The Company’s beneficial interests are associated with entities that meet the definition of a VIE or are evaluated under the voting interest model. The Company has variable interests in certain entities established in relation to its committed capital and co-investment arrangements, including purchaser trusts, which are unconsolidated VIEs. While the Company holds variable interests in these unconsolidated VIEs through committed capital and co-investment arrangements and as the servicer of the loans sold, the Company does not have the power to direct the activities that most significantly impact the VIE’s economic performance and has determined that it is not the primary beneficiary of these entities. The Company additionally holds loans as collateral in connection with committed capital and other co-investment arrangements in a consolidated VIE. Refer to “ Note 3. Variable Interest Entities ” for additional information. While held as collateral, these loans are ineligible to be sold and are classified as held-for-investment on the Company's consolidated balance sheets. The contractual terms of committed capital and other co-investment arrangements also determine the Company’s maximum exposure to losses and dictate types of assets the Company puts at risk. The Company’s maximum exposure to loss from its involvement with these arrangements estimates the loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is remote. The following table presents the Company’s aggregate maximum exposure to losses by asset type under these arrangements: December 31, December 31, 2023 2024 Unrestricted cash $ 23,789 $ 85,105 Restricted cash 12,064 84,065 Beneficial interests 62,684 204,814 Other assets - Line of credit receivable (1) — 54,780 Loans (1) — 30,579 Total $ 98,537 $ 459,343 __________ (1) Represents the unpaid principal balance

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement The following table presents assets and liabilities measured at fair value and categorized in accordance with the fair value hierarchy: December 31, December 31, Level 2023 2024 Assets Loans 3 $ 1,156,413 $ 806,304 Beneficial interest assets 3 41,012 176,848 Line of credit receivable 3 — 56,269 Loan servicing assets 3 28,092 27,439 Notes receivable and residual certificates 3 14,847 22,055 Interest rate caps (1) 2 5,958 1,864 Total assets $ 1,246,322 $ 1,090,779 Liabilities Payable to securitization note holders 3 $ 141,416 $ 87,321 Beneficial interest liabilities 3 4,221 10,089 Trailing fee liabilities 3 4,251 4,614 Loan servicing liabilities 3 2,038 1,180 Total liabilities $ 151,926 $ 103,204 __________ (1) The fair value of interest rate caps is determined based on the present value of the estimated future cash flows over the contract term using observable market-based inputs as of the valuation date, including implied interest rates. Financial instruments are categorized in the fair value hierarchy based on the significance of unobservable inputs and assumptions in the overall fair value measurement. Financial instruments classified as Level 3 within the fair value hierarchy do not trade in an active market with readily observable prices. The Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the years presented. Loans Loans included in the Company’s consolidated balance sheets are classified as either held-for-sale or held-for-investment based on the Company’s intent and ability to sell the loans prior to maturity. From time to time, the Company transfers loans between the classification categories based on changes in the Company’s intent and ability. Loans held in the consolidated securitization include loans contributed as collateral to and held in the consolidated securitization (UPST 2023-2) and are classified as held-for-sale. The following table presents the fair value of classes of loans included in the Company’s consolidated balance sheets as of December 31, 2023 and 2024: December 31, December 31, 2023 2024 Loans held-for-sale $ 830,574 $ 405,812 Loans held-for-investment 146,768 297,543 Loans held in consolidated securitization 179,071 102,949 Total $ 1,156,413 $ 806,304 Valuation Methodology Loans held-for-sale and held-for-investment are measured at estimated fair value using a discounted cash flow model. The fair valuation methodology considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows on loans. Net cash flows are discounted using an estimate of market rates of return. The fair value of these loans also includes accrued interest. The Company elected the measurement alternative under Topic 810, Consolidation , and maximizes the use of observable inputs to estimate the fair value of the financial assets and liabilities of UPST 2023-2. Under the measurement alternative, the Company determined that inputs and market data used to determine the value of UPST 2023-2 liabilities, which consist of securitization notes and residual certificates issued as part of this securitization, are more observable than those used to measure fair value of UPST 2023-2 financial assets, which consist of held-for-sale loans contributed as collateral. Thus, the loans are measured based on the sum of the fair value of the UPST 2023-2 securitization notes and residual certificates, with changes in fair value included in the consolidated statements of operations and comprehensive loss. The fair value is also corroborated with discounted cash flow that considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows on loans, discounted using an estimate of market rates of return as disclosed below in the Significant Inputs and Assumptions section. The fair value of loans in consolidated securitization also includes accrued interest. Significant Inputs and Assumptions The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loans held-for-investment and held-for-sale, excluding loans held in consolidated securitization: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Discount rate 9.63 % 23.22 % 12.06 % 9.75 % 22.37 % 11.91 % Credit risk rate 0.01 % 93.10 % 17.66 % 0.01 % 93.12 % 17.87 % Prepayment rate 0.13 % 95.80 % 36.52 % 0.45 % 89.07 % 33.07 % _________ (1) Unobservable inputs were weighted by relative fair value. The following table presents quantitative information about the significant unobservable inputs implied for the Company’s Level 3 fair value measurements for loans held in consolidated securitization, which is determined by the sum of the fair value of the related securitization notes and residual certificates, and corroborated with a discounted cash flow model, similar to the one used for other loans held on the consolidated balance sheet: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Discount rate 6.85 % 16.00 % 9.99 % 5.96 % 15.25 % 9.59 % Credit risk rate 0.61 % 37.70 % 15.51 % 0.67 % 37.70 % 15.66 % Prepayment rate 6.66 % 89.84 % 42.73 % 6.73 % 89.84 % 41.51 % _________ (1) Unobservable inputs were weighted by relative fair value. Discount rates –The discount rates are rates of return used to discount future expected cash flows to arrive at a present value, which represents the fair value. The discount rates used for the projected net cash flows are the Company’s estimates of the rates of return that market participants would require when investing in these financial instruments with cash flows dependent on credit quality of the related loan. A risk premium component is implicitly included in the discount rates to reflect the amount of compensation market participants require due to the uncertainty inherent in the instruments’ cash flows resulting from risks such as credit and liquidity. Credit risk rates –The credit risk rates are an estimate of the net cumulative principal payments that will not be repaid over the entire life of a financial instrument. The credit risk rates are expressed as a percentage of the original principal amount of the instrument. The estimated net cumulative loss represents the sum of the net losses estimated to occur each month of the life of the instrument, net of the average recovery expected to be received. Prepayment rates –Prepayment rates are an estimate of the cumulative principal prepayments that will occur over the entire life of a loan as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments impacts the projected balances and expected terms of the loans. Significant Recurring Level 3 Fair Value Input Sensitivity The following table presents the sensitivity of the fair value of loans held-for-sale and held-for-investment, excluding the loans in consolidated securitization, to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and 2024: December 31, December 31, 2023 2024 Fair value of loans held-for-sale and held-for-investment $ 977,342 $ 703,355 Discount rates 100 basis point increase (11,680) (9,048) 200 basis point increase (23,127) (17,881) Expected credit loss rates on underlying loans 10% adverse change (12,453) (9,135) 20% adverse change (24,979) (18,129) Expected prepayment rates 10% adverse change (1,884) (1,899) 20% adverse change (3,756) (3,783) The following table presents the sensitivity of the fair value of loans in consolidated securitization to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and 2024: December 31, December 31, 2023 2024 Fair value of loans held in consolidated securitization $ 179,071 $ 102,949 Discount rates 100 basis point increase (2,413) (1,144) 200 basis point increase (4,785) (2,269) Expected credit loss rates on underlying loans 10% adverse change (2,669) (1,799) 20% adverse change (5,227) (3,577) Expected prepayment rates 10% adverse change (1,625) (774) 20% adverse change (3,234) (1,521) Rollforward of Level 3 Fair Values The following tables include a rollforward of the loans classified within Level 3 of the fair value hierarchy: Loans Held-for- Loans Held-for-Investment Loans Held in Consolidated Securitization Total Fair value at December 31, 2022 $ 882,810 $ 127,611 $ — $ 1,010,421 Transfer of loans to consolidated securitization (1) (209,968) — 209,968 — Purchases and originations of loans (2)(3) 1,676,146 157,223 — 1,833,369 Sale of loans (2) (1,241,233) — — (1,241,233) Purchase of loans for immediate resale (2) 1,330,364 — — 1,330,364 Immediate resale of loans (2) (1,330,364) — — (1,330,364) Repayments received (2) (202,982) (89,210) (24,832) (317,024) Charge-offs and changes in fair value recorded in earnings (74,952) (53,304) (6,065) (134,321) Other changes 753 4,448 — 5,201 Fair value at December 31, 2023 $ 830,574 $ 146,768 $ 179,071 $ 1,156,413 Reclassification of loans (2) (7,201) 7,201 — — Purchases and originations of loans (2)(3) 2,224,563 323,069 — 2,547,632 Sale of loans (2) (2,342,018) — — (2,342,018) Purchase of loans for immediate resale (2) 2,087,810 — — 2,087,810 Immediate resale of loans (2) (2,087,810) — — (2,087,810) Repayments received (2) (201,106) (137,050) (47,997) (386,153) Charge-offs and changes in fair value recorded in earnings (92,687) (59,862) (28,125) (180,674) Other changes (6,313) 17,417 — 11,104 Fair value at December 31, 2024 $ 405,812 $ 297,543 $ 102,949 $ 806,304 _________ (1) Represents the fair value. (2) Represents the principal balance. (3) Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the years ended December 31, 2023 and 2024. The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due included in the consolidated balance sheets: Loans Loans > 90 Days Past Due December 31, December 31, December 31, December 31, 2023 2024 2023 2024 Outstanding principal balance $ 1,182,577 $ 858,440 $ 15,310 $ 11,236 Net fair value and accrued interest adjustments (26,164) (52,136) (12,260) (9,638) Fair value (1) $ 1,156,413 $ 806,304 $ 3,050 $ 1,598 _________ (1) Includes $343.1 million and $285.5 million of auto loans at fair value as of December 31, 2023 and 2024, respectively, of which $2.8 million and an immaterial amount are 90 days or more past due as of December 31, 2023 and 2024, respectively. Also includes an immaterial amount of HELOCs at fair value as of December 31, 2023 and $54.3 million as of December 31, 2024, of which immaterial loans are 90 days or more past due as of either period. The Company charges off HELOCs that have reached a delinquency of 180 days past due and all other loans at 120 days past due. Any accrued interest recorded in relation to these loans is reversed in the respective period when charge-off occurs. In connection with one of its committed capital and other co-investment arrangements, the Company issued a revolving line of credit receivable to a third-party, which is classified as held-for-investment and presented within other assets on the Company’s consolidated balance sheets. As of December 31, 2024, the fair value of the line of credit receivable was $56.3 million. The Company held no line of credit receivable as of December 31, 2023. Valuation Methodology The line of credit receivable is measured at estimated fair value using a discounted cash flow model. The model is based on the expected monthly outstanding balance of the line of credit receivable over the life of the agreement and considers the present creditworthiness of the counterparty and the difference between current interest rates and the stated interest rate. Cash flows are discounted using an estimate of market rates of return. The fair value of the line of credit receivable also includes accrued interest. Significant Inputs and Assumptions The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to the line of credit receivable: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average Minimum Maximum Weighted-Average Discount rate * * * 6.75 % 6.75 % 6.75 % _________ * Not applicable Discount rate –The discount rate is the rate of return used to discount future expected cash flows to arrive at a present value, which represents the fair value. The discount rate used for the projected net cash flows are the Company’s estimate of the rate of return that market participants would require when investing in this financial instrument with cash flows dependent on credit quality of the related loan. A risk premium component is implicitly included in the discount rate to reflect the amount of compensation market participants require due to the uncertainty inherent in the instrument’s cash flows resulting from risks such as credit and liquidity of the counterparty. Significant Recurring Level 3 Fair Value Input Sensitivity The fair value sensitivity of the line of credit receivable to adverse changes in key assumptions do not result in a material impact on the Company’s financial position or results of operations. Rollforward of Level 3 Fair Values The following table presents a rollforward of the line of credit receivable classified by the Company within Level 3 of the fair value hierarchy: Line of Credit Receivable Fair value at December 31, 2023 $ — Issuances 54,780 Changes in fair value recorded in earnings 1,173 Changes in accrued interest 316 Fair value at December 31, 2024 $ 56,269 Assets and Liabilities related to Securitization Transactions As of December 31, 2023 and 2024, the Company held notes receivable and residual certificates with an aggregate fair value of $14.8 million and $22.1 million, respectively, within other assets on the Company’s consolidated balance sheets. The balances consist of securitization notes and residual certificates retained from unconsolidated securitization transactions. As of December 31, 2023 and 2024, the Company recognized payables to securitization note holders of $141.4 million and $87.3 million at fair value, respectively. The balance represents the value of the securitization notes issued and owned by third-party investors in connection with UPST 2023-2. The value of the UPST 2023-2 securitization notes and residual certificates retained by the Company is eliminated in the consolidation process. Valuation Methodology The Company prioritizes the use of observable inputs in estimating the fair value of notes receivable and residual certificates and payable to securitization note holders when available. When market activity for these financial instruments is not observable, the fair value is determined using a discounted cash flow methodology. This approach uses assumptions of projected cash flows of the underlying collateral loan pools adjusted for features of these securities, which reflect the Company’s best estimates of the assumptions a market participant would use to determine fair value. Significant Inputs and Assumptions The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to note receivable, residual certificates, and payable to securitization note holders: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Notes receivable and residual certificates Discount rate 9.99 % 23.22 % 12.74 % 9.60 % 22.37 % 12.59 % Credit risk rate 0.48 % 50.69 % 16.32 % 0.54 % 50.28 % 19.00 % Prepayment rate 6.36 % 89.46 % 43.14 % 4.61 % 94.53 % 35.72 % Payable to securitization note holders Discount rate 6.85 % 12.30 % 8.48 % 5.96 % 10.98 % 8.52 % Credit risk rate 0.61 % 37.70 % 15.51 % 0.67 % 37.70 % 15.66 % Prepayment rate 6.66 % 89.84 % 42.73 % 6.73 % 89.84 % 41.51 % _________ (1) Unobservable inputs were weighted by relative fair value. Significant Recurring Level 3 Fair Value Input Sensitivity Notes Receivable and Residual Certificates Adverse changes in discount rates, credit risk rates, or prepayment rates do not result in a material impact to the fair value of notes receivable and residual certificates as of December 31, 2023 and 2024. Payable to Securitization Note Holders The fair value of the payable to securitization note holders is sensitive to adverse changes in discount rates, which represent estimates of the rates of return that institutional investors would require when investing in financial instruments with similar risk and return characteristics. On average, a hypothetical 100 and 200 basis point increase in discount rates results in a decrease in fair value of payable to securitization note holders of $1.9 million and $3.7 million, respectively, as of December 31, 2023 and do not result in a material impact in the fair value of payable to securitization note holders as of December 31, 2024. Adverse changes in credit risk rates and expected prepayment rates do not result in a material impact to the fair value of payable to securitization note holders as of December 31, 2023 and 2024. Rollforward of Level 3 Fair Values The following tables include a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy: Notes Receivable and Residual Certificates Payable to Securitization Note Holders Fair value at December 31, 2022 $ 6,181 $ — Additions 13,172 165,318 Repayments and settlements (4,328) (23,320) Changes in fair value recorded in earnings (178) (582) Fair value at December 31, 2023 $ 14,847 $ 141,416 Additions 13,001 $ — Repayments and settlements (5,917) $ (55,368) Changes in fair value recorded in earnings 124 $ 1,273 Fair value at December 31, 2024 $ 22,055 $ 87,321 Loan Servicing Assets and Liabilities As of December 31, 2023 and 2024, the Company’s loan servicing assets had a fair value of $28.1 million and $27.4 million, respectively, recorded within other assets on the consolidated balance sheets. As of December 31, 2023 and 2024, the Company’s loan servicing liabilities had a fair value of $2.0 million and $1.2 million, respectively, recorded within accrued expenses and other liabilities on the consolidated balance sheets. Valuation Methodology Loan servicing assets and liabilities are measured at estimated fair value using a discounted cash flow model. The cash flows in the valuation model represent the difference between the contractual servicing fees charged to institutional investors and an estimated market servicing fee. Since contractual servicing fees are generally based on the monthly outstanding principal balance of the underlying loans, the expected cash flows in the model incorporate estimates of net losses and prepayments. Significant Inputs and Assumptions The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loan servicing assets and liabilities: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Discount rate 13.00 % 20.00 % 16.89 % 13.00 % 20.00 % 17.14 % Credit risk rate 0.05 % 88.42 % 14.93 % 0.08 % 61.96 % 16.05 % Market-servicing rate (2)(3) 0.62 % 3.72 % 0.62 % 0.62 % 3.70 % 0.62 % Prepayment rate 1.05 % 96.90 % 41.05 % 2.17 % 96.90 % 36.43 % _________ (1) Unobservable inputs were weighted by relative fair value. (2) Excludes ancillary fees that would be passed on to a third-party servicer. (3) Expressed as a percentage of the outstanding principal balance for auto loans of 3.72% and 3.70% as of December 31, 2023 and 2024, respectively and 0.62% for personal loans as of both December 31, 2023 and 2024. Discount rates –The discount rates are the Company’s estimate of the rates of return that market participants in servicing rights would require when investing in similar servicing rights. Discount rates for servicing rights on existing loans are adjusted to reflect the time value of money and a risk premium intended to reflect the amount of compensation market participants would require due to the uncertainty associated with these instruments’ cash flows. Credit risk rate s–The credit risk rates are the Company’s estimate of the net cumulative principal payments that will not be repaid over the entire life of a loan expressed as a percentage of the original principal amount of the loan. The assumption regarding net cumulative losses impacts the projected balances and expected terms of the loans, which are used to project future servicing revenues. Market-servicing rates –Market-servicing rate is an estimated measure of adequate compensation for a market participant, if one was required. The rate is expressed as a fixed percentage of outstanding principal balance per annum. The estimate considers the profit that would be demanded in the marketplace to service the portfolio of outstanding loans subject to the Company’s servicing agreements. Prepayment rates –Prepayment rates are the Company’s estimate of the cumulative principal prepayments that will occur over the entire life of a loan as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments impacts the projected balances and expected terms of the loans, which are used to project future servicing revenues. Significant Recurring Level 3 Fair Value Input Sensitivity The table below presents the fair value sensitivity of loan servicing assets to adverse changes in key assumptions. The fair value of loan servicing assets and liabilities is not sensitive to adverse changes in discount rates and prepayment rates as such changes do not result in a material impact on the fair value as of December 31, 2023 and 2024. Adverse changes in market-servicing rates do not result in a material impact to the fair value of loan servicing liabilities as of December 31, 2023 and 2024. December 31, December 31, 2023 2024 Fair value of loan servicing assets $ 28,092 $ 27,439 Expected market-servicing rates 10% market-servicing rates increase (7,475) (6,931) 20% market-servicing rates increase (14,916) (14,098) Rollforward of Level 3 Fair Values The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy: Loan Servicing Assets Loan Servicing Liabilities Fair value at December 31, 2022 $ 36,467 $ 3,968 Sale of loans 13,796 83 Changes in fair value recorded in earnings (22,171) (2,013) Fair value at December 31, 2023 $ 28,092 $ 2,038 Sale of loans 15,837 388 Changes in fair value recorded in earnings (16,490) (1,246) Fair value at December 31, 2024 $ 27,439 $ 1,180 Beneficial Interests In connection with the committed capital and other co-investment arrangements that meet a definition of derivatives (derivative beneficial interests), the Company is obligated to make payments to the third-party or is entitled to receive payments from the third-party if credit performance on the underlying loans deviates from initial expectations set at the time of loan sale or origination, subject to a dollar cap. In the arrangements that are associated with debt-like securities with embedded derivative features, the Company makes an initial investment and is entitled to a portion of cash flows from repayments received over time on the underlying loan portfolios. These cash flows vary depending on the demonstrated credit performance relative to our expectations. As of December 31, 2023 and 2024, the fair value of the beneficial interest assets related to these arrangements was $41.0 million and $176.8 million, respectively. As of the same dates, the fair value of the beneficial interest liabilities was $4.2 million and $10.1 million, respectively. Valuation Methodology Beneficial interests are measured at estimated fair value using a discounted cash flow model. This discounted cash flow model sets expectations for cash flows to be received by the Company under each arrangement based on contractually-defined terms, such as total return, portfolio composition, frequency of cash distribution, and others and calculates net cash flows to be received by the Company. These net cash flows are then discounted using an estimate of market rates of return that reflect the risk premium related to those cash flows. As credit performance is demonstrated by the underlying loan portfolios, each discounted cash flow model is periodically updated to determine future cash inflows and outflows based on the latest estimated performance for the duration of each arrangement. The discounted cash flow model uses inputs discussed below that are inherently judgmental and reflect the Company’s best estimates of the assumptions a market participant would use to determine fair value of our beneficial interests. Significant Inputs and Assumptions The following table presents quantitative information about the significant unobservable inputs used for the Company’s fair value measurements of beneficial interests as of December 31, 2023 and 2024: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Beneficial interest assets Discount rate 7.00 % 14.00 % 13.63 % 6.75 % 13.75 % 13.53 % Credit risk rate spread (2) (0.85) % (0.85) % (0.85) % (4.00) % 12.60 % 1.32 % Beneficial interest liabilities Discount rate 14.00 % 14.00 % 14.00 % 13.75 % 13.75 % 13.75 % Credit risk rate spread (2) 0.09 % 9.81 % 8.79 % (0.24) % 18.68 % 9.78 % _________ (1) Unobservable inputs were weighted by relative fair value. (2) Expressed as a percentage of cumulative net loss expectations as of the valuation date compared to the initial expectations as of the origination date or date of loan sale. Discount rates –The discount rates are rates of return used to discount future expected cash flows to arrive at a present value, which represents the fair value. The discount rates used for the projected net cash flows are the Company’s estimates of the rates of return that market participants would require when investing in these financial instruments with cash flows dependent on credit performance of the underlying loan portfolio. A risk premium component is implicitly included in the discount rates to reflect the amount of compensation market participants require due to the uncertainty inherent in the instruments’ cash flows resulting from risks such as credit and liquidity. The Company uses two different discount rates for expected cash flows associated with demonstrated to-date credit performance and those associated with future credit performance. The difference in these rates reflects the level of uncertainty and, as a result, risk premium that would be required by market participants when investing in these instruments. Credit risk rate spreads –Credit risk rate spreads are the measurement of estimated credit performance of underlying loan portfolios as of the reporting date in comparison to the Company’s estimates at the time of origination or sale of loans under these arrangements (“initial expectation”). More specifically, credit risk rate spreads are the Company’s estimated difference between the initial expectation of the cumulative principal of a loan portfolio, net of average recoveries, that is estimated not be repaid over the life of a beneficial interest (“cumulative net loss”) and the same estimate as of the reporting date. A positive credit risk rate spread indicates that the currently estimated cumulative net loss is higher than initially estimated for a particular portfolio. A negative credit risk rate spread indicates the opposite – the currently estimated cumulative net loss is lower than the initial expectation. Credit risk rate spreads are expressed as a percentage of the initial expectation of the cumulative total net losses. The difference between initially expected and currently estimated cumulative net losses impacts the amount and the timing of cash flows the Company expects to receive on beneficial interest assets or to pay for beneficial interest liabilities. The following table presents the sensitivity of beneficial interest assets and liabilities to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and 2024. Adverse changes in discount rates do not result in a material impact to the fair value of beneficial interest liabilities as of December 31, 2023 and 2024. Significant Recurring Level 3 Fair Value Input Sensitivity December 31, December 31, 2023 2024 Fair value of beneficial interest assets $ 41,012 $ 176,848 Discount rate 100 basis point increase (1,240) (3,247) 200 basis point increase (2,431) (6,384) Expected credit rate spreads on underlying loans 10% adverse change (9,059) (44,356) 20% adverse change (16,743) (89,605) Fair value of beneficial interest liabilities $ 4,221 $ 10,089 Expected credit rate spreads on underlying loans 10% adverse change 5,606 4,720 20% adverse change 11,217 10,259 Rollforward of Level 3 Fair Values The following table presents a rollforward of beneficial interest assets and liabilities. Beneficial Interest Assets Beneficial Interest Liabilities Fair value at December 31, 2022 $ — $ — Acquisition of beneficial interests 62,684 — Settlement of beneficial interests — (596) Changes in fair value recorded in earnings (21,672) 4,817 Fair value at December 31, 2023 $ 41,012 $ 4,221 Acquisition of beneficial interests (1) 148,448 — Settlement of beneficial interests, net (7,461) (6,700) Changes in fair value recorded in earnings (5,151) 12,568 Fair value at December 31, 2024 $ 176,848 $ 10,089 _________ (1) Effective June 30, 2024, the Company combined the presentation of payments on beneficial interest assets with acquisition of beneficial interests. Trailing Fee Liabilities The Company pays certain bank partners monthly trailing fees based on the amount and timing of principal and interest payments made by borrowers of the underlying loans. The Company held trailing fee liabilities of $4.3 million and $4.6 million as of December 31, 2023 and 2024, respectively. Valuation Methodology The discounted cash flow methodology, which is used to estimate the fair value of trailing fee liabilities, uses the same projected net cash flows as the underlying loans. The fair valuation methodology considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows of the underlying loans. Net cash flows are discounted using an estimate of market rates of return. Significant Inputs and Assumptions The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for trailing fee liabilities: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Discount rate 9.63 % 23.22 % 12.88 % 9.55 % 22.37 % 12.54 % Credit risk rate 0.01 % 88.42 % 17.61 % 0.02 % 88.53 % 18.97 % Prepayment rate 1.05 % 94.68 % 39.94 % 1.51 % 95.80 % 35.50 % _________ (1) Unobservable inputs were weighted by relative fair value. Significant Recurring Level 3 Fair Value Input Sensitivity The fair value sensitivity of trailing fee liabilities to adverse changes in key assumptions do not result in a material impact on the Company’s financial position or results of operations. Rollforward of Level 3 Fair Values The following tables include a rollforward of trailing fee liabilities classified by the Company within Level 3 of the fair value hierarchy: Trailing Fee Liabilities Fair value at December 31, 2022 $ 4,852 Issuances 2,126 Repayments and settlements (2,757) Changes in fair value recorded in earnings 30 Fair value at December 31, 2023 $ 4,251 Issuances 3,194 Repayments and settlements (3,003) Changes in fair value recorded in earnings 172 Fair value at December 31, 2024 $ 4,614

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible assets	Goodwill and Intangible Assets Goodwill During the year ended December 31, 2023 and 2024, there were no changes in the carrying amount of goodwill of $67.1 million on the Company’s consolidated balance sheets. Intangible Assets Acquired intangible assets subject to amortization consist of developed technology and customer relationships, and are recorded net of amortization and included within other assets on the consolidated balance sheets. The gross and net carrying values and accumulated amortization are as follows: December 31, 2023 December 31, 2024 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 9,400 $ (8,617) $ 783 $ 9,400 $ (9,400) $ — Customer relationships 13,700 (3,139) 10,561 13,700 (4,281) 9,419 Total intangible assets $ 23,100 $ (11,756) $ 11,344 $ 23,100 $ (13,681) $ 9,419 Amortization expense was $4.3 million and $4.3 million for the years ended December 31, 2022 and 2023, respectively. The Company recognized an immaterial amount of amortization expense for the year ended December 31, 2024. Expected future amortization expense for intangible assets is as follows: December 31, 2024 2025 $ 1,142 2026 1,142 2027 1,142 2028 1,142 2029 1,142 Thereafter 3,709 Total $ 9,419

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Balance Sheet Components	Balance Sheet Components Other Assets Other assets consisted of the following: December 31, 2023 December 31, 2024 Line of credit receivable (at fair value) (1) $ — $ 56,269 Receivables 40,490 48,233 Prepaid expenses 17,976 28,830 Loan servicing assets (at fair value) 28,092 27,439 Notes receivable and residual certificates (at fair value) 14,847 22,055 Other assets 18,589 17,457 Intangible assets, net (2) 11,356 9,431 Deposits 8,919 5,185 Interest rate caps (at fair value) (3) 5,958 1,864 Total other assets $ 146,227 $ 216,763 _________ (1) Refer to “ Note 5. Fair Value Measurement” for further information. (2) Refer to “ Note 6. Goodwill and Intangible Assets” for further information. (3) Refer to “ Note 9. Interest Rate Cap Arrangements” for further information. Receivables represent amounts recognized as revenue but not yet collected in relation to servicing and other agreements with institutional investors and lending partners. Property, Equipment, and Software, Net Property, equipment, and software, net consisted of the following: December 31, 2023 December 31, 2024 Internally developed software $ 55,008 $ 68,481 Leasehold improvements 14,281 15,069 Computer and networking equipment 6,054 6,069 Furniture and fixtures 4,761 4,795 Total property, equipment, and software 80,104 94,414 Accumulated depreciation and amortization (37,449) (55,401) Total property, equipment, and software, net $ 42,655 $ 39,013 For the years ended December 31, 2022, 2023 and 2024, depreciation and amortization expense on property, equipment, and software was $13.5 million, $20.6 million, and $18.6 million, respectively. Capitalized internally developed software balances, net of accumulated amortization, were $31.3 million and $31.0 million as of December 31, 2023 and 2024, respectively. The Company recognized $2.6 million of impairment charges during the year ended December 31, 2023 to internally developed software as a result of the January 2023 Plan. Refer to “ Note 16. Reorganization Expenses ” for more information. During the year ended December 31, 2024, the Company recognized immaterial impairment charges to internally developed software. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following: December 31, 2023 December 31, 2024 Accrued payroll $ 30,161 $ 64,514 Accrued expenses 28,099 37,781 Accounts payable 12,613 12,381 Beneficial interest liabilities (at fair value) 4,221 10,089 Trailing fee liability (at fair value) 4,251 4,614 Other liabilities 2,668 3,241 Loan servicing liabilities (at fair value) 2,038 1,180 Total accrued expenses and other liabilities $ 84,051 $ 133,800

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents the aggregate principal outstanding of all debt that are included in the consolidated balance sheets: December 31, 2023 December 31, 2024 Warehouse credit facilities $ 387,425 $ 195,605 Convertible senior notes 661,250 1,230,379 Total payments due 1,048,675 1,425,984 Unamortized debt discount (8,251) (23,816) Total borrowings $ 1,040,424 $ 1,402,168 The following table summarizes the aggregate amount of maturities of all borrowings: December 31, 2024 2025 $ 23,228 2026 409,699 2027 — 2028 61,807 2029 431,250 2030 500,000 Thereafter — Total $ 1,425,984 Warehouse Credit Facilities The following table presents the details of the Company’s revolving warehouse credit facilities: December 31, 2023 December 31, 2024 Stated Interest Rate (1) Termination and Maturity (2) Total Borrowing Capacity (3) Collateral (4) Outstanding Borrowings Collateral (4) Outstanding Borrowings Upstart Auto Warehouse Trust Benchmark rate + 3.0% June 2024 - December 2025 $ — $ 278,022 $ 139,483 $ 167,166 $ 23,228 Upstart Auto Warehouse Trust 2 Benchmark rate + 0% - 4.0% June 2025 - June 2026 50,000 — — 19,396 11,353 Upstart Loan Trust Benchmark rate + 2.8% - 3.8% June 2025 - June 2026 325,000 361,195 247,942 74,541 34,217 Upstart Small Dollar Loan Trust Benchmark rate + 5.5% June 2027 - June 2028 100,000 — — 108,980 61,807 Upstart High Yield Loan Trust Benchmark rate + 2.8% December 2025 - December 2026 150,000 — — 87,493 65,000 Total $ 625,000 $ 639,217 $ 387,425 $ 457,576 $ 195,605 _________ (1) The interest rates on our warehouse credit facilities are floating and designed as a reference rate plus a spread. Reference rates include the Compounded Secured Overnight Financing Rate, weighted-average cost of commercial paper notes issued by the lender, and the federal funds rate. The stated interest rate excludes unused commitment fees which range from 0.5% to 1.0%. The undrawn fee for Upstart Small Dollar Loan Trust is the dollar amount of interest and fees that would have been due if the daily average aggregate outstanding principal balance was equal to 75% of the then-applicable borrowing base. (2) The first date represents the final date the Company may borrow up to the maximum capacity under the warehouse. The second date is the maturity date, when the outstanding principal amount, together with accrued and unpaid interest will be due and payable in full. (3) Total capacity is as of December 31, 2024. All amounts are committed, except for Upstart High Yield Loan Trust of $150.0 million, Upstart Small Dollar Loan Trust of $100.0 million and Upstart Loan Trust for which $150.0 million of the $325.0 million total capacity is uncommitted. As of December 31, 2024 , the Upstart Auto Warehouse Trust facility is in the amortization period and can no longer be drawn on. (4) Represents the aggregate restricted cash and unpaid principal balance of loans pledged as collateral. On April 24, 2024, Upstart Loan Trust entered into an amendment to the Amended and Restated Revolving Credit and Security Agreement, which increased the uncommitted portion of the total borrowing capacity to purchase unsecured personal loans from $75.0 million to $150.0 million. All other key terms of the agreement remain the same. On June 7, 2024, Upstart Auto Warehouse Trust amended its credit agreement to extend the maturity date to December 15, 2025. The amortization period began on June 14, 2024 and accordingly, Upstart Auto Warehouse Trust may no longer draw on the facility and all collections that represent repayment of loans pledged as collateral under the facility are applied to reduce the outstanding balance. On June 28, 2024, Upstart Auto Warehouse Trust 2 entered into a warehouse credit facility for auto loans, and Upstart Small Dollar Loan Trust entered into a warehouse credit facility for small dollar loans. On December 27, 2024, Upstart High Yield Loan Trust entered into a warehouse credit facility for unsecured personal loans. These warehouse credit facilities are secured by a lien and security interest in the auto, small dollar, or unsecured personal loans, as applicable, the purchases of which are financed by the borrowings. Each of Upstart Auto Warehouse Trust 2, Upstart Small Dollar Loan Trust, and Upstart High Yield Loan Trust may borrow up to the capacity until the facility termination date, and must pay all outstanding amounts by the maturity date, under its respective warehouse credit facility. The warehouse credit facilities contain certain financial covenants. As of December 31, 2024, the Company was in compliance with all applicable covenants for each of its warehouse credit facilities. Convertible Senior Notes In August 2021, the Company issued $661.3 million in aggregate principal amount of 0.25% convertible senior notes due 2026 (the “2026 Notes”). In September 2024, the Company issued $431.3 million in aggregate principal amount of 2.00% convertible senior notes due 2029 (the “2029 Notes”). In November 2024, the Company issued $500.0 million in aggregate principal amount of 1.00% convertible senior notes due 2030 (the “2030 Notes” , together with the “2029 Notes” and 2026 Notes, the “Notes”). Concurrently with the issuance of the 2029 Notes, the Company used approximately $302.4 million of the proceeds to repurchase approximately $334.2 million in aggregate principal amount of the outstanding 2026 Notes in individually negotiated transactions. The Company additionally repurchased approximately $27.9 million of the outstanding 2026 Notes during the third quarter of 2024 through open market purchases. The table below presents the activity of the Notes during the year ended December 31, 2024: Principal balance of Notes outstanding as of December 31, 2023 $ 661,250 Issuance of 2029 Notes 431,250 Issuance of 2030 Notes 500,000 Repurchases of 2026 Notes (362,121) Principal balance of Notes outstanding as of December 31, 2024 $ 1,230,379 The repurchases of the 2026 Notes were accounted for as a debt extinguishment. The difference between the consideration paid to repurchase the 2026 Notes and the carrying value of the 2026 Notes, resulted in a gain on debt extinguishment of $33.4 million separately reported on the consolidated statement of operations and comprehensive loss during the year ended December 31, 2024. The partial extinguishment did not result in any changes to the terms of the 2026 Notes. Each series of Notes is governed by its respective indenture (each, an “Indenture”), and represents senior unsecured obligations of the Company. The 2026 Notes mature on August 15, 2026, the 2029 Notes mature on October 1, 2029, and the 2030 Notes mature on November 15, 2030 unless such Notes are earlier converted, redeemed, or repurchased in accordance with their terms . The Company may redeem for cash all or any portion of the Notes, at its option, on or after August 20, 2024, in the case of the 2026 Notes, on or after October 6, 2027, in the case of the 2029 Notes, and on or after November 20, 2027, in the case of the 2030 Notes, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price for the Notes of the applicable series then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides a notice of redemption for the Notes of such series at a redemption price equal to 100% of the principal amount of the Notes of such series to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. The following table presents details of the Notes: Interest Rate Initial Conversion Rate per $1,000 Principal Initial Conversion Price Conversion Date 2026 Notes 0.25%; payable semiannually on February 15 and August 15 3.5056 $285.26 May 15, 2026 2029 Notes 2.00%; payable semiannually on April 1 and October 1 21.9029 $45.66 July 1, 2029 2030 Notes 1.00%; payable semiannually on May 15 and November 15 10.8702 $91.99 August 15, 2030 Holders of the Notes may convert their Notes at their option any time prior to the close of business on the business day immediately preceding May 15, 2026, in the case of the 2026 Notes; July 1, 2029, in the case of the 2029 Notes; and August 15, 2030, in the case of the 2030 Notes, only under the following circumstances: (1) during any calendar quarter commencing after December 31, 2021, in the case of the 2026 Notes, December 31, 2024, in the case of the 2029 Notes, and March 31, 2025, and in the case of the 2030 Notes, (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price for the respective Notes on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period in which the trading price per $1,000 principal amount of the applicable series of Notes for each trading day of such five consecutive trading-day period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate of the respective Notes on each such trading day; (3) if the Company calls any or all of the Notes of the applicable series for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after May 15, 2026, in the case of the 2026 Notes; July 1, 2029, in the case of the 2029 Notes; and August 15, 2030, in the case of the 2030 Notes, holders of the Notes of the applicable series may surrender all or any portion of their Notes of such series for conversion at any time prior to the close of business on the second scheduled trading day immediately preceding the applicable maturity date regardless of the foregoing conditions. Upon conversion, the Company will pay or deliver, as the case may be, either cash, shares of common stock or a combination of cash and shares of common stock, at its election. The conversion price for each series of Notes will be subject to adjustment if certain events occur. In addition, following certain corporate events that may occur prior to the applicable maturity date or following the Company’s issuance of a notice of redemption for a series of Notes, the Company may be required to increase the conversion rate for the holder of the Notes of such series who elect to convert such Notes in connection with such corporate event or during the related redemption period in certain circumstances. Additionally, upon the occurrence of a corporate event that constitutes a “fundamental change” pursuant to the applicable Indenture, holders of the applicable series of Notes may require the Company to repurchase for cash all or a portion of such Notes at a repurchase price equal to 100% of the principal amount of the Notes of such series to be redeemed plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The Company accounted for the issuance of each series of the Notes as a single liability at par as the conversion feature of each series of Notes does not require bifurcation as a derivative under ASC 815 and the Notes were not issued at a substantial premium. Debt issuance costs related to the 2026 Notes, 2029 Notes, and the 2030 Notes totaled $15.7 million, $10.4 million, and $11.8 million respectively, which are amortized to interest expense under the effective interest method over the contractual term. The effective interest rate of the 2026 Notes, 2029 Notes, and 2030 Notes is 0.7%, 2.5% , and 1.4% respectively. The Company recorded immaterial coupon interest expense for the years ended December 31, 2022 and 2023, respectively, and $4.5 million coupon interest expense related to the Notes for the year ended December 31, 2024. The Company also recorded $3.0 million, $3.1 million, and $3.2 million for the year ended December 31, 2022, 2023 and 2024 respectively, of amortization of debt issuance costs within expense on convertible notes on the consolidated statements of operations and comprehensive loss. Accrued interest expenses related to the Notes were immaterial and $3.3 million as of December 31, 2023 and 2024, respectively. The following table presents the components of the Notes as of December 31, 2023 and 2024: December 31, 2023 December 31, 2024 Principal Amount Unamortized Debt Discount Net Carrying Amount Fair Value Principal Amount Unamortized Debt Discount Net Carrying Amount Fair Value 2026 Notes $ 661,250 $ (8,251) $ 652,999 $ 488,700 $ 299,129 $ (2,339) $ 296,790 $ 272,727 2029 Notes — — — — 431,250 (9,932) 421,318 675,732 2030 Notes — — — — 500,000 (11,545) 488,455 488,015 Total $ 661,250 $ (8,251) $ 652,999 $ 488,700 $ 1,230,379 $ (23,816) $ 1,206,563 $ 1,436,474 The estimated fair value repres ents Level 2 valuations in the fair value hierarchy and was determined based on the estimated or actual bids and offers of the Notes in an over-the-counter market. Capped Call Transactions In connection with the issuance of the 2026 Notes and the 2029 Notes, the Company entered into separate privately negotiated capped call instruments with certain financial institutions (the “2026 Capped Calls,” with respect to the 2026 Notes and the “2029 Capped Calls,” with respect to the 2029 Notes, and the 2026 Capped Calls together with the 2029 Capped Calls, the “Capped Calls”). The Capped Calls are generally expected to offset the potential dilution to the Company’s common stock upon any conversion of Notes and/or reduce any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, in the event the market price per share of the Company’s common stock, as measured under the terms of the Capped Calls, is greater than the strike price of the Capped Calls, with such offset and/or reduction subject to a cap. If, however, the market price per share of the common stock, as measured under the terms of the Capped Calls, exceeds the cap price of the Capped Calls, there would be dilution and/or there would not be a reduction of such potential cash payments, in each case, to the extent that such market price per share of the Company’s common stock exceeds the cap price of the Capped Calls. The following table sets forth other key terms for the Capped Calls related to each series of Notes as of December 31, 2024: Initial Strike Price per Share, Subject to Certain Adjustments Initial Cap Price per Share, Subject to Certain Adjustments Shares of Common Stock Covered, Subject to Anti-Dilution Adjustments (in millions) Final Expiration Date 2026 Capped Calls $285.26 $400.36 1.0 August 15, 2026 2029 Capped Calls $45.66 $70.24 9.4 September 27, 2029 The Capped Calls were determined to be freestanding financial instruments that meet the criteria for classification in equity; as such the Capped Calls were recorded as a reduction of additional paid-in capital within stockholders’ equity. In the third quarter of 2024, in connection with the partial repurchase of the 2026 Notes described above, the Company entered into agreements to terminate the portion of the 2026 Capped Calls corresponding to the principal amount of the 2026 Notes repurchased. As a result of the partial terminations of the 2026 Capped Calls, the Company received immaterial ca sh payments which were recorded as an increase of additional paid-in capital within stockholders’ equity.

Interest Rate Cap Arrangements

Interest Rate Cap Arrangements	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Cap Arrangements	Interest Rate Cap Arrangements In February 2023 and June 2023, Upstart Auto Warehouse Trust and Upstart Loan Trust entered into interest rate cap agreements with a strike rate of 3.0% and 3.25%, respectively. The agreements were entered into in relation to the warehouse credit facilities which bear floating interest rates, refer to “Note 8. Borrowings” for further information. The interest rate caps provide protection to the credit facilities against exposure to changes in cash flows to the extent the underlying interest rate on the facility exceeds the strike rate. The Upstart Auto Warehouse Trust interest rate cap matures in April 2029 and the Upstart Loan Trust interest rate cap matures in June 2025. The interest rate cap agreements meet the definition of a derivative and are reported at fair value. Refer to “ Note 5. Fair Value Measurement ” for additional information. The following table presents the notional amount as well as the fair value of interest rate caps, which is reported as part of other assets on the consolidated balance sheets. December 31, 2023 December 31, 2024 Notional Amount Fair Value Notional Amount Fair Value Interest rate caps $ 299,578 $ 5,958 $ 241,115 $ 1,864 The Company recognizes changes in fair value of these instruments in earnings and reports them as part of the interest expense on the consolidated statements of operations and comprehensive loss. The Company recognized no gains or losses on interest rate caps during the year ended December 31, 2022 and immaterial amounts of fair value gains, net on interest rate caps during the year ended December 31, 2023 and 2024.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders’ Equity	Stockholders' Equity Common Stock Reserved for Future Issuance In December 2020, the Company's amended and restated certificate of incorporation became effective, which authorizes the issuance of 700,000,000 shares of common stock with a par value of $0.0001 per share. Shares of common stock reserved for issuance, on an as-converted basis, are as follows: December 31, December 31, 2023 2024 Options issued and outstanding 12,617,254 10,709,898 Restricted stock units outstanding 5,534,394 3,703,631 Shares available for future issuance under 2020 plan 6,420,703 7,669,374 Shares available for issuance under employee stock purchase plan 2,896,226 3,425,952 Total 27,468,577 25,508,855 Share Repurchase Program In February 2022, the Board of Directors authorized the Company to purchase up to $400.0 million of common stock of the Company. The Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1. The repurchase program does not obligate the Company to acquire any particular amount of its common stock, and may be suspended or terminated by the Company at any time at its discretion without prior notice. The Company records share repurchases on the settlement date. Repurchased shares are subsequently retired and returned to the status of authorized but unissued. The Company’s policy for share retirements is to allocate the excess between par value and the repurchase price, including costs and fees, to additional paid-in capital. During the year ended December 31, 2024, the Company made no repurchases of common stock. As of December 31, 2024, $222.1 million remains available for future purchases of our common stock under the share repurchase program. Equity Incentive Plans In 2012, the Company adopted the Equity Incentive Plan (“2012 Equity Incentive Plan”) authorizing the granting of incentive stock options (“ISOs”) and non-statutory stock options (“NSOs”) to eligible participants. Under the 2012 Equity Incentive Plan, the exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, as determined by the Board of Directors. The exercise price of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, as determined by the Board of Directors. Options generally vest over four years and are exercisable for up to 10 years after the date of grant if the employee provides service to the Company for at least three years. In October 2020, our Board of Directors adopted, and in November 2020 our Board of Directors amended and our stockholders approved, our 2020 Equity Incentive Plan which was effective on December 14, 2020. The Company terminated the 2012 Equity Incentive Plan immediately prior to effectiveness of the 2020 Equity Incentive Plan with respect to the grant of future awards. However, our 2012 Equity Incentive Plan continues to govern the terms and conditions of the outstanding awards granted under our 2012 Equity Incentive Plan. The 2020 Equity Incentive Plan authorizes granting of ISOs, NSOs, stock appreciation rights, restricted stock, restricted stock units, or RSUs, and performance awards. In addition, the 2020 Equity Incentive Plan also includes any shares subject to awards granted under our 2012 Equity Incentive Plan that, on or after December 15, 2020, expire or otherwise terminate without having been exercised or issued in full, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited to or repurchased by us due to failure to vest. The maximum number of shares that may be added to the 2020 Equity Incentive Plan pursuant to outstanding awards under the 2012 Equity Incentive Plan is 15,000,000 shares. The number of shares available for issuance under our 2020 Equity Incentive Plan also includes an annual increase on the first day of each fiscal year beginning with 2021 in an amount equal to the lesser of 15,000,000 shares or 5% of the outstanding shares of our common stock on the last day of our immediately preceding fiscal year. Stock Options The following table summarizes stock option activity for the year ended December 31, 2024: Number of Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Balances at December 31, 2023 12,617,254 $ 14.57 6.1 $ 375,897 Options granted 1,376,854 27.49 Options exercised (3,159,674) 6.78 Options cancelled and forfeited (124,536) 30.18 Balances at December 31, 2024 10,709,898 18.35 5.9 495,359 Options exercisable – December 31, 2024 7,470,978 16.10 4.9 367,008 Options vested and expected to vest – December 31, 2024 10,690,834 $ 18.32 5.9 $ 494,785 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the Company’s stock as of December 31, 2024. The aggregate intrinsic value of options exercised for the years ended December 31, 2022, 2023 and 2024 was $157.3 million, $28.9 million, $139.6 million respectively. The weighted-average grant date fair value of options granted during the years ended December 31, 2022, 2023 and 2024 was $15.60, $8.19, and $15.11 per share, respectively. The total fair value of options vested for the years ended December 31, 2022, 2023 and 2024 was $23.2 million, $34.7 million , and $30.5 million, respectively. As of December 31, 2024, total unrecognized stock-based compensation expense related to unvested stock options was $36.3 million, which is expected to be recognized over a remaining weighted-average period of 2.3 years. Restricted Stock Units The Company grants RSUs to employees and nonemployees. RSUs vest upon satisfaction of a service-based condition, which is generally satisfied over one Number of Shares Weighted-Average Grant Date Fair Value Per Share Unvested at December 31, 2023 5,534,394 $ 34.90 RSUs granted 2,647,188 30.38 RSUs vested (3,646,748) 33.41 RSUs cancelled and forfeited (831,203) 33.44 Unvested at December 31, 2024 3,703,631 $ 33.46 As of December 31, 2024, total unrecognized stock-based compensation expense related to outstanding unvested RSUs was $94.6 million, which is expected to be recognized over a remaining weighted-average period of 1.5 years. Performance-based Restricted Stock Units On February 24, 2023, the Company’s Compensation Committee of the Board of Directors approved the cancellation of PRSUs that may be settled for 687,500 shares of the Company’s common stock granted to an executive in February 2022. At the time the PRSUs were granted, the PRSUs were intended to be the executive’s primary compensation through calendar year 2029 so that, in connection with the grant of the PRSUs, the executive’s cash compensation was limited to the amount necessary to allow the executive to participate in the broad-based employee benefits generally applicable at the Company. In reaching its decision to cancel the PRSUs, the Compensation Committee extensively considered the purpose of the PRSUs and determined that the grant no longer provided the intended retention and incentive value to the executive. After considering various alternatives and the pros and cons of such alternatives and consulting with its external advisors, the Compensation Committee believed it was in the best interest of the Company and its stockholders to cancel the PRSUs in exchange for the reinstatement of the executive’s cash compensation, including the executive’s annual base salary and eligibility to participate in the Company’s 2023 Executive Bonus Plan with an annual target bonus opportunity equal to 75% of the executive’s annual base salary. Compensation expense associated with the PRSUs was recognized using the straight-line attribution method for each of the nine vesting tranches over the respective derived service period. The weighted-average grant date fair value using the Monte Carlo simulation was $68.76 per share. The Company recognizes stock-based compensation expense for awards subject to market-based vesting conditions regardless of whether these conditions will be achieved or not, and stock-based compensation expense for any such awards is not reversed if the market condition is not met. The cancellation of the grant was treated by the Company as a settlement for no consideration and remaining unrecognized compensation expense of $39.0 million associated with the grant was accelerated and recorded by the Company as part of engineering and product development expense on the consolidated statements of operations and comprehensive loss during the year ended December 31, 2023. There were no PRSUs outstanding during the year ended December 31, 2024. 2020 Employee Stock Purchase Plan Our ESPP provides for consecutive six-month offering periods. The offering periods are scheduled to start on the first trading day on or after February 15 and August 15 of each year. The ESPP permits participants to purchase shares in the amount of 85% of the lower of the fair market value of our shares of common stock on the first trading day of the offering period or on the exercise date. During the year ended December 31, 2024 , 333,564 shares of c ommon stock were purchased under the ESPP. As of December 31, 2024, total unrecognized stock-based compensation expense related to the ESPP was immaterial. Fair Value of Awards Granted In determining the fair value of stock-based awards, the Company uses a Black-Scholes option-pricing model for its options granted and ESPP purchase rights. The inputs used for estimating the fair values of options and ESPP purchase rights granted during the period include: Fair Value of Common Stock –The fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the Nasdaq Global Select Market. Expected Term –The expected term represents the period that the Company’s stock options and ESPP purchase rights are expected to be outstanding. We estimate the expected term based on the simplified method, which is the weighted-average time to vesting and the contractual maturity. Volatility –Because the Company has not had an active trading market for its common stock for a sufficient period of time, the expected volatility is estimated based on the average volatility for comparable publicly-traded companies, over a period equal to the expected term of the stock option grants. Risk-free Interest Rate –The risk-free interest rate assumption is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option. Dividends –The Company has never paid dividends on its common stock and does not anticipate paying dividends on common stock for the foreseeable future. Therefore, the Company uses an expected dividend yield of zero. The following assumptions were used to estimate the fair value of options granted: Year Ended December 31, 2022 2023 2024 Expected term (in years) 5.1 – 7.0 5.1 – 7.0 5.1 – 7.0 Expected volatility 47.58% – 52.96% 50.96% – 53.76% 50.32% – 67.85% Risk-free interest rate 1.70% – 4.23% 3.45% – 4.86% 3.76% – 4.43% Dividend yield —% —% —% The following assumptions were used to estimate the fair value of ESPP purchase rights: Year Ended December 31, 2022 2023 2024 Expected term (in years) 0.5 0.5 0.5 Expected volatility 91.89% – 179.35% 97.74% – 131.05% 88.37% – 96.69% Risk-free interest rate 0.72% – 3.13% 4.97% – 5.55% 5.04% – 5.30% Dividend yield —% —% —% Stock-Based Compensation The Company recorded stock-based compensation in the following expense categories in its consolidated statements of operations and comprehensive loss for employees and nonemployees: Year Ended December 31, 2022 2023 2024 Sales and marketing $ 11,354 $ 8,166 $ 11,705 Customer operations 9,355 10,683 7,038 Engineering and product development 72,169 110,381 70,786 General, administrative, and other 33,067 45,809 43,871 Total $ 125,945 $ 175,039 $ 133,400

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases The Company’s operating leases expire between 2027 and 2029 and are primarily for its corporate headquarters in San Mateo, California, as well as additional office space in Columbus, Ohio and Austin, Texas. Certain leases have rent abatement, escalating rent payment provisions, lease renewal options, and tenant allowances. Rent expense is recognized on a straight-line basis over the non-cancelable lease term, except when it is reasonably certain that the renewal option will be exercised. In connection with the Company’s lease agreements, a letter of credit was issued on behalf of the Company for the benefit of the landlord. As of December 31, 2024 the letter of credit was $2.6 million. The letter of credit is secured by certificates of deposit which are included in restricted cash on the consolidated balance sheets. Future minimum lease payments are as follows: December 31, 2024 2025 $ 15,402 2026 15,850 2027 15,474 2028 6,143 2029 2,990 Total undiscounted lease payments 55,859 Less: Present value adjustment (5,581) Operating lease liabilities $ 50,278 The Company had immaterial finance lease expense during the year ended December 31, 2022 and 2023 and no finance lease expense during the year ended December 31, 2024. The Company’s operating lease expense consists of rent and variable lease payments. Variable lease payments such as common area maintenance and parking fees, were included in operating expenses. Rent expense for the Company’s short-term leases was immaterial during the years presented. Sublease income was immaterial during the years ended December 31, 2023 and 2024. The Company had no sublease income during the year ended December 31, 2022. Operating lease expense was as follows: Year Ended December 31, 2022 2023 2024 Rent expense $ 15,916 $ 15,766 $ 14,198 Variable lease payments $ 3,696 $ 4,067 $ 3,776 Supplemental cash flow and non-cash information related to the Company’s operating leases was as follows: Year Ended December 31, 2022 2023 2024 Cash paid for amounts included in the measurement of lease liabilities $ 11,084 $ 22,014 $ 14,396 Right-of-use assets capitalized 1,826 — — Adjustments to operating lease right-of-use assets due to modification and other reassessment events $ — $ (19,865) $ — Supplemental balance sheet information related to the Company’s operating leases was as follows: December 31, 2023 December 31, 2024 Weighted-average remaining lease term (in years) 4.56 3.60 Weighted-average discount rate 5.11% 5.22%

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments The Company has loan purchase obligations under the Company’s loan agreements with certain lending partners. These lending partners retain ownership of the loans facilitated through Upstart’s platform for three days or longer (the “holding period”) after origination, as required under the respective agreements. The Company has committed to purchase the loans at the conclusion of the required holding period. As of December 31, 2023 and 2024, the total loan purchase commitment included outstanding principal balance of $36.6 million and $72.8 million, respectively. The Company has extended a line of credit in connection with one of its committed capital and other co-investment arrangements. As of December 31, 2024, the Company had unfunded commitments related to the line of credit of $7.6 million. The Company held no line of credit receivable as of December 31, 2023. The Company has commitments to fund future advances on HELOCs. As of December 31, 2023 and 2024, these commitments were immaterial and $7.6 million, respectively, however, since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Contingencies Accounting for contingencies requires the Company to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. The Company records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company discloses material contingencies when it believes a loss is not probable but reasonably possible and may voluntarily provide information on additional contingencies. From time to time the Company is subject to, and it is presently involved in, various litigation and legal proceedings arising from the ordinary course of business activities, the outcome of which the Company cannot reasonably determine. Other than the class actions and derivative actions described below, the Company does not believe that it is presently a party to any litigation of which the outcome would individually, or taken together, have a material adverse effect on our business, operating results, cash flows, or financial condition. As of December 31, 2023, no loss contingency was recorded in connection with legal proceedings. As of December 31, 2024, an immaterial loss contingency was recorded in connection with legal proceedings. Indemnifications In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, directors, officers and other parties with respect to certain matters. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material adverse effect on the Company’s consolidated financial statements. Repurchases Under the terms of the loan purchase and loan servicing agreements between the Company and institutional investors, as well as in agreements with investors in securitizations and pass-through certificate transactions, the Company may, in certain circumstances, become obligated to repurchase loans from such institutional investors. Generally, these circumstances include the occurrence of verifiable identity theft, the failure of sold loans to meet the terms of certain loan-level representations and warranties that speak as of the time of origination or sale, the failure to comply with other contractual terms with the institutional investors, or a violation of the applicable federal, state, or local lending laws. The maximum potential amount of future payments associated under this obligation is the outstanding balances of the loans sold to the institutional investors, which at December 31, 2023 and 2024 was $12,208.1 million and $11,237.2 million, respectively. Actual payments made relating to the Company’s repurchase and indemnification obligations were immaterial and $6.0 million for the years ended December 31, 2023 and 2024, respectively. The Company did not have material contingent liabilities related to future loan repurchase obligations as of December 31, 2023 and 2024. These amounts are included in accrued expenses and other liabilities on the Company’s consolidated balance sheets. Legal On July 26, 2022, a lawsuit was filed in United States District Court, Southern District of Ohio, captioned Crain v. Upstart Holdings, Inc. et al., Case No. 2:22-cv-02935-ALM-EPD (S.D. Ohio) against the Company, the Company’s Chief Executive Officer, and Chief Financial Officer, alleging that the defendants made false and/or misleading statements or omissions about the Company’s business, operations, and prospects in violation of Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 10b-5 promulgated thereunder, as well as Section 20(a) of the Exchange Act. The Crain lawsuit claims unspecified damages and legal fees. On August 16, 2022, the court appointed a lead plaintiff and approved lead counsel in the Crain action. On December 5, 2022, the lead plaintiff filed a consolidated amended complaint, which names the same defendants as the previous complaint, along with two Company executives, as well as Third Point LLC and its CEO and Third Point Ventures LLC and its managing partner (also a former Upstart board member). The consolidated amended complaint brings the same claims as the previous complaint but adds a claim under Section 20A of the Exchange Act. On February 24, 2023, the Upstart defendants filed a motion to dismiss the consolidated amended complaint. On September 29, 2023, the Court issued an order, granting in part and denying in part the Upstart defendants’ motion. On November 7, 2023, the Upstart defendants filed a motion for reconsideration, which the Court denied on August 5, 2024. On February 2, 2024, Lead Plaintiff, Universal-Investment-Gesellschaft mbH, and plaintiffs, Kathy Brooks and Kevin Crain, filed a motion for an order to certify this matter, now captioned In re Upstart Holdings Securities Litigation, as a class action, appoint themselves as class representatives, and approve their selection of Motley Rice LLC and Robbins Geller Rudman & Dowd LLP as co-class counsel. On November 21, 2024, the Upstart defendants filed an opposition to plaintiffs’ class certification motion, and on December 10, 2024 plaintiffs filed a reply in support thereof. No hearing has been set on the motion. On December 6, 2024, plaintiffs filed a motion for leave to file a first amended complaint. On January 21, 2025, Third Point Ventures LLC, Third Point LLC, and its CEO filed a motion to intervene for the limited purpose of opposing plaintiffs’ motion for leave to file a first amended complaint, and on February 18, 2025 plaintiffs may file a reply in support thereof. No hearing has been set on the motion. The Company believes the remaining claims in the action are without merit and intends to defend itself vigorously. On July 28, 2022, a derivative lawsuit was filed in United States District Court, Southern District of Ohio, captioned OConnor v. Huber et al., Case No. 2:22-cv-02961-EAS-KAJ (S.D. Ohio). The OConnor action includes allegations similar to those in the Crain complaint, and names as defendants each of the Company’s current board members and its Chief Financial Officer. The Company is named as a nominal defendant. The OConnor action includes claims for violation of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, and waste of corporate assets. The OConnor action seeks unspecified monetary damages and an accounting from the individual defendants. The OConnor action also seeks unspecified corporate governance and internal procedure modifications, punitive damages, and legal fees. On October 7, 2022, a second derivative lawsuit was filed in United States District Court, Southern District of Ohio, captioned Chung v. Huber et al., No. 2:22-cv-03620-MHW-CMV (S.D. Ohio). The Chung action includes allegations similar to those in the OConnor complaint, and names as defendants each of the Company’s current board members, a former board member, and its Chief Financial Officer. The Company is named as a nominal defendant. The Chung action includes claims for violation of Section 10(b), 14(a), and 21D of the Exchange Act, breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. The Chung action seeks unspecified monetary damages, restitution, and attorney’s fees and costs from the individual defendants. It also seeks corporate governance and internal procedure modifications. On December 12, 2022, in response to a joint motion by the parties, the Court consolidated the OConnor and Chung matters, appointed co-lead counsel, and stayed the consolidated case until resolution of the related securities class action. On April 24, 2024, the plaintiffs in the consolidated action filed an amended complaint. The amended complaint includes allegations similar to those in the initial complaint in the OConnor action, and names the same defendants as the initial complaint, along with an additional Company executive and another former board member. The amended complaint brings the same claims as the initial complaint in the OConnor action but adds claims under Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder, for contribution under Sections 10(b) and 21D of the Exchange Act, and for abuse of control and gross mismanagement. The amended complaint seeks similar relief to that sought in the initial complaint in the OConnor action. On February 3, 2023, a third derivative lawsuit was filed, in the United States District Court, District of Delaware, captioned Hsu v. Girouard, et al., 1:23-cv-00132-UNA (D. Del.). The Hsu action includes allegations similar to those in the consolidated derivative matter pending in Ohio, and names as defendants each of the Company’s current board members, a former board member, and its Chief Financial Officer. The Company is named as a nominal defendant. The Hsu action includes claims for violation of Section 14(a) of the Exchange Act as well as breach of fiduciary duties, and seeks unspecified monetary damages, restitution, and attorney’s fees and costs from the individual defendants. It also seeks corporate governance and internal procedure modifications. On February 16, 2023, in response to a joint stipulation and proposed order submitted by the parties, the Court stayed the Hsu action until resolution of the related securities class action. On March 8, 2023, a fourth derivative lawsuit was filed, in the United States District Court, District of Delaware, captioned Sornchai et al. v. Girouard, et al., 1:23-cv-00253-MN (D. Del). The Sornchai action includes allegations similar to those in the consolidated derivative matter pending in Ohio, and names as defendants each of the Company’s current board members, a former board member, its Chief Financial Officer, and a Company executive. The Company is named as a nominal defendant. The Sornchai action includes claims for violations of Sections 10(b), 14(a) and 21D of the Exchange Act, breach of fiduciary duties, breach of fiduciary duty through misappropriation of material non-public information, and unjust enrichment, and seeks unspecified monetary damages, restitution, and attorney’s fees and costs from the individual defendants. It also seeks corporate governance and internal procedure modifications. On March 24, 2023, in response to a joint stipulation and proposed order submitted by the parties, the Court stayed the Sornchai action until resolution of the related securities class action. On April 5, 2023, a fifth derivative lawsuit was filed, in the Court of Chancery of the State of Delaware, captioned Okhai v. Girouard, et al., C.A. No. 2023-0401-SG (Del. Ch.). The Okhai action includes allegations similar to those in the consolidated derivative matter pending in Ohio, and names as defendants the Company’s current board members, two former board members, its Chief Financial Officer, and two current or former Company executives, as well as Third Point LLC and Third Point Ventures LLC. The Okhai action includes claims for breach of fiduciary, aiding and abetting such alleged breaches, and unjust enrichment, and seeks equitable and/or injunctive relief, restitution, and attorney’s fees and costs from the individual defendants. On August 3, 2023, in response to a motion to stay by the defendants in the Okhai action, the Court stayed the Okhai action until resolution of the motion to dismiss in the related securities class action. Following the issuance of the September 29, 2023 order on the motion to dismiss in the related securities class action, on November 16, 2023, in response to a joint stipulation and proposed order submitted by the parties, the Court stayed the Okhai action until resolution of the motion for reconsideration of the September 29, 2023 order on the motion to dismiss in the related securities class action. Following denial of the motion for reconsideration in the related securities class action, the parties in the Okhai action finished briefing and argued the defendants’ motion to continue the stay. On October 24, 2024, the Court continued the stay until February 1, 2025. On January 31, 2025, the parties submitted to the Court a proposed schedule for briefing Defendants’ motion to continue the stay. On October 13, 2023, a sixth derivative lawsuit was filed, in the Court of Chancery of the State of Delaware, captioned Romanyshyn v. Girouard, et al., C.A. No. 2023-1029-SG (Del. Ch.). The Romanyshyn action includes allegations similar to those in the consolidated derivative matter pending in Ohio, and names as defendants current and former directors and Company executives, as well as Third Point LLC and its CEO, and Third Point Ventures LLC. The Romanyshyn action includes claims for breach of fiduciary, and seeks unspecified monetary damages, restitution, and attorney’s fees and costs from the individual defendants. It also seeks corporate governance and internal procedure modifications. On November 3, 2023, in response to a joint stipulation and proposed order submitted by the parties, the Court stayed the Romanyshyn action pending the outcome of the motion to stay in the related Okhai derivative action (which stay will be briefed, consistent with the above). On October 24, 2023, a seventh derivative lawsuit was filed, in the Court of Chancery of the State of Delaware, captioned Agarwal v. Girouard, et al., C.A. No. 2023-1075-SG (Del. Ch.). The Agarwal action includes allegations similar to those in the consolidated derivative matter pending in Ohio, and names as defendants current and former directors and Company executives, as well as Third Point LLC and its CEO, and Third Point Ventures LLC. The Agarwal action includes claims for breach of fiduciary, and seeks unspecified monetary damages, restitution, and attorney’s fees and costs from the individual defendants. It also seeks corporate governance and internal procedure modifications. On November 3, 2023, in response to a joint stipulation and proposed order submitted by the parties, the Court stayed the Agarwal action pending the outcome of the motion to stay in the related Okhai derivative action (which stay will be briefed, consistent with the above). Given the uncertainty of litigation described above, the preliminary stage of the cases, and the legal standards that must be met for, among other things, class certification and success on the merits, the Company cannot estimate the reasonably possible loss or range of loss that may result from these actions. On November 17, 2023, we received a subpoena from the SEC seeking various documents and information regarding our disclosures, including the use of our AI models and loans, among other things. We are cooperating with the SEC and are unable to predict the outcome of this matter.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Loss before income taxes consisted entirely of losses from domestic operations of $109.1 million, $240.0 million, and $128.4 million for the calendar years ended December 31, 2022, 2023 and 2024, respectively. Income tax (benefit) expense included in the statements of operations and comprehensive loss consisted of the following: Year Ended December 31, 2022 2023 2024 Current: Federal $ — $ — $ — State 174 107 185 Total current tax expense 174 107 185 Deferred: Federal 41 — — State (624) — — Total deferred tax expense (583) — — Total (benefit) provision for income taxes $ (409) $ 107 $ 185 Income tax expense differed from the amount computed by applying the Federal statutory income tax rate of 21% to net loss before income taxes for the year ended December 31, 2024 as a result of the following: Year Ended December 31, 2022 2023 2024 Federal tax at statutory rate $ (22,906) $ (50,405) $ (26,963) State income taxes, net of federal tax benefit (448) 107 185 Stock-based compensation (4,490) 2,306 (30,120) Research and development credit (6,333) (6,288) (7,806) Change in valuation allowance 26,263 38,189 50,585 Tax return to tax provision adjustment 309 (878) 84 Section 162(m) limitation 6,494 16,586 13,840 Other 702 490 380 (Benefit) provision for income taxes $ (409) $ 107 $ 185 The tax effects of temporary differences that gave rise to significant portions of the Company’s deferred tax assets and liabilities related to the following: December 31, 2023 2024 Deferred tax assets: Net operating loss carryforwards $ 328,511 $ 346,356 Capitalized research and experimental expenditures 54,335 84,572 Research and development credits 47,009 56,675 Accruals and reserves 7,306 19,494 Operating lease liabilities 18,041 14,564 Stock-based compensation 14,067 12,249 Convertible debt transactions 6,694 1,189 Amortization 299 612 Other 298 402 Total deferred tax assets 476,560 536,113 Less: valuation allowance (443,165) (508,966) Deferred tax assets – net of valuation allowance 33,395 27,147 Deferred tax liabilities: Right of use asset 15,832 12,587 Servicing rights 7,542 7,607 Intangible assets 3,461 2,728 Interest receivables 4,100 2,481 Depreciation 1,972 1,183 Investment in partnerships 488 242 Other — 319 Total deferred tax liabilities 33,395 27,147 Net deferred tax liabilities $ — $ — Management believes that, based on available evidence, both positive and negative, it is more likely than not that the deferred tax assets will not be utilized, and as such the Company maintains a full valuation allowance at December 31, 2024. The valuation allowance increased by $65.8 million for the year ended December 31, 2024 primarily as a result of current year activities and the capitalization of research and experimental expenditures. As of December 31, 2024, the Company had approximately $1,117.1 million and $1,670.6 million of federal and state (post-apportioned) net operating losses (NOL), that will begin to expire in 2035 and 2034, respectively. The Company also has Federal and California research and development tax credits of approximately $61.5 million and $24.4 million, respectively. The Federal research credits will begin to expire in 2032 and the California research credits have no expiration date. The Internal Revenue Code (“IRC”) limits the amount of NOL carryforwards that a company may use in a given year in the event of certain cumulative changes in ownership over a three-year period as described in Section 382 of the IRC. Utilization of NOL carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company performed an ownership analysis and identified ownership changes in prior years, as defined under IRC Section 382 and 383, however neither resulted in a material limitation that will reduce the total amount of NOL carryforwards and credits that can be utilized. A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows: Year Ended December 31, 2022 2023 2024 Balance at beginning of year $ 13,904 $ 18,474 $ 22,158 Additions for tax positions of prior years 885 308 179 Tax positions related to the current year 3,685 3,376 4,129 Balance at end of year $ 18,474 $ 22,158 $ 26,466 If recognized, all of the unrecognized tax benefits would not impact the effective tax rate due to the valuation allowance against certain deferred tax assets. As of December 31, 2024, the Company had $26.5 million unrecognized income tax benefits and there was increases of $4.3 million to the Company’s unrecognized tax benefits during the year. The Company does not anticipate any significant increases or decreases to unrecognized tax benefit during the next twelve months. The Company’s policy is to classify interest and penalties associated with unrecognized tax benefits as income tax expense. The Company had no interest or penalty accruals associated with uncertain tax benefits in its consolidated balance sheet and consolidated statement of operations and comprehensive loss for the tax year ended December 31, 2024. The Company files income tax returns in the U.S. Federal jurisdiction and various state and local jurisdictions. The Company is not currently under examination by income tax authorities in federal, state, or local jurisdictions. However, because the Company has net operating losses and credits carried forward in several jurisdictions, certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment to tax attributes carried forward to open years. All tax returns will remain open for examination by the federal and most state taxing authorities for three years and four years, respectively, from the date of utilization of any net operating loss carryforwards or research and development credits.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic net loss per common share is based on the weighted-average common shares outstanding during the relevant year. Diluted net loss per share is based on the weighted-average common shares outstanding during the relevant year, adjusted for the dilutive effect of share-based awards and convertible debt. For years in which the Company reports net losses, basic and diluted net loss per share are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Years Ended December 31, 2022 2023 2024 Numerator: Net loss $ (108,665) $ (240,132) $ (128,581) Denominator: Weighted-average common shares outstanding used to calculate net loss per share, basic 82,771,268 83,765,896 89,450,038 Weighted-average common shares outstanding used to calculate net loss per share, diluted 82,771,268 83,765,896 89,450,038 Net loss per share, basic $ (1.31) $ (2.87) $ (1.44) Net loss per share, diluted $ (1.31) $ (2.87) $ (1.44) The following securities were excluded from the computation of diluted net loss per share for the years presented, due to their anti-dilutive effect. These amounts represent the number of instruments outstanding at the end of each respective year: Year Ended December 31, 2022 2023 2024 Options to purchase common stock 12,547,010 12,617,254 10,709,898 Unvested RSUs 6,046,796 5,534,394 3,703,631 Unvested PRSUs 687,500 — — Purchase rights committed under the ESPP 101,397 184,447 163,228 Convertible debt 2,318,078 2,318,078 15,929,353 Total 21,700,781 20,654,173 30,506,110

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s organization and management structure is designed to support development of different lending product offerings, which are grouped into three operating segments - Personal Lending (unsecured personal loans and small dollar loans), Auto Lending (auto refinance and auto retail loans), and Other (HELOCs and other). These operating segments are separately managed and evaluated by the Chief Operating Decision Maker (“CODM”), the Company’s Chief Executive Officer, who allocates resources and assesses performance at this level. The Company has determined that only one operating segment, Personal Lending, meets the definition of a reportable segment. The Company generates all its revenue in the U.S. and a majority is earned in exchange for the use of the Company’s platform and for borrower referrals as well as for loan servicing activities provided to its lending partners and institutional investors. Refer to Note 2. Revenue for further information related to the Company's disaggregation of revenue from fees by type of service. Contribution Profit is the primary measure of segment profit and loss reviewed by the CODM to assess business performance and strategy, prepare the Company’s annual operating budget and financial forecasts, and communicate with the Company’s Board of Directors concerning the Company’s financial performance. To derive Contribution Profit, the Company subtracts the sum of borrower acquisition costs as well as borrower verification and servicing costs from revenue from fees, net. The following table presents financial information, including Contribution Profit, for the Company’s Personal Lending segment (1) : Year Ended December 31, 2022 2023 2024 Personal Lending Revenue from fees, net $ 893,065 $ 552,447 $ 625,308 Borrower acquisition costs (2) (276,245) (85,599) (115,184) Borrower verification and servicing costs (3) (139,478) (99,906) (108,014) Contribution Profit for Personal Lending $ 477,342 $ 366,942 $ 402,110 _______ (1) Personal Lending includes unsecured personal loans and small dollar loans. It does not include Auto Lending and Other operating segments as these did not meet the separate reporting or aggregation criteria under GAAP. (2) Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses. (3) Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses. The following table presents a reconciliation of total Contribution Profit to net loss before income taxes: Year Ended December 31, 2022 2023 2024 Contribution Profit: Personal Lending $ 477,342 $ 366,942 $ 402,110 Reconciling items: Other Contribution Profit/(Loss) (1) (30,591) (13,648) (20,577) Sales and marketing, net of borrower acquisition costs (2) (43,063) (36,626) (41,783) Customer operations, net of borrower verification and servicing costs (3) (30,186) (33,798) (29,080) Engineering and product development (237,247) (280,138) (253,653) General, administrative, and other (185,290) (212,388) (230,935) Interest income, interest expense, and fair value adjustments, net (64,828) (46,869) 1,062 Other income, net 9,473 21,206 18,793 Expense on convertible notes (4,684) (4,706) (7,694) Gain on debt extinguishment — — 33,361 Net loss before income taxes $ (109,074) $ (240,025) $ (128,396) _________ (1) Includes Auto Lending and Other operating segments, which did not meet the separate reporting or aggregation criteria under GAAP. (2) Borrower acquisition costs were $302.7 million , $90.5 million and $125.0 million for the years ended December 31, 2022, 2023 and 2024, respectively. Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses. (3) Borrower verification and servicing costs were $157.8 million , $116.6 million and $128.9 million for the years ended December 31, 2022, 2023 and 2024, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses. The CODM does not evaluate operating segments using asset information and, accordingly, the Company does not report asset information by segment.

Reorganization Expenses

Reorganization Expenses	12 Months Ended
	Dec. 31, 2024
Reorganizations [Abstract]
Reorganization Expenses	Reorganization Expenses On January 31, 2023, the Company implemented a plan of reorganization (the “January 2023 Plan”). The January 2023 Plan was designed to reduce operating costs, streamline operations and return the Company to profitability. As part of the January 2023 Plan, the Company reduced its workforce by approximately 20%, or 365 employees, and suspended development of its small business loan product. During the year ended December 31, 2023, the Company incurred $15.5 million of reorganization expenses in relation to the January 2023 plan, which primarily consisted of severance charges related to employee cash compensation, benefits, and associated taxes. The Company also recognized an impairment expense of $2.6 million for previously capitalized internally developed software costs. In addition to these charges, the Company recognized $2.9 million of one-time non-cash savings related to the reversal of previously expensed stock-based compensation associated with forfeited stock awards for the year ended December 31, 2023. These reorganization costs are reported in the relevant operating expense category on the consolidated statements of operations and comprehensive loss.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Co mpany has evaluated events that have occurred through the filing date of this Annual Report on Form 10-K. Based on its evaluation, other than any items recorded or disclosed within the consolidated financial statements and related notes, the Company has determined no subsequent events were required to be recognized or disclosed.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (128,581)	$ (240,132)	$ (108,665)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Scott Darling [Member]
Trading Arrangements, by Individual
Arrangement Duration	275 days
Natalia Mirgorodskaya [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Name and title of officer: Natalia Mirgorodskaya, Chief Accounting Officer Date of adoption: November 25, 2024 Duration of the trading arrangement: Through August 29, 2025 or earlier if all transactions under the trading arrangement are completed Aggregate number of securities to be sold from time to time: up to 22,203 shares, plus any additional shares to be received upon the vesting of restricted stock units to occur on various dates within the duration of the trading arrangement, net of shares withheld to cover tax obligations upon the vesting.
Name	Natalia Mirgorodskaya
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 25, 2024
Expiration Date	August 29, 2025
Arrangement Duration	277 days
Aggregate Available	22,203	22,203
Hilliard C. Terry III [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Name of director: Hilliard C. Terry III Date of adoption: November 26, 2024 Duration of the trading arrangement: Through August 29, 2025 or earlier if all transactions under the trading arrangement are completed Aggregate number of securities to be sold from time to time: up to 60,000 shares.
Name	Hilliard C. Terry III
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 26, 2024
Expiration Date	August 29, 2025
Arrangement Duration	276 days
Aggregate Available	60,000	60,000
Scott Darling, Adopted Plan, November 2024 [Member] | Scott Darling [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Name and title of officer: Scott Darling, Chief Legal Officer Date of adoption: November 27, 2024 Duration of the trading arrangement: Through August 29, 2025 or earlier if all transactions under the trading arrangement are completed
Name	Scott Darling
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 27, 2024
Expiration Date	August 29, 2025
Aggregate Available	90,740	90,740
Scott Darling, Terminated Plan, November 2024 [Member] | Scott Darling [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Name and title of officer: Scott Darling, Chief Legal Officer Date of termination: November 25, 2024 Duration of the trading arrangement: Through May 30, 2025 or earlier if all transactions under the trading arrangement are completed Aggregate number of securities to be sold from time to time: up to 257,877 shares, plus any additional shares to be received upon the vesting of restricted stock units to occur on various dates within the duration of the trading arrangement, net of shares withheld to cover tax obligations upon the vesting, plus any shares purchased under the ESPP.
Name	Scott Darling
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	November 25, 2024
Aggregate Available	257,877	257,877

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have established policies and processes for identifying, assessing, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. We conduct risk assessments to identify cybersecurity threats annually as well as in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. Following these risk assessments, we re-design, implement, and maintain reasonable safeguards to mitigate identified risks; reasonably address any identified gaps in existing safeguards; and monitor the effectiveness of our safeguards. We devote resources and designate high-level personnel, including our Chief Information Security Officer who reports to our Chief Risk Officer, to manage the risk assessment and mitigation process. Our Chief Information Security Officer works closely with a team of cybersecurity professionals with extensive experience and expertise in cybersecurity control development, threat assessments, detection & incident response and mitigation. As part of our overall risk management system, we assess our safeguards in collaboration with various functional teams, including Information Security, Engineering, Risk and Legal, and train our employees on these safeguards. Security is a shared responsibility, and personnel at all levels and teams are required to receive periodic security awareness training to ensure that they understand our cybersecurity policies and their roles in protecting our information systems or any information residing therein. We have a set of company-wide policies and procedures concerning cybersecurity matters that include security risk assessment, identity and access control, vendor security and vulnerability management. There are other policies related to cybersecurity involving employees' use of company equipment and resources, generative AI, remote work and workplace security and safety. These policies are reviewed periodically and approved by appropriate members of management. We engage assessors, consultants, auditors, or other third parties in connection with our risk assessment processes. These service providers assist us to design and implement our cybersecurity policies and procedures, as well as to monitor and test our safeguards. These services include product penetration testing, third party partner due diligence audits, security controls assessment, incident response preparedness, and vendor security review. We require each third-party service provider to certify that it has the ability to implement and maintain appropriate security measures, consistent with all applicable laws, in connection with the services they provide to us, and to promptly report any suspected breach of its security measures that may affect us. For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition, please see Item 1.A. “ Risk Factors ” of this Annual Report on Form 10-K, including the risk factors titled “ —Security breaches and incidents compromising borrowers’ confidential information that we store may harm our reputation, adversely affect our results of operations and expose us to liability ”.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have established policies and processes for identifying, assessing, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for oversight of our risk management framework, which is designed to monitor and manage strategic and operational risks. Management is responsible for the day-to-day identification, assessment and management of risks in our operations, including cybersecurity risks. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Chief Risk Officer reports to our CEO, and our Chief Risk Officer and/or Chief Information Security Officer provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing and activities of third parties.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Chief Risk Officer reports to our CEO, and our Chief Risk Officer and/or Chief Information Security Officer provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing and activities of third parties. Our audit committee provides updates to the Board of Directors on such reports.
Cybersecurity Risk Role of Management [Text Block]	One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for oversight of our risk management framework, which is designed to monitor and manage strategic and operational risks. Management is responsible for the day-to-day identification, assessment and management of risks in our operations, including cybersecurity risks. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our Chief Information Security Officer has more than 20 years of information security expertise and is primarily responsible to identify, assess and manage our material risks from cybersecurity threats. Our Chief Information Security Officer started his career as a security engineer and has held various leadership positions in the security function at Microsoft, Netflix, Bridgewater Associates and, most recently, Robinhood. He received a bachelor degree in management information systems and holds an industry certification. Our Chief Information Security Officer oversees our cybersecurity policies and processes, including those described in “ Risk Management and Strategy ” above. The processes by which our Chief Information Security Officer is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents include the following: tabletop exercises, vulnerability management programs, internal & external security risk assessments, threat modeling processes of new services, third party security risk functions, incident response processes, phishing awareness programs, and additional control validation services. Our Chief Risk Officer reports to our CEO, and our Chief Risk Officer and/or Chief Information Security Officer provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing and activities of third parties. Our audit committee provides updates to the Board of Directors on such reports. We also have an established incident response plan led by our Chief Information Security Officer that lays out the process for the assessment, response and notifications internally and externally upon the occurrence of a cybersecurity incident. Depending on the nature and severity of an incident, our process, including those set forth in the incident response plan, provides for escalation and notification to management, the audit committee and the Board of Directors and/or external parties, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Security Officer oversees our cybersecurity policies and processes, including those described in “ Risk Management and Strategy
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Security Officer has more than 20 years of information security expertise and is primarily responsible to identify, assess and manage our material risks from cybersecurity threats. Our Chief Information Security Officer started his career as a security engineer and has held various leadership positions in the security function at Microsoft, Netflix, Bridgewater Associates and, most recently, Robinhood. He received a bachelor degree in management information systems and holds an industry certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Chief Risk Officer reports to our CEO, and our Chief Risk Officer and/or Chief Information Security Officer provide quarterly briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing and activities of third parties. Our audit committee provides updates to the Board of Directors on such reports. We also have an established incident response plan led by our Chief Information Security Officer that lays out the process for the assessment, response and notifications internally and externally upon the occurrence of a cybersecurity incident.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Description of Business and S_2

Description of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation
Consolidation	Basis of Presentation and Consolidation Consolidated VIEs The Company consolidates VIEs in which the Company has a variable interest and is determined to be the primary beneficiary. This determination is based on whether the Company has a variable interest (or combination of variable interests) that provides the Company with both (a) the power to direct the activities that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE. The Company continually reassesses whether it is the primary beneficiary of a VIE throughout the entire period the Company is involved with the VIE.
Reclassifications	Reclassifications
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying consolidated financial statements, which management believes are critical in understanding and evaluating the Company’s reported financial results include: (i) fair value determinations; (ii) stock-based compensation; (iii) consolidation of VIEs; and (iv) the evaluation for impairment of goodwill and acquired intangible assets. The Company bases its estimates on various factors it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the results of operations reported in future years.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consists of deposits held with financial institutions in checking and interest-bearing deposit accounts as well as money market accounts. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Fair Value Measurement	Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis on the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The price used to measure fair value is not adjusted for transaction costs. The principal market is the market in which the Company would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability, it is assumed that the Company has access to the market as of the measurement date. If no market for the asset exists, or if the Company does not have access to the principal market, a hypothetical market is used. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2— Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value on a recurring basis include loans, line of credit receivable, notes receivable and residual certificates, loan servicing assets and liabilities, derivatives, beneficial interests, payable to securitization note holders, and trailing fee liabilities. When developing fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.
Financial Instruments not Measured at Fair Value	Financial Instruments not Measured at Fair Value The Company’s financial instruments not measured at fair value consist primarily of cash and cash equivalents, restricted cash, and other assets (excluding certain financial instruments, which are measured at fair value, such as line of credit receivable, loan servicing assets, interest rate caps, notes receivable and residual certificates), accounts payable, payable to investors, and other liabilities (excluding certain financial instruments, such as loan servicing liabilities, beneficial interest liabilities, and trailing fee liabilities which are measured at fair value). Payable to investors includes amounts of loan repayments not yet distributed to institutional investors, as well as amounts received from institutional investors but not yet invested directly in whole loans. The carrying values of these financial instruments approximates their respective fair values due to their short-term nature. Borrowings are presented at par, net of debt issuance costs that are amortized over the contractual term using the effective interest method, with accrued interest included as part of accrued expenses and other liabilities on the consolidated balance sheets. The carrying value of borrowings associated with the warehouse credit facilities approximates the fair value due to their relatively short maturities.
Variable Interest Entities and Consolidated Securitization	Variable Interest Entities A legal entity is considered a VIE if it has either a total equity investment that is insufficient to finance its operations without additional subordinated financial support or whose equity holders lack the characteristics of a controlling financial interest. The Company’s variable interests arise from contractual, ownership, or other monetary interests in the entity. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The Company determines it is the primary beneficiary if it has the power to direct activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses or the right to receive benefits of the VIE that could be potentially significant to the VIE. The Company assesses whether or not it is the primary beneficiary of a VIE on an ongoing basis. Consolidated Securitization The Company elected the measurement alternative under Accounting Standards Codification (“ASC”) 810, Consolidation , and maximizes the use of observable inputs to estimate the fair value of the financial assets and liabilities of a consolidated securitization entity. Under the measurement alternative, the Company determined that the fair value of the liabilities, which consists of securitization notes and residual certificates issued by the entity, is based on more observable inputs than inputs used to determine the fair value of the assets, which consists of held-for-sale loans. Thus, the fair value of these loans is determined by the sum of the fair value of the related securitization notes and residual certificates. The fair value is corroborated with discounted cash flow that considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows on loans, discounted using an estimate of market rates of return. The value of residual certificates issued and retained by the Company is eliminated upon consolidation. Changes in the fair value of these assets and liabilities are included in the consolidated statements of operations and comprehensive loss. Unconsolidated VIEs The Company’s transactions with unconsolidated VIEs include securitizations of unsecured personal whole loans and sales of whole loans to VIEs, including loan sales under its committed capital and other co-investment arrangements. Refer to “ Note 4. Beneficial Interests ” for additional information on unconsolidated VIEs related to committed capital and other co-investment arrangements. Securitizations While the Company continues to be involved with the unconsolidated VIEs in its role as the sponsor and the servicer of securitization transactions, the Company has determined that it is not the primary beneficiary of these entities. The Company’s unconsolidated VIEs include entities established as the issuers and grantor trusts for various securitization transactions. In cases where the VIEs are not consolidated and the transfer of the loans from the Company to the securitization trust meets sale accounting criteria, the Company recognizes a gain or loss on sales of loans. The net proceeds of the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction. The assets are transferred into a trust such that the assets are legally isolated from the creditors of the Company and are not available to satisfy obligations of the Company. These assets can only be used to settle obligations of the underlying securitization trusts. During the year ended December 31, 2023, the Company exercised clean up calls related to two historical unconsolidated securitizations and subsequently liquidated the associated entities. As part of the clean up calls, the Company, as servicer, repurchased the remaining collateral and received the cash reserve amounts held by the related entities. Additionally, during the year ended December 31, 2024, the Company exercised clean up calls related to two unconsolidated securitizations and subsequently liquidated the associated entities. The clean up calls had no material impact on the consolidated financial statements of the Company for the years presented. The Company’s maximum exposure to loss from its involvement with unconsolidated VIEs represents the value of securities retained and cash deposits made under the risk retention requirements for the related securitizations and estimates the loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is remote. The carrying value of assets that relate to variable interests in unconsolidated VIEs consists of $14.8 million and $22.1 million of securitization notes and residual certificates that are carried at fair value and included in other assets on the consolidated balance sheets as of December 31, 2023 and 2024, respectively. The Company also had $6.0 million and $3.7 million of cash deposits held as reserve accounts for related securitizations, included in other assets on the consolidated balance sheets as of December 31, 2023 and 2024, respectively. For securitization transactions where the Company is not the risk retaining sponsor, and servicing is the only form of continuing involvement, the Company would only experience a loss if it were required to repurchase a loan due to a breach in representations and warranties and is not able to collect all repayments, refer to “ Note 12. Commitments and Contingencies ” for further information.
Transfer of Financial Assets	Transfer of Financial Assets Upstart-powered loans originated by lending partners are either retained by the lending partners, purchased by the Company and immediately sold to institutional investors under loan sale agreements, or purchased and held by the Company for a period of time before being sold to third-party investors, or held to maturity by the Company for the primary purpose of product research and development. Loans held on the Company’s consolidated balance sheets are classified as either held-for-investment or held-for-sale, and loans purchased for immediate resale to third-party investors are classified as held-for-sale. Immediate loan resales to institutional investors are accounted for as transfers of financial assets when the Company surrenders control of these loan assets. These sales typically occur shortly after the origination of the loans by the lending partner and the Company’s subsequent acquisition of the loans from the originating lending partner. Loans sold to institutional investors are derecognized from the Company’s consolidated balance sheets at the time of sale in accordance with the ASC 860, Transfers and Servicing
Loan Servicing Assets and Liabilities	Loan Servicing Assets and Liabilities Loan servicing assets and liabilities are recognized at fair value when the Company transfers loans, which qualify as sales under ASC 860 with servicing rights retained or when the Company enters into servicing agreements with lending partners who retain Upstart-powered loans. A loan servicing asset or liability exists depending on whether the revenue from servicing is expected to more than adequately compensate the Company for carrying out its servicing obligations.
Property, Equipment, and Software, Net	Property, Equipment, and Software, Net
Internally Developed Software	Internally developed software is capitalized upon completion of the preliminary project stage, when it becomes probable that the project will be completed, and the software will be used as intended. Capitalized costs primarily consist of salaries and payroll related costs for employees directly involved in development efforts. Costs related to the preliminary project stage and activities occurring after the implementation of the software are expensed as incurred. Costs incurred for software upgrades are capitalized if they result in additional functionalities or substantial enhancements.
Impairment of Long-Lived Assets	The Company evaluates its long-lived assets for potential impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When such an event occurs the carrying amount of the asset is reduced to its estimated fair value.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception. Operating leases are recorded on the consolidated balance sheets with right-of-use assets representing the right to use the underlying asset and lease liabilities representing the obligation to make lease payments. Right-of-use assets (“ROU”) and lease liabilities are recognized at lease commencement primarily based on the present value of lease payments over the lease term, and as necessary, at modification. The operating lease ROU assets also include any initial direct costs, lease payments made prior to lease commencement, and lease incentives received. Variable lease payments are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company’s lease terms are the non-cancelable period including any rent-free periods provided by the lessor and may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be exercised. Lease costs for lease payments are recognized on a straight-line basis over the lease term. As the rate implicit on the Company’s leases is not readily determinable, the Company uses its secured incremental borrowing rate to determine the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and in a similar economic environment.
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates its contracts and financial instruments to determine if these contracts and instruments or their parts meet the definition of derivatives in accordance with the requirements of ASC 815, Derivatives and Hedging . Derivatives are recorded on the consolidated balance sheets at fair value with changes in the value recorded in earnings on the consolidated statements of operations and comprehensive loss, and are reported within the net cash used in operating activities in the consolidated statements of cash flows. The Company uses derivative financial instruments to manage risks related to our ongoing business operations, including managing interest rates on our warehouse facilities. The Company does not employ derivatives for trading or speculative purposes and has no derivatives classified as accounting hedges.
Beneficial Interests	Beneficial Interests Beneficial interests represent the Company’s right to receive cash payments from or an obligation to make cash payments to certain institutional investors and lending partners based on the credit performance of the underlying loan portfolios. The Company evaluates these arrangements to determine if they or their components meet the characteristics of derivative financial instruments. In certain arrangements, the Company is obligated to make payments to these third-parties or is entitled to receive payments from them if credit performance of the loans sold or originated under the arrangements deviates from initial expectations set at the time of loan sale or origination. These arrangements meet the definition of derivatives under ASC 815, Derivatives and Hedging , and are measured at their fair value. Under other arrangements, the Company makes an initial investment and is entitled to a portion of cash flows from repayments received over time on the underlying loan portfolios sold under theses arrangements. These cash flows vary depending on the demonstrated credit performance relative to our expectations. These arrangements are debt-like financial instruments with embedded derivatives related to the variability of demonstrated credit performance of underlying loan portfolios against initial expectations. The Company elected to account for these hybrid instruments at fair value under ASC 825, Financial Instruments
Non-marketable Equity Security	Non-marketable Equity Securities The Company’s strategic investments consists of non-marketable equity securities on the consolidated balance sheets which are investments in privately held companies. Non-marketable equity securities do not have a readily determinable fair value and are measured by the Company at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “measurement alternative”). Gains and losses on the investment, realized and unrealized, are recognized in other income (expense), net on our consolidated statements of operations and comprehensive loss and a new carrying value is established for the investment upon such recognition of the gains and losses. There have been no unrealized or realized gains and losses or impairments related to the non-marketable equity securities accounted for under the measurement alternative for the years presented.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting which requires the fair values of assets acquired and liabilities assumed to be recognized in the consolidated financial statements. Assets acquired and liabilities assumed in a business combination are recognized at their estimated fair value as of the acquisition date. The excess purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period, with the corresponding offset to goodwill. Acquisition-related costs, such as legal and consulting fees, are recognized separately from the business combination and are expensed as incurred.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired. Goodwill is reviewed for impairment annually, or more frequently if an event or a change in circumstances indicates that goodwill may be impaired. We first assess qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. Examples of qualitative factors include, but are not limited to, a significant adverse change in legal factors or in the business climate, a significant decline in our stock price, a significant decline in our projected revenue or cash flows, or the presence of other indicators that would indicate a reduction in the fair value of a reporting unit. If the Company concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying value, a quantitative test is performed. We perform a quantitative goodwill impairment test by determining the fair value of the reporting unit and comparing it to the carrying value of the reporting unit. If the fair value of the reporting unit is greater than the reporting unit’s carrying value, then the carrying value of the reporting unit is deemed to be recoverable. If the carrying value of the reporting unit is greater than the reporting unit’s fair value, goodwill is impaired and written down to the reporting unit’s fair value. Acquired intangible assets are recorded at fair value on the date of acquisition and amortized on a straight-line basis over their estimated useful lives. Acquired intangible assets are presented net of accumulated amortization on the consolidated balance sheets. The Company reviews the carrying amounts of intangible assets for impairment whenever an event or change in circumstances indicates that the carrying amount of the assets may not be recoverable. We measure the recoverability of intangible assets by comparing the carrying amount of each asset to the future undiscounted cash flows we expect the asset to generate. Impairment is measured by the amount in which the carrying value of the asset exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of amortization.
Revenue Recognition	Revenue Recognition The Company’s revenue consists of two components: revenue from fees, net and interest income, interest expense, and fair value adjustments, net. The revenue from fees, net line item on the consolidated statements of operations and comprehensive loss is primarily comprised of platform and referral fees, net, which are recognized in accordance with ASC 606, Revenue from Contracts with Customers, and servicing and other fees, net, which are accounted for under ASC 860, Transfers and Servicing.
Operating Expenses	Operating Expenses Sales and Marketing Sales and marketing expenses primarily consist of costs incurred across various advertising channels, including expenses for partnerships with third-parties providing borrower referrals, direct mail and digital advertising campaigns, as well as other expenses associated with building overall brand awareness and experiential marketing costs. Sales and marketing expenses also include payroll and other personnel-related costs, including stock-based compensation expense, for related teams. These costs are recognized in the period incurred. Customer Operations Customer operations expenses include payroll and other personnel-related expenses, including stock-based compensation expense, for personnel engaged in onboarding, loan servicing, customer support and other related operational teams. These costs also include costs of third-party collection agencies and other systems and tools the Company uses as part of information verification, fraud detection, and payment processing activities. These costs are recognized in the period incurred. Engineering and Product Development Engineering and product development expenses primarily consist of payroll and other employee-related expenses, including stock-based compensation expenses, for the engineering and product development teams as well as the costs of systems and tools used by these teams. These costs are recognized in the period incurred. General, Administrative, and Other
Stock-Based Compensation	Stock-Based Compensation
Other Income, Net	Other Income, Net
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance may be established to reduce the deferred tax asset to the level at which it is “more likely than not” that the tax asset or benefits will be realized. Realization of tax benefits of deductible temporary differences and operating loss carryforwards depends on having sufficient taxable income of an appropriate character within the carryback or carryforward periods.
Net Loss Per Share	Net Loss Per Share The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the year to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the year had been distributed. Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the year.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new guidance requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker, and an amount for other segment items by reportable segment, with a description of its composition. In addition, the amendments enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. The Company adopted this guidance effective for its 2024 Annual Report on Form 10-K and has made the required disclosures. Refer to “ Note 15. Segment Information ” for these disclosures. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The amendments in this update require entities that hold certain crypto assets to subsequently measure them at fair value, with changes in fair value recorded in net income. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. This ASU is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements or related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disaggregated disclosures in the notes to the financial statements for certain expenses such as employee compensation, depreciation, and intangible asset amortization, which are commonly presented in aggregate. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of these amendments to its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The amendments in this update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for annual reporting periods beginning after December 15, 2025 with early adoption permitted. The Company is currently evaluating the impact of these amendments to its consolidated financial statements and related disclosures.

Description of Business and S_3

Description of Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Changes in Presentation within Condensed Consolidated Statements of Cash Flows	The following tables present the effects of the changes in presentation within the consolidated statements of cash flows: Year Ended December 31, 2022 As Previously Reported Adjustment As Adjusted Cash flows from operating activities Payable to investors $ (16,821) $ 16,821 $ — Payable to investors for beneficial interest assets — — — Net cash provided by (used in) operating activities (674,681) 16,821 (657,860) Cash flows from financing activities Payable to investors (1) — (16,821) (16,821) Net cash provided by (used in) financing activities $ 130,032 $ (16,821) $ 113,211 Year Ended December 31, 2023 As Previously Reported Adjustment As Adjusted Cash flows from operating activities Payable to investors $ (42,989) $ 42,989 $ — Payable to investors for beneficial interest assets — 5,792 5,792 Net cash provided by (used in) operating activities (160,493) 48,781 (111,712) Cash flows from financing activities Payable to investors (1) — (48,781) (48,781) Net cash provided by (used in) financing activities $ 214,268 $ (48,781) $ 165,487 ____________ (1) Related to liabilities associated with fiduciary cash that is temporarily held by the Company on behalf of our institutional investors.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Type of Service	The Company disaggregates revenue from fees by type of service for the years presented as follows: Year Ended December 31, 2022 2023 2024 Revenue from fees, net: Platform and referral fees, net $ 732,237 $ 414,120 $ 502,411 Servicing and other fees, net 175,035 146,311 133,055 Total revenue from fees, net $ 907,272 $ 560,431 $ 635,466
Schedule of Customers Accounting for Greater Than 10% of Total Revenue	Customers accounting for greater than 10% of total revenue were as follows: Year Ended 2022 2023 2024 Customer A 28% 23% 27% Customer B 45% 29% 26% Customer C * * 10% Customer D * 11% * Customers accounting for greater than 10% of accounts receivable were as follows: December 31, December 31, 2023 2024 Customer E * 15% Customer B 11% * Customer D 15% * * Less than 10%
Schedule of Collection Agency and Borrower Fees	The following table presents the components of servicing and other fees, net as part of revenue from fees, net in the Company’s consolidated statements of operations and comprehensive loss: Year Ended December 31, 2022 2023 2024 Servicing fees $ 115,742 $ 107,008 $ 89,323 Borrower fees 25,208 29,139 26,444 Collection agency fees 10,519 15,865 16,405 Other fees 675 743 677 Net gain (loss) on servicing rights and fair value adjustments 22,891 (6,444) 206 Total servicing and other fees, net $ 175,035 $ 146,311 $ 133,055
Schedule of Components of Interest Income and Fair Value Adjustments, Net	The following table presents components of the interest income, interest expense, and fair value adjustments, net presented in the Company’s consolidated statements of operations and comprehensive loss: Year Ended December 31, 2022 2023 2024 Interest income (1) $ 105,580 $ 168,996 $ 186,360 Interest expense (1) (10,843) (34,894) (40,433) Fair value and other adjustments, net: Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net (1) (101,422) (130,440) (111,175) Realized loss on sale of loans, net (58,143) (24,042) (15,983) Fair value adjustments and realized losses on beneficial interests, net — (26,489) (17,707) Total fair value and other adjustments, net (159,565) (180,971) (144,865) Total interest income, interest expense, and fair value adjustments, net $ (64,828) $ (46,869) $ 1,062 __________ (1) Includes interest income, interest expense and unrealized loss on loans, loan charge-offs, and other fair value adjustments, net related to the consolidated securitization as follows: Year Ended December 31, 2022 2023 2024 Interest income, interest expense, and fair value adjustments, net related to consolidated securitization: Interest income $ — $ 19,697 $ 28,968 Interest expense — (6,733) (9,598) Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net — (5,496) (29,396) Total interest income, interest expense, and fair value adjustments, net $ — $ 7,468 $ (10,026)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Financial Assets and Liabilities from Variable Interest Entities	The following tables present a summary of financial assets and liabilities from the Company’s involvement with consolidated VIEs: December 31, 2023 Assets Liabilities Net Assets Consolidated securitization $ 187,258 $ 141,420 $ 45,838 Consolidated warehouse entities 645,455 388,681 256,774 Other consolidated VIEs 362,680 851 361,829 Total consolidated VIEs $ 1,195,393 $ 530,952 $ 664,441 December 31, 2024 Assets Liabilities Net Assets Consolidated securitization $ 109,739 $ 87,322 $ 22,417 Consolidated warehouse entities 430,887 196,982 233,905 Other consolidated VIEs 271,483 3,270 268,213 Total consolidated VIEs $ 812,109 $ 287,574 $ 524,535 The following tables summarize the aggregate value of assets and liabilities of unconsolidated VIEs associated with securitizations in which the Company holds a variable interest but is not the primary beneficiary: December 31, 2023 Assets (1) Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 445,929 $ 319,357 $ 126,572 $ 20,885 _________ (1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs. December 31, 2024 Assets (1) Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 507,666 $ 363,890 $ 143,776 $ 25,774 _________ (1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs.

Beneficial Interests (Tables)

Beneficial Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Beneficial Interests [Abstract]
Schedule of Beneficial Interests	The following table presents the aggregate outstanding principal balance of the underlying loan portfolios as well as the fair value of beneficial interest assets, by type, which collectively are presented as a separate asset line item on the consolidated balance sheets, and beneficial interest liabilities, which are presented in other liabilities on the consolidated balance sheets. December 31, 2023 December 31, 2024 Outstanding Principal Balance Fair Value Outstanding Principal Balance Fair Value Beneficial interest assets (hybrid instruments) $ 958,870 $ 41,012 $ 2,214,535 $ 168,091 Beneficial interest assets (derivatives) $ — $ — $ 1,943,215 $ 8,757 Total beneficial interest assets $ 958,870 $ 41,012 $ 4,157,750 $ 176,848 Beneficial interest liabilities (derivatives) $ 769,102 $ 4,221 $ 1,091,538 $ 10,089 The Company recognizes beneficial interests at fair value with changes reported as part of the fair value and other adjustments on the consolidated statements of operations and comprehensive loss . The table below presents losses recognized on beneficial interests during the following years: Year Ended 2022 2023 2024 Fair value adjustments and realized losses on beneficial interests, net $ — $ (26,489) $ (17,707) December 31, December 31, 2023 2024 Unrestricted cash $ 23,789 $ 85,105 Restricted cash 12,064 84,065 Beneficial interests 62,684 204,814 Other assets - Line of credit receivable (1) — 54,780 Loans (1) — 30,579 Total $ 98,537 $ 459,343 __________ (1) Represents the unpaid principal balance

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	The following table presents assets and liabilities measured at fair value and categorized in accordance with the fair value hierarchy: December 31, December 31, Level 2023 2024 Assets Loans 3 $ 1,156,413 $ 806,304 Beneficial interest assets 3 41,012 176,848 Line of credit receivable 3 — 56,269 Loan servicing assets 3 28,092 27,439 Notes receivable and residual certificates 3 14,847 22,055 Interest rate caps (1) 2 5,958 1,864 Total assets $ 1,246,322 $ 1,090,779 Liabilities Payable to securitization note holders 3 $ 141,416 $ 87,321 Beneficial interest liabilities 3 4,221 10,089 Trailing fee liabilities 3 4,251 4,614 Loan servicing liabilities 3 2,038 1,180 Total liabilities $ 151,926 $ 103,204 __________ (1) The fair value of interest rate caps is determined based on the present value of the estimated future cash flows over the contract term using observable market-based inputs as of the valuation date, including implied interest rates.
Schedule of Fair Value by Classes of Loans Held by the Company	The following table presents the fair value of classes of loans included in the Company’s consolidated balance sheets as of December 31, 2023 and 2024: December 31, December 31, 2023 2024 Loans held-for-sale $ 830,574 $ 405,812 Loans held-for-investment 146,768 297,543 Loans held in consolidated securitization 179,071 102,949 Total $ 1,156,413 $ 806,304
Schedule of Significant Unobservable Inputs	The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loans held-for-investment and held-for-sale, excluding loans held in consolidated securitization: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Discount rate 9.63 % 23.22 % 12.06 % 9.75 % 22.37 % 11.91 % Credit risk rate 0.01 % 93.10 % 17.66 % 0.01 % 93.12 % 17.87 % Prepayment rate 0.13 % 95.80 % 36.52 % 0.45 % 89.07 % 33.07 % _________ (1) Unobservable inputs were weighted by relative fair value. The following table presents quantitative information about the significant unobservable inputs implied for the Company’s Level 3 fair value measurements for loans held in consolidated securitization, which is determined by the sum of the fair value of the related securitization notes and residual certificates, and corroborated with a discounted cash flow model, similar to the one used for other loans held on the consolidated balance sheet: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Discount rate 6.85 % 16.00 % 9.99 % 5.96 % 15.25 % 9.59 % Credit risk rate 0.61 % 37.70 % 15.51 % 0.67 % 37.70 % 15.66 % Prepayment rate 6.66 % 89.84 % 42.73 % 6.73 % 89.84 % 41.51 % _________ (1) Unobservable inputs were weighted by relative fair value. The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to the line of credit receivable: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average Minimum Maximum Weighted-Average Discount rate * * * 6.75 % 6.75 % 6.75 % _________ * Not applicable The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to note receivable, residual certificates, and payable to securitization note holders: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Notes receivable and residual certificates Discount rate 9.99 % 23.22 % 12.74 % 9.60 % 22.37 % 12.59 % Credit risk rate 0.48 % 50.69 % 16.32 % 0.54 % 50.28 % 19.00 % Prepayment rate 6.36 % 89.46 % 43.14 % 4.61 % 94.53 % 35.72 % Payable to securitization note holders Discount rate 6.85 % 12.30 % 8.48 % 5.96 % 10.98 % 8.52 % Credit risk rate 0.61 % 37.70 % 15.51 % 0.67 % 37.70 % 15.66 % Prepayment rate 6.66 % 89.84 % 42.73 % 6.73 % 89.84 % 41.51 % _________ (1) Unobservable inputs were weighted by relative fair value. The following table presents quantitative information about the significant unobservable inputs used for the Company’s fair value measurements of beneficial interests as of December 31, 2023 and 2024: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Beneficial interest assets Discount rate 7.00 % 14.00 % 13.63 % 6.75 % 13.75 % 13.53 % Credit risk rate spread (2) (0.85) % (0.85) % (0.85) % (4.00) % 12.60 % 1.32 % Beneficial interest liabilities Discount rate 14.00 % 14.00 % 14.00 % 13.75 % 13.75 % 13.75 % Credit risk rate spread (2) 0.09 % 9.81 % 8.79 % (0.24) % 18.68 % 9.78 % _________ (1) Unobservable inputs were weighted by relative fair value. (2) Expressed as a percentage of cumulative net loss expectations as of the valuation date compared to the initial expectations as of the origination date or date of loan sale. The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for trailing fee liabilities: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Discount rate 9.63 % 23.22 % 12.88 % 9.55 % 22.37 % 12.54 % Credit risk rate 0.01 % 88.42 % 17.61 % 0.02 % 88.53 % 18.97 % Prepayment rate 1.05 % 94.68 % 39.94 % 1.51 % 95.80 % 35.50 % _________ (1) Unobservable inputs were weighted by relative fair value.
Schedule of Sensitivity Analysis of Fair Value	The following table presents the sensitivity of the fair value of loans held-for-sale and held-for-investment, excluding the loans in consolidated securitization, to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and 2024: December 31, December 31, 2023 2024 Fair value of loans held-for-sale and held-for-investment $ 977,342 $ 703,355 Discount rates 100 basis point increase (11,680) (9,048) 200 basis point increase (23,127) (17,881) Expected credit loss rates on underlying loans 10% adverse change (12,453) (9,135) 20% adverse change (24,979) (18,129) Expected prepayment rates 10% adverse change (1,884) (1,899) 20% adverse change (3,756) (3,783) The following table presents the sensitivity of the fair value of loans in consolidated securitization to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and 2024: December 31, December 31, 2023 2024 Fair value of loans held in consolidated securitization $ 179,071 $ 102,949 Discount rates 100 basis point increase (2,413) (1,144) 200 basis point increase (4,785) (2,269) Expected credit loss rates on underlying loans 10% adverse change (2,669) (1,799) 20% adverse change (5,227) (3,577) Expected prepayment rates 10% adverse change (1,625) (774) 20% adverse change (3,234) (1,521) The following table presents the sensitivity of beneficial interest assets and liabilities to adverse changes in key assumptions used in the valuation model as of December 31, 2023 and 2024. Adverse changes in discount rates do not result in a material impact to the fair value of beneficial interest liabilities as of December 31, 2023 and 2024. Significant Recurring Level 3 Fair Value Input Sensitivity December 31, December 31, 2023 2024 Fair value of beneficial interest assets $ 41,012 $ 176,848 Discount rate 100 basis point increase (1,240) (3,247) 200 basis point increase (2,431) (6,384) Expected credit rate spreads on underlying loans 10% adverse change (9,059) (44,356) 20% adverse change (16,743) (89,605) Fair value of beneficial interest liabilities $ 4,221 $ 10,089 Expected credit rate spreads on underlying loans 10% adverse change 5,606 4,720 20% adverse change 11,217 10,259
Schedule of Rollforward of Level 3 Assets	The following tables include a rollforward of the loans classified within Level 3 of the fair value hierarchy: Loans Held-for- Loans Held-for-Investment Loans Held in Consolidated Securitization Total Fair value at December 31, 2022 $ 882,810 $ 127,611 $ — $ 1,010,421 Transfer of loans to consolidated securitization (1) (209,968) — 209,968 — Purchases and originations of loans (2)(3) 1,676,146 157,223 — 1,833,369 Sale of loans (2) (1,241,233) — — (1,241,233) Purchase of loans for immediate resale (2) 1,330,364 — — 1,330,364 Immediate resale of loans (2) (1,330,364) — — (1,330,364) Repayments received (2) (202,982) (89,210) (24,832) (317,024) Charge-offs and changes in fair value recorded in earnings (74,952) (53,304) (6,065) (134,321) Other changes 753 4,448 — 5,201 Fair value at December 31, 2023 $ 830,574 $ 146,768 $ 179,071 $ 1,156,413 Reclassification of loans (2) (7,201) 7,201 — — Purchases and originations of loans (2)(3) 2,224,563 323,069 — 2,547,632 Sale of loans (2) (2,342,018) — — (2,342,018) Purchase of loans for immediate resale (2) 2,087,810 — — 2,087,810 Immediate resale of loans (2) (2,087,810) — — (2,087,810) Repayments received (2) (201,106) (137,050) (47,997) (386,153) Charge-offs and changes in fair value recorded in earnings (92,687) (59,862) (28,125) (180,674) Other changes (6,313) 17,417 — 11,104 Fair value at December 31, 2024 $ 405,812 $ 297,543 $ 102,949 $ 806,304 _________ (1) Represents the fair value. (2) Represents the principal balance. (3) Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the years ended December 31, 2023 and 2024. The following table presents a rollforward of the line of credit receivable classified by the Company within Level 3 of the fair value hierarchy: Line of Credit Receivable Fair value at December 31, 2023 $ — Issuances 54,780 Changes in fair value recorded in earnings 1,173 Changes in accrued interest 316 Fair value at December 31, 2024 $ 56,269 The following tables include a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy: Notes Receivable and Residual Certificates Payable to Securitization Note Holders Fair value at December 31, 2022 $ 6,181 $ — Additions 13,172 165,318 Repayments and settlements (4,328) (23,320) Changes in fair value recorded in earnings (178) (582) Fair value at December 31, 2023 $ 14,847 $ 141,416 Additions 13,001 $ — Repayments and settlements (5,917) $ (55,368) Changes in fair value recorded in earnings 124 $ 1,273 Fair value at December 31, 2024 $ 22,055 $ 87,321 The following table presents a rollforward of beneficial interest assets and liabilities. Beneficial Interest Assets Beneficial Interest Liabilities Fair value at December 31, 2022 $ — $ — Acquisition of beneficial interests 62,684 — Settlement of beneficial interests — (596) Changes in fair value recorded in earnings (21,672) 4,817 Fair value at December 31, 2023 $ 41,012 $ 4,221 Acquisition of beneficial interests (1) 148,448 — Settlement of beneficial interests, net (7,461) (6,700) Changes in fair value recorded in earnings (5,151) 12,568 Fair value at December 31, 2024 $ 176,848 $ 10,089 _________
Schedule of Aggregate Fair Value and Principal Outstanding of All Loans And Loans 90 Days or More Past Due	The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due included in the consolidated balance sheets: Loans Loans > 90 Days Past Due December 31, December 31, December 31, December 31, 2023 2024 2023 2024 Outstanding principal balance $ 1,182,577 $ 858,440 $ 15,310 $ 11,236 Net fair value and accrued interest adjustments (26,164) (52,136) (12,260) (9,638) Fair value (1) $ 1,156,413 $ 806,304 $ 3,050 $ 1,598 _________
Schedule of Rollforward of Level 3 Liabilities	The following tables include a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy: Notes Receivable and Residual Certificates Payable to Securitization Note Holders Fair value at December 31, 2022 $ 6,181 $ — Additions 13,172 165,318 Repayments and settlements (4,328) (23,320) Changes in fair value recorded in earnings (178) (582) Fair value at December 31, 2023 $ 14,847 $ 141,416 Additions 13,001 $ — Repayments and settlements (5,917) $ (55,368) Changes in fair value recorded in earnings 124 $ 1,273 Fair value at December 31, 2024 $ 22,055 $ 87,321 The following table presents a rollforward of beneficial interest assets and liabilities. Beneficial Interest Assets Beneficial Interest Liabilities Fair value at December 31, 2022 $ — $ — Acquisition of beneficial interests 62,684 — Settlement of beneficial interests — (596) Changes in fair value recorded in earnings (21,672) 4,817 Fair value at December 31, 2023 $ 41,012 $ 4,221 Acquisition of beneficial interests (1) 148,448 — Settlement of beneficial interests, net (7,461) (6,700) Changes in fair value recorded in earnings (5,151) 12,568 Fair value at December 31, 2024 $ 176,848 $ 10,089 _________
Schedule of Level 3 Fair Value Assumptions for Loan Servicing Assets and Liabilities	The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loan servicing assets and liabilities: December 31, 2023 December 31, 2024 Minimum Maximum Weighted-Average (1) Minimum Maximum Weighted-Average (1) Discount rate 13.00 % 20.00 % 16.89 % 13.00 % 20.00 % 17.14 % Credit risk rate 0.05 % 88.42 % 14.93 % 0.08 % 61.96 % 16.05 % Market-servicing rate (2)(3) 0.62 % 3.72 % 0.62 % 0.62 % 3.70 % 0.62 % Prepayment rate 1.05 % 96.90 % 41.05 % 2.17 % 96.90 % 36.43 % _________ (1) Unobservable inputs were weighted by relative fair value. (2) Excludes ancillary fees that would be passed on to a third-party servicer. (3) Expressed as a percentage of the outstanding principal balance for auto loans of 3.72% and 3.70% as of December 31, 2023 and 2024, respectively and 0.62% for personal loans as of both December 31, 2023 and 2024.
Schedule of Fair Value Sensitivity of Loan Servicing Assets and Liabilities to Adverse Changes in Key Assumptions	The table below presents the fair value sensitivity of loan servicing assets to adverse changes in key assumptions. The fair value of loan servicing assets and liabilities is not sensitive to adverse changes in discount rates and prepayment rates as such changes do not result in a material impact on the fair value as of December 31, 2023 and 2024. Adverse changes in market-servicing rates do not result in a material impact to the fair value of loan servicing liabilities as of December 31, 2023 and 2024. December 31, December 31, 2023 2024 Fair value of loan servicing assets $ 28,092 $ 27,439 Expected market-servicing rates 10% market-servicing rates increase (7,475) (6,931) 20% market-servicing rates increase (14,916) (14,098)
Schedule of Servicing Liabilities at Fair Value Rollforward	The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy: Loan Servicing Assets Loan Servicing Liabilities Fair value at December 31, 2022 $ 36,467 $ 3,968 Sale of loans 13,796 83 Changes in fair value recorded in earnings (22,171) (2,013) Fair value at December 31, 2023 $ 28,092 $ 2,038 Sale of loans 15,837 388 Changes in fair value recorded in earnings (16,490) (1,246) Fair value at December 31, 2024 $ 27,439 $ 1,180
Schedule of Servicing Assets at Fair Value Rollforward	The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy: Loan Servicing Assets Loan Servicing Liabilities Fair value at December 31, 2022 $ 36,467 $ 3,968 Sale of loans 13,796 83 Changes in fair value recorded in earnings (22,171) (2,013) Fair value at December 31, 2023 $ 28,092 $ 2,038 Sale of loans 15,837 388 Changes in fair value recorded in earnings (16,490) (1,246) Fair value at December 31, 2024 $ 27,439 $ 1,180
Schedule of Rollforward of Level 3 Liabilities	The following tables include a rollforward of trailing fee liabilities classified by the Company within Level 3 of the fair value hierarchy: Trailing Fee Liabilities Fair value at December 31, 2022 $ 4,852 Issuances 2,126 Repayments and settlements (2,757) Changes in fair value recorded in earnings 30 Fair value at December 31, 2023 $ 4,251 Issuances 3,194 Repayments and settlements (3,003) Changes in fair value recorded in earnings 172 Fair value at December 31, 2024 $ 4,614

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Intangible Assets	The gross and net carrying values and accumulated amortization are as follows: December 31, 2023 December 31, 2024 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 9,400 $ (8,617) $ 783 $ 9,400 $ (9,400) $ — Customer relationships 13,700 (3,139) 10,561 13,700 (4,281) 9,419 Total intangible assets $ 23,100 $ (11,756) $ 11,344 $ 23,100 $ (13,681) $ 9,419
Schedule of Expected Future Amortization Expense	Expected future amortization expense for intangible assets is as follows: December 31, 2024 2025 $ 1,142 2026 1,142 2027 1,142 2028 1,142 2029 1,142 Thereafter 3,709 Total $ 9,419

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following: December 31, 2023 December 31, 2024 Line of credit receivable (at fair value) (1) $ — $ 56,269 Receivables 40,490 48,233 Prepaid expenses 17,976 28,830 Loan servicing assets (at fair value) 28,092 27,439 Notes receivable and residual certificates (at fair value) 14,847 22,055 Other assets 18,589 17,457 Intangible assets, net (2) 11,356 9,431 Deposits 8,919 5,185 Interest rate caps (at fair value) (3) 5,958 1,864 Total other assets $ 146,227 $ 216,763 _________ (1) Refer to “ Note 5. Fair Value Measurement” for further information. (2) Refer to “ Note 6. Goodwill and Intangible Assets” for further information. (3) Refer to “ Note 9. Interest Rate Cap Arrangements” for further information.
Schedule of Property, Equipment, and Software	Property, equipment, and software, net consisted of the following: December 31, 2023 December 31, 2024 Internally developed software $ 55,008 $ 68,481 Leasehold improvements 14,281 15,069 Computer and networking equipment 6,054 6,069 Furniture and fixtures 4,761 4,795 Total property, equipment, and software 80,104 94,414 Accumulated depreciation and amortization (37,449) (55,401) Total property, equipment, and software, net $ 42,655 $ 39,013
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following: December 31, 2023 December 31, 2024 Accrued payroll $ 30,161 $ 64,514 Accrued expenses 28,099 37,781 Accounts payable 12,613 12,381 Beneficial interest liabilities (at fair value) 4,221 10,089 Trailing fee liability (at fair value) 4,251 4,614 Other liabilities 2,668 3,241 Loan servicing liabilities (at fair value) 2,038 1,180 Total accrued expenses and other liabilities $ 84,051 $ 133,800

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Aggregate Principal Outstanding of All Debt	The following table presents the aggregate principal outstanding of all debt that are included in the consolidated balance sheets: December 31, 2023 December 31, 2024 Warehouse credit facilities $ 387,425 $ 195,605 Convertible senior notes 661,250 1,230,379 Total payments due 1,048,675 1,425,984 Unamortized debt discount (8,251) (23,816) Total borrowings $ 1,040,424 $ 1,402,168 The following table presents the details of the Company’s revolving warehouse credit facilities: December 31, 2023 December 31, 2024 Stated Interest Rate (1) Termination and Maturity (2) Total Borrowing Capacity (3) Collateral (4) Outstanding Borrowings Collateral (4) Outstanding Borrowings Upstart Auto Warehouse Trust Benchmark rate + 3.0% June 2024 - December 2025 $ — $ 278,022 $ 139,483 $ 167,166 $ 23,228 Upstart Auto Warehouse Trust 2 Benchmark rate + 0% - 4.0% June 2025 - June 2026 50,000 — — 19,396 11,353 Upstart Loan Trust Benchmark rate + 2.8% - 3.8% June 2025 - June 2026 325,000 361,195 247,942 74,541 34,217 Upstart Small Dollar Loan Trust Benchmark rate + 5.5% June 2027 - June 2028 100,000 — — 108,980 61,807 Upstart High Yield Loan Trust Benchmark rate + 2.8% December 2025 - December 2026 150,000 — — 87,493 65,000 Total $ 625,000 $ 639,217 $ 387,425 $ 457,576 $ 195,605 _________ (1) The interest rates on our warehouse credit facilities are floating and designed as a reference rate plus a spread. Reference rates include the Compounded Secured Overnight Financing Rate, weighted-average cost of commercial paper notes issued by the lender, and the federal funds rate. The stated interest rate excludes unused commitment fees which range from 0.5% to 1.0%. The undrawn fee for Upstart Small Dollar Loan Trust is the dollar amount of interest and fees that would have been due if the daily average aggregate outstanding principal balance was equal to 75% of the then-applicable borrowing base. (2) The first date represents the final date the Company may borrow up to the maximum capacity under the warehouse. The second date is the maturity date, when the outstanding principal amount, together with accrued and unpaid interest will be due and payable in full. (3) Total capacity is as of December 31, 2024. All amounts are committed, except for Upstart High Yield Loan Trust of $150.0 million, Upstart Small Dollar Loan Trust of $100.0 million and Upstart Loan Trust for which $150.0 million of the $325.0 million total capacity is uncommitted. As of December 31, 2024 , the Upstart Auto Warehouse Trust facility is in the amortization period and can no longer be drawn on. (4) Represents the aggregate restricted cash and unpaid principal balance of loans pledged as collateral.
Schedule of Maturities of All Borrowings	The following table summarizes the aggregate amount of maturities of all borrowings: December 31, 2024 2025 $ 23,228 2026 409,699 2027 — 2028 61,807 2029 431,250 2030 500,000 Thereafter — Total $ 1,425,984
Convertible Debt	The table below presents the activity of the Notes during the year ended December 31, 2024: Principal balance of Notes outstanding as of December 31, 2023 $ 661,250 Issuance of 2029 Notes 431,250 Issuance of 2030 Notes 500,000 Repurchases of 2026 Notes (362,121) Principal balance of Notes outstanding as of December 31, 2024 $ 1,230,379 The following table presents details of the Notes: Interest Rate Initial Conversion Rate per $1,000 Principal Initial Conversion Price Conversion Date 2026 Notes 0.25%; payable semiannually on February 15 and August 15 3.5056 $285.26 May 15, 2026 2029 Notes 2.00%; payable semiannually on April 1 and October 1 21.9029 $45.66 July 1, 2029 2030 Notes 1.00%; payable semiannually on May 15 and November 15 10.8702 $91.99 August 15, 2030 The following table presents the components of the Notes as of December 31, 2023 and 2024: December 31, 2023 December 31, 2024 Principal Amount Unamortized Debt Discount Net Carrying Amount Fair Value Principal Amount Unamortized Debt Discount Net Carrying Amount Fair Value 2026 Notes $ 661,250 $ (8,251) $ 652,999 $ 488,700 $ 299,129 $ (2,339) $ 296,790 $ 272,727 2029 Notes — — — — 431,250 (9,932) 421,318 675,732 2030 Notes — — — — 500,000 (11,545) 488,455 488,015 Total $ 661,250 $ (8,251) $ 652,999 $ 488,700 $ 1,230,379 $ (23,816) $ 1,206,563 $ 1,436,474
Schedule of Key Terms for Capped Calls	The following table sets forth other key terms for the Capped Calls related to each series of Notes as of December 31, 2024: Initial Strike Price per Share, Subject to Certain Adjustments Initial Cap Price per Share, Subject to Certain Adjustments Shares of Common Stock Covered, Subject to Anti-Dilution Adjustments (in millions) Final Expiration Date 2026 Capped Calls $285.26 $400.36 1.0 August 15, 2026 2029 Capped Calls $45.66 $70.24 9.4 September 27, 2029

Interest Rate Cap Arrangements

Interest Rate Cap Arrangements (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the Notional Amount as well as the Fair Value of Interest Rate Caps	The following table presents the notional amount as well as the fair value of interest rate caps, which is reported as part of other assets on the consolidated balance sheets. December 31, 2023 December 31, 2024 Notional Amount Fair Value Notional Amount Fair Value Interest rate caps $ 299,578 $ 5,958 $ 241,115 $ 1,864

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Shares and Warrants Reserved for Issuance	Shares of common stock reserved for issuance, on an as-converted basis, are as follows: December 31, December 31, 2023 2024 Options issued and outstanding 12,617,254 10,709,898 Restricted stock units outstanding 5,534,394 3,703,631 Shares available for future issuance under 2020 plan 6,420,703 7,669,374 Shares available for issuance under employee stock purchase plan 2,896,226 3,425,952 Total 27,468,577 25,508,855
Schedule of Stock Option Activity	The following table summarizes stock option activity for the year ended December 31, 2024: Number of Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Balances at December 31, 2023 12,617,254 $ 14.57 6.1 $ 375,897 Options granted 1,376,854 27.49 Options exercised (3,159,674) 6.78 Options cancelled and forfeited (124,536) 30.18 Balances at December 31, 2024 10,709,898 18.35 5.9 495,359 Options exercisable – December 31, 2024 7,470,978 16.10 4.9 367,008 Options vested and expected to vest – December 31, 2024 10,690,834 $ 18.32 5.9 $ 494,785
Schedule of Restricted Stock Units and Restricted Stock	The following table summarizes RSU activity for the year ended December 31, 2024: Number of Shares Weighted-Average Grant Date Fair Value Per Share Unvested at December 31, 2023 5,534,394 $ 34.90 RSUs granted 2,647,188 30.38 RSUs vested (3,646,748) 33.41 RSUs cancelled and forfeited (831,203) 33.44 Unvested at December 31, 2024 3,703,631 $ 33.46
Schedule of Stock Options Fair Value Assumptions	The following assumptions were used to estimate the fair value of options granted: Year Ended December 31, 2022 2023 2024 Expected term (in years) 5.1 – 7.0 5.1 – 7.0 5.1 – 7.0 Expected volatility 47.58% – 52.96% 50.96% – 53.76% 50.32% – 67.85% Risk-free interest rate 1.70% – 4.23% 3.45% – 4.86% 3.76% – 4.43% Dividend yield —% —% —%
Schedule of Employee Stock Purchase Plan Fair Value Assumptions	The following assumptions were used to estimate the fair value of ESPP purchase rights: Year Ended December 31, 2022 2023 2024 Expected term (in years) 0.5 0.5 0.5 Expected volatility 91.89% – 179.35% 97.74% – 131.05% 88.37% – 96.69% Risk-free interest rate 0.72% – 3.13% 4.97% – 5.55% 5.04% – 5.30% Dividend yield —% —% —%
Schedule of Stock-based Compensation Expense	The Company recorded stock-based compensation in the following expense categories in its consolidated statements of operations and comprehensive loss for employees and nonemployees: Year Ended December 31, 2022 2023 2024 Sales and marketing $ 11,354 $ 8,166 $ 11,705 Customer operations 9,355 10,683 7,038 Engineering and product development 72,169 110,381 70,786 General, administrative, and other 33,067 45,809 43,871 Total $ 125,945 $ 175,039 $ 133,400

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments are as follows: December 31, 2024 2025 $ 15,402 2026 15,850 2027 15,474 2028 6,143 2029 2,990 Total undiscounted lease payments 55,859 Less: Present value adjustment (5,581) Operating lease liabilities $ 50,278
Schedule of Operating Lease Expense and Supplemental Cash and Non-cash Information	Operating lease expense was as follows: Year Ended December 31, 2022 2023 2024 Rent expense $ 15,916 $ 15,766 $ 14,198 Variable lease payments $ 3,696 $ 4,067 $ 3,776 Supplemental cash flow and non-cash information related to the Company’s operating leases was as follows: Year Ended December 31, 2022 2023 2024 Cash paid for amounts included in the measurement of lease liabilities $ 11,084 $ 22,014 $ 14,396 Right-of-use assets capitalized 1,826 — — Adjustments to operating lease right-of-use assets due to modification and other reassessment events $ — $ (19,865) $ — Supplemental balance sheet information related to the Company’s operating leases was as follows: December 31, 2023 December 31, 2024 Weighted-average remaining lease term (in years) 4.56 3.60 Weighted-average discount rate 5.11% 5.22%

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense (Benefit)	Income tax (benefit) expense included in the statements of operations and comprehensive loss consisted of the following: Year Ended December 31, 2022 2023 2024 Current: Federal $ — $ — $ — State 174 107 185 Total current tax expense 174 107 185 Deferred: Federal 41 — — State (624) — — Total deferred tax expense (583) — — Total (benefit) provision for income taxes $ (409) $ 107 $ 185
Schedule of Effective Tax Rates	Income tax expense differed from the amount computed by applying the Federal statutory income tax rate of 21% to net loss before income taxes for the year ended December 31, 2024 as a result of the following: Year Ended December 31, 2022 2023 2024 Federal tax at statutory rate $ (22,906) $ (50,405) $ (26,963) State income taxes, net of federal tax benefit (448) 107 185 Stock-based compensation (4,490) 2,306 (30,120) Research and development credit (6,333) (6,288) (7,806) Change in valuation allowance 26,263 38,189 50,585 Tax return to tax provision adjustment 309 (878) 84 Section 162(m) limitation 6,494 16,586 13,840 Other 702 490 380 (Benefit) provision for income taxes $ (409) $ 107 $ 185
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that gave rise to significant portions of the Company’s deferred tax assets and liabilities related to the following: December 31, 2023 2024 Deferred tax assets: Net operating loss carryforwards $ 328,511 $ 346,356 Capitalized research and experimental expenditures 54,335 84,572 Research and development credits 47,009 56,675 Accruals and reserves 7,306 19,494 Operating lease liabilities 18,041 14,564 Stock-based compensation 14,067 12,249 Convertible debt transactions 6,694 1,189 Amortization 299 612 Other 298 402 Total deferred tax assets 476,560 536,113 Less: valuation allowance (443,165) (508,966) Deferred tax assets – net of valuation allowance 33,395 27,147 Deferred tax liabilities: Right of use asset 15,832 12,587 Servicing rights 7,542 7,607 Intangible assets 3,461 2,728 Interest receivables 4,100 2,481 Depreciation 1,972 1,183 Investment in partnerships 488 242 Other — 319 Total deferred tax liabilities 33,395 27,147 Net deferred tax liabilities $ — $ —
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows: Year Ended December 31, 2022 2023 2024 Balance at beginning of year $ 13,904 $ 18,474 $ 22,158 Additions for tax positions of prior years 885 308 179 Tax positions related to the current year 3,685 3,376 4,129 Balance at end of year $ 18,474 $ 22,158 $ 26,466

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	For years in which the Company reports net losses, basic and diluted net loss per share are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Years Ended December 31, 2022 2023 2024 Numerator: Net loss $ (108,665) $ (240,132) $ (128,581) Denominator: Weighted-average common shares outstanding used to calculate net loss per share, basic 82,771,268 83,765,896 89,450,038 Weighted-average common shares outstanding used to calculate net loss per share, diluted 82,771,268 83,765,896 89,450,038 Net loss per share, basic $ (1.31) $ (2.87) $ (1.44) Net loss per share, diluted $ (1.31) $ (2.87) $ (1.44)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following securities were excluded from the computation of diluted net loss per share for the years presented, due to their anti-dilutive effect. These amounts represent the number of instruments outstanding at the end of each respective year: Year Ended December 31, 2022 2023 2024 Options to purchase common stock 12,547,010 12,617,254 10,709,898 Unvested RSUs 6,046,796 5,534,394 3,703,631 Unvested PRSUs 687,500 — — Purchase rights committed under the ESPP 101,397 184,447 163,228 Convertible debt 2,318,078 2,318,078 15,929,353 Total 21,700,781 20,654,173 30,506,110

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents financial information, including Contribution Profit, for the Company’s Personal Lending segment (1) : Year Ended December 31, 2022 2023 2024 Personal Lending Revenue from fees, net $ 893,065 $ 552,447 $ 625,308 Borrower acquisition costs (2) (276,245) (85,599) (115,184) Borrower verification and servicing costs (3) (139,478) (99,906) (108,014) Contribution Profit for Personal Lending $ 477,342 $ 366,942 $ 402,110 _______ (1) Personal Lending includes unsecured personal loans and small dollar loans. It does not include Auto Lending and Other operating segments as these did not meet the separate reporting or aggregation criteria under GAAP. (2) Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses. (3) Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses. The following table presents a reconciliation of total Contribution Profit to net loss before income taxes: Year Ended December 31, 2022 2023 2024 Contribution Profit: Personal Lending $ 477,342 $ 366,942 $ 402,110 Reconciling items: Other Contribution Profit/(Loss) (1) (30,591) (13,648) (20,577) Sales and marketing, net of borrower acquisition costs (2) (43,063) (36,626) (41,783) Customer operations, net of borrower verification and servicing costs (3) (30,186) (33,798) (29,080) Engineering and product development (237,247) (280,138) (253,653) General, administrative, and other (185,290) (212,388) (230,935) Interest income, interest expense, and fair value adjustments, net (64,828) (46,869) 1,062 Other income, net 9,473 21,206 18,793 Expense on convertible notes (4,684) (4,706) (7,694) Gain on debt extinguishment — — 33,361 Net loss before income taxes $ (109,074) $ (240,025) $ (128,396) _________ (1) Includes Auto Lending and Other operating segments, which did not meet the separate reporting or aggregation criteria under GAAP. (2) Borrower acquisition costs were $302.7 million , $90.5 million and $125.0 million for the years ended December 31, 2022, 2023 and 2024, respectively. Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses. (3) Borrower verification and servicing costs were $157.8 million , $116.6 million and $128.9 million for the years ended December 31, 2022, 2023 and 2024, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.

Description of Business and S_4

Description of Business and Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2024 component
Subsidiary or Equity Method Investee [Line Items]
Number of revenue components	2
Internally developed software
Subsidiary or Equity Method Investee [Line Items]
Estimated useful lives	3 years
Furniture and fixtures
Subsidiary or Equity Method Investee [Line Items]
Estimated useful lives	3 years
Computer and networking equipment
Subsidiary or Equity Method Investee [Line Items]
Estimated useful lives	3 years

Description of Business and S_5

Description of Business and Significant Accounting Policies - Effects of the Changes in Presentation within the Statement of Cash Flows (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
Payable to investors			$ 0	$ 0
Payable to investors for beneficial interest assets	[1]	$ 0	5,792	0
Net cash provided by (used in) operating activities		186,331	(111,712)	(657,860)
Payable to investors	[1]	12,385	(48,781)	(16,821)
Net cash provided by financing activities		$ 559,871	165,487	113,211
As Previously Reported
Reclassification [Line Items]
Payable to investors			(42,989)	(16,821)
Payable to investors for beneficial interest assets			0	0
Net cash provided by (used in) operating activities			(160,493)	(674,681)
Payable to investors			0	0
Net cash provided by financing activities			214,268	130,032
Adjustment
Reclassification [Line Items]
Payable to investors			42,989	16,821
Payable to investors for beneficial interest assets			5,792	0
Net cash provided by (used in) operating activities			48,781	16,821
Payable to investors			(48,781)	(16,821)
Net cash provided by financing activities			$ (48,781)	$ (16,821)
[1]During the year ended December 31, 2024, the Company elected to change the presentation of changes in the payable to investors balance on the consolidated statement of cash flows, refer to “ Note 1. Description of Business and Significant Accounting Policies” for further details.

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Type of Service (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from fees, net	$ 635,466	$ 560,431	$ 907,272
Platform and referral fees, net
Disaggregation of Revenue [Line Items]
Revenue from fees, net	502,411	414,120	732,237
Servicing and other fees, net
Disaggregation of Revenue [Line Items]
Revenue from fees, net	$ 133,055	$ 146,311	$ 175,035

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Trailing fee liabilities	$ 4,600	$ 4,300
Receivables	48,233	40,490
Contract costs capitalized	2,500	2,700
Amortization of capitalized contracts cost	$ 3,200	3,200	$ 2,800
Loans on non-accrual status	120 days
Accrued interest income	$ 8,200	14,200
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Financing receivable, after allowance for credit loss
Amounts received from borrowers for previously charged-off loan	$ 14,600	7,200	0
Warehouse credit facilities | Revolving Credit Facility
Disaggregation of Revenue [Line Items]
Accrued interest	$ 0	0
HELOCs
Disaggregation of Revenue [Line Items]
Loans on non-accrual status	180 days
Minimum
Disaggregation of Revenue [Line Items]
Subscription agreements term	1 month
Maximum
Disaggregation of Revenue [Line Items]
Subscription agreements term	6 months
Platform and referral fees, net
Disaggregation of Revenue [Line Items]
Loan premium and loan trailing fees recognized	$ 11,500	8,100	27,700
Receivables	$ 19,000	19,500
Capitalized cost amortization term	3 years
Subscription fee
Disaggregation of Revenue [Line Items]
Revenue from fees, net	$ 5,400	$ 3,800	$ 0

Revenue - Schedule of Customers

Revenue - Schedule of Customers Accounting for Greater Than 10% of Accounts Receivable (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Customer A | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	27%	23%	28%
Customer B | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	26%	29%	45%
Customer B | Accounts Receivable
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)		11%
Customer C | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	10%
Customer D | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)		11%
Customer D | Accounts Receivable
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)		15%
Customer E | Accounts Receivable
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	15%

Revenue - Schedule of Collectio

Revenue - Schedule of Collection Agency and Borrower Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from fees, net	$ 635,466	$ 560,431	$ 907,272
Net gain (loss) on servicing rights and fair value adjustments	206	(6,444)	22,891
Servicing fees
Disaggregation of Revenue [Line Items]
Revenue from fees, net	89,323	107,008	115,742
Borrower fees
Disaggregation of Revenue [Line Items]
Revenue from fees, net	26,444	29,139	25,208
Collection agency fees
Disaggregation of Revenue [Line Items]
Revenue from fees, net	16,405	15,865	10,519
Other fees
Disaggregation of Revenue [Line Items]
Revenue from fees, net	677	743	675
Servicing and other fees, net
Disaggregation of Revenue [Line Items]
Revenue from fees, net	$ 133,055	$ 146,311	$ 175,035

Revenue - Schedule of Component

Revenue - Schedule of Components of Interest Income and Fair Value Adjustments, Net (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Interest income	[1]	$ 186,360	$ 168,996	$ 105,580
Interest expense	[1]	(40,433)	(34,894)	(10,843)
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net		(111,175)	(130,440)	(101,422)
Realized loss on sale of loans, net		(15,983)	(24,042)	(58,143)
Fair value adjustments and realized losses on beneficial interests, net		(17,707)	(26,489)	0
Total fair value and other adjustments, net	[1]	(144,865)	(180,971)	(159,565)
Total interest income, interest expense, and fair value adjustments, net		1,062	(46,869)	(64,828)
Variable Interest Entity, Primary Beneficiary
Disaggregation of Revenue [Line Items]
Interest income		28,968	19,697	0
Interest expense		(9,598)	(6,733)	0
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net		(29,396)	(5,496)	0
Total interest income, interest expense, and fair value adjustments, net		$ (10,026)	$ 7,468	$ 0
[1] Balances for the year ended December 31, 2023 and 2024 include amounts related to the consolidated securitization. Refer to “ Note 2. Revenue ” for details.

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Financial Assets and Liabilities from Variable Interest Entities (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total assets	[1]	$ 2,366,958	$ 2,017,100
Liabilities	[1]	1,733,740	1,381,795
Net Assets		633,218	635,305	$ 672,435	$ 807,078
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets		812,109	1,195,393
Liabilities		287,574	530,952
Net Assets		524,535	664,441
Variable Interest Entity, Primary Beneficiary | Consolidated securitization
Variable Interest Entity [Line Items]
Total assets		109,739	187,258
Liabilities		87,322	141,420
Net Assets		22,417	45,838
Variable Interest Entity, Primary Beneficiary | Consolidated warehouse entities
Variable Interest Entity [Line Items]
Total assets		430,887	645,455
Liabilities		196,982	388,681
Net Assets		233,905	256,774
Variable Interest Entity, Primary Beneficiary | Other consolidated VIEs
Variable Interest Entity [Line Items]
Total assets		271,483	362,680
Liabilities		3,270	851
Net Assets		268,213	361,829
Variable Interest Entity, Not Primary Beneficiary | Securitizations
Variable Interest Entity [Line Items]
Total assets		507,666	445,929
Liabilities		363,890	319,357
Net Assets		143,776	126,572
Maximum Exposure to Losses		$ 25,774	$ 20,885
[1] 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, 2023 and 2024, respectively. The liabilities of each of 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, 2023 2024 Assets Cash and cash equivalents $ 1,603 $ 1,312 Restricted cash 23,450 47,642 Loans (at fair value) 1,147,423 750,184 Other assets (includes $5,958 and $1,864 at fair value as of December 31, 2023 and December 31, 2024, respectively) 22,917 12,971 Total assets $ 1,195,393 $ 812,109 Liabilities Payable to investors $ 121 $ 154 Borrowings 387,440 195,606 Payable to securitization note holders (at fair value) 141,416 87,321 Accrued expenses and other liabilities 1,975 4,493 Total liabilities 530,952 287,574 Total net assets $ 664,441 $ 524,535

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands			12 Months Ended
		Jul. 06, 2023 USD ($)	Dec. 31, 2024 USD ($) variable_interest_entity	Dec. 31, 2023 USD ($) variable_interest_entity	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Net cash proceeds			$ 0	$ 165,318	$ 0
Number of VIEs whom exercised clean up calls | variable_interest_entity			2	2
Financing receivable, after allowance for credit loss	[1]		$ 806,304	$ 1,156,413
Restricted cash			187,841	99,382
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash			3,700	6,000
Variable Interest Entity, Not Primary Beneficiary | Notes receivable and residual certificates (at fair value)
Variable Interest Entity [Line Items]
Financing receivable, after allowance for credit loss			$ 22,100	$ 14,800
Variable Interest Entity, Not Primary Beneficiary | Consolidated securitization
Variable Interest Entity [Line Items]
Unpaid principal balance of loans		$ 204,700
Weighted average coupon yield		9.20%
Net cash proceeds		$ 165,300
[1] Includes $179.1 million and $102.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2023 and 2024, respectively. Refer to “ Note 5. Fair Value Measurement ” for details.

Beneficial Interests - Schedule

Beneficial Interests - Schedule of Beneficial Interest Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Beneficial Interest [Line Items]
Unpaid principal balance, asset	$ 4,157,750	$ 958,870
Fair value, asset	176,848	41,012
Fair value, liability	10,100	4,200
Derivatives
Schedule Of Beneficial Interest [Line Items]
Unpaid principal balance, liability	1,091,538	769,102
Fair value, liability	10,089	4,221
Hybrid Instruments
Schedule Of Beneficial Interest [Line Items]
Unpaid principal balance, asset	2,214,535	958,870
Fair value, asset	168,091	41,012
Derivatives
Schedule Of Beneficial Interest [Line Items]
Unpaid principal balance, asset	1,943,215	0
Fair value, asset	8,757	0
Beneficial interests
Schedule Of Beneficial Interest [Line Items]
Fair value adjustments and realized losses on beneficial interests, net	$ (17,707)	$ (26,489)	$ 0

Beneficial Interests - Maximum

Beneficial Interests - Maximum Exposure to Losses by Asset Type (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Beneficial Interest [Line Items]
Aggregate capital under risk-sharing arrangements	$ 459,343	$ 98,537
Unrestricted cash
Schedule Of Beneficial Interest [Line Items]
Aggregate capital under risk-sharing arrangements	85,105	23,789
Restricted cash
Schedule Of Beneficial Interest [Line Items]
Aggregate capital under risk-sharing arrangements	84,065	12,064
Beneficial interests
Schedule Of Beneficial Interest [Line Items]
Aggregate capital under risk-sharing arrangements	204,814	62,684
Other assets - Line of credit receivable
Schedule Of Beneficial Interest [Line Items]
Aggregate capital under risk-sharing arrangements	54,780	0
Loans
Schedule Of Beneficial Interest [Line Items]
Aggregate capital under risk-sharing arrangements	$ 30,579	$ 0

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Assets
Loan servicing assets	$ 27,439,000	$ 28,092,000
Line of credit receivable	56,269,000	0
Total assets	1,090,779,000	1,246,322,000
Liabilities
Payable to securitization note holders	87,321,000	141,416,000
Beneficial interest liabilities	10,100,000	4,200,000
Trailing fee liabilities	4,600,000	4,300,000
Loan servicing liabilities	1,180,000	2,038,000
Fair Value, Inputs, Level 3
Assets
Loans	806,304,000	1,156,413,000
Beneficial interest assets	176,848,000	41,012,000
Loan servicing assets	27,439,000	28,092,000
Notes receivable and residual certificates	22,055,000	14,847,000
Line of credit receivable	56,269,000	0
Liabilities
Payable to securitization note holders	87,321,000	141,416,000
Beneficial interest liabilities	10,089,000	4,221,000
Trailing fee liabilities	4,614,000	4,251,000
Loan servicing liabilities	1,180,000	2,038,000
Total liabilities	103,204,000	151,926,000
Fair Value, Inputs, Level 2
Assets
Interest rate caps	$ 1,864,000	$ 5,958,000

Fair Value Measurement - Sche_2

Fair Value Measurement - Schedule of Fair Value of classes of Loans Held by the Company (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held in consolidated securitization	$ 102,900	$ 179,100
Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale	405,812	830,574
Loans held-for-investment	297,543	146,768
Loans held in consolidated securitization	102,949	179,071
Total assets	$ 806,304	$ 1,156,413

Fair Value Measurement - Sche_3

Fair Value Measurement - Schedule of Significant Unobservable Inputs (Details) - Valuation Technique, Discounted Cash Flow	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beneficial interest assets	6.75%	7%
Beneficial interest liabilities	13.75%	14%
Minimum | Credit risk rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beneficial interest assets	(4.00%)	(0.85%)
Beneficial interest liabilities	(0.24%)	0.09%
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beneficial interest assets	13.75%	14%
Beneficial interest liabilities	13.75%	14%
Maximum | Credit risk rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beneficial interest assets	12.60%	(0.85%)
Beneficial interest liabilities	18.68%	9.81%
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beneficial interest assets	13.53%	13.63%
Beneficial interest liabilities	13.75%	14%
Weighted Average | Credit risk rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beneficial interest assets	1.32%	(0.85%)
Beneficial interest liabilities	9.78%	8.79%
Fair Value, Inputs, Level 3 | Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	9.75%	9.63%
Loans held in consolidated securitization	0.0596	0.0685
Other notes receivable	0.0675
Notes receivable and residual certificates	0.0960	0.0999
Payable to securitization note holders	0.0596	0.0685
Trailing fee liabilities	9.55%	9.63%
Fair Value, Inputs, Level 3 | Minimum | Credit risk rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	0.01%	0.01%
Loans held in consolidated securitization	0.0067	0.0061
Notes receivable and residual certificates	0.0054	0.0048
Payable to securitization note holders	0.0067	0.0061
Trailing fee liabilities	0.02%	0.01%
Fair Value, Inputs, Level 3 | Minimum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	0.45%	0.13%
Loans held in consolidated securitization	0.0673	0.0666
Notes receivable and residual certificates	0.0461	0.0636
Payable to securitization note holders	0.0673	0.0666
Trailing fee liabilities	1.51%	1.05%
Fair Value, Inputs, Level 3 | Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	22.37%	23.22%
Loans held in consolidated securitization	0.1525	0.1600
Other notes receivable	0.0675
Notes receivable and residual certificates	0.2237	0.2322
Payable to securitization note holders	0.1098	0.1230
Trailing fee liabilities	22.37%	23.22%
Fair Value, Inputs, Level 3 | Maximum | Credit risk rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	93.12%	93.10%
Loans held in consolidated securitization	0.3770	0.3770
Notes receivable and residual certificates	0.5028	0.5069
Payable to securitization note holders	0.3770	0.3770
Trailing fee liabilities	88.53%	88.42%
Fair Value, Inputs, Level 3 | Maximum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	89.07%	95.80%
Loans held in consolidated securitization	0.8984	0.8984
Notes receivable and residual certificates	0.9453	0.8946
Payable to securitization note holders	0.8984	0.8984
Trailing fee liabilities	95.80%	94.68%
Fair Value, Inputs, Level 3 | Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	11.91%	12.06%
Loans held in consolidated securitization	0.0959	0.0999
Other notes receivable	0.0675
Notes receivable and residual certificates	0.1259	0.1274
Payable to securitization note holders	0.0852	0.0848
Trailing fee liabilities	12.54%	12.88%
Fair Value, Inputs, Level 3 | Weighted Average | Credit risk rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	17.87%	17.66%
Loans held in consolidated securitization	0.1566	0.1551
Notes receivable and residual certificates	0.1900	0.1632
Payable to securitization note holders	0.1566	0.1551
Trailing fee liabilities	18.97%	17.61%
Fair Value, Inputs, Level 3 | Weighted Average | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	33.07%	36.52%
Loans held in consolidated securitization	0.4151	0.4273
Notes receivable and residual certificates	0.3572	0.4314
Payable to securitization note holders	0.4151	0.4273
Trailing fee liabilities	35.50%	39.94%

Fair Value Measurement - Sche_4

Fair Value Measurement - Schedule of Sensitivity Analysis of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of beneficial interest assets	$ 176,848	$ 41,012
Expected prepayment rates
Beneficial interest liabilities	10,100	4,200
Beneficial Interests
Expected credit rate spreads on underlying loans
10% adverse change	4,720	5,606
20% adverse change	10,259	11,217
Loans Held For Sale And Investment
Discount rates
100 basis point increase	(9,048)	(11,680)
200 basis point increase	(17,881)	(23,127)
Expected credit loss rates on underlying loans
10% adverse change	(9,135)	(12,453)
20% adverse change	(18,129)	(24,979)
Expected prepayment rates
10% adverse change	(1,899)	(1,884)
20% adverse change	(3,783)	(3,756)
Loans Held in Consolidated Securitization
Discount rates
100 basis point increase	(1,144)	(2,413)
200 basis point increase	(2,269)	(4,785)
Expected credit loss rates on underlying loans
10% adverse change	(1,799)	(2,669)
20% adverse change	(3,577)	(5,227)
Expected prepayment rates
10% adverse change	(774)	(1,625)
20% adverse change	(1,521)	(3,234)
Beneficial Interests
Discount rates
100 basis point increase	(3,247)	(1,240)
200 basis point increase	(6,384)	(2,431)
Expected credit loss rates on underlying loans
10% adverse change	(44,356)	(9,059)
20% adverse change	(89,605)	(16,743)
Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of loans held-for-sale and held-for-investment	806,304	1,156,413
Fair value of beneficial interest assets	176,848	41,012
Expected prepayment rates
Beneficial interest liabilities	10,089	4,221
Fair Value, Inputs, Level 3 | Beneficial Interests
Expected prepayment rates
Beneficial interest liabilities	10,089	4,221
Fair Value, Inputs, Level 3 | Loans Held For Sale And Investment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of loans held-for-sale and held-for-investment	703,355	977,342
Fair Value, Inputs, Level 3 | Loans Held in Consolidated Securitization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of loans held-for-sale and held-for-investment	$ 102,949	$ 179,071

Fair Value Measurement - Sche_5

Fair Value Measurement - Schedule of Rollforward of Level 3 Assets (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Loans (at fair value)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 1,156,413	$ 1,010,421
Transfer of loans to consolidated securitization		0
Reclassification of loans	0
Purchases and originations of loans	2,547,632	1,833,369
Sale of loans	(2,342,018)	(1,241,233)
Purchase of loans for immediate resale	2,087,810	1,330,364
Immediate resale of loans	(2,087,810)	(1,330,364)
Repayments received	(386,153)	(317,024)
Charge-offs and changes in fair value recorded in earnings	(180,674)	(134,321)
Other changes	11,104	5,201
Fair value, ending balance	806,304	1,156,413
Loans Held-for- Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	830,574	882,810
Transfer of loans to consolidated securitization		(209,968)
Reclassification of loans	(7,201)
Purchases and originations of loans	2,224,563	1,676,146
Sale of loans	(2,342,018)	(1,241,233)
Purchase of loans for immediate resale	2,087,810	1,330,364
Immediate resale of loans	(2,087,810)	(1,330,364)
Repayments received	(201,106)	(202,982)
Charge-offs and changes in fair value recorded in earnings	(92,687)	(74,952)
Other changes	(6,313)	753
Fair value, ending balance	405,812	830,574
Loans Held-for-Investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	146,768	127,611
Transfer of loans to consolidated securitization		0
Reclassification of loans	7,201
Purchases and originations of loans	323,069	157,223
Sale of loans	0	0
Purchase of loans for immediate resale	0	0
Immediate resale of loans	0	0
Repayments received	(137,050)	(89,210)
Charge-offs and changes in fair value recorded in earnings	(59,862)	(53,304)
Other changes	17,417	4,448
Fair value, ending balance	297,543	146,768
Loans Held in Consolidated Securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	179,071	0
Transfer of loans to consolidated securitization		209,968
Reclassification of loans	0
Purchases and originations of loans	0	0
Sale of loans	0	0
Purchase of loans for immediate resale	0	0
Immediate resale of loans	0	0
Repayments received	(47,997)	(24,832)
Charge-offs and changes in fair value recorded in earnings	(28,125)	(6,065)
Other changes	0	0
Fair value, ending balance	102,949	179,071
Line of Credit Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	0
Charge-offs and changes in fair value recorded in earnings	1,173
Changes in accrued interest	316
Fair value, ending balance	$ 56,269	$ 0

Fair Value Measurement - Sche_6

Fair Value Measurement - Schedule of Aggregate Fair Value and Principal Outstanding of All Loans And Loans 90 Days or More Past Due (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Fair value	[1]	$ 806,304	$ 1,156,413
Loans (at fair value)
Financing Receivable, Past Due [Line Items]
Outstanding principal balance		858,440	1,182,577
Net fair value and accrued interest adjustments		(52,136)	(26,164)
Fair value		806,304	1,156,413
Loans (at fair value) | Auto Loans
Financing Receivable, Past Due [Line Items]
Fair value		285,500	343,100
Loans (at fair value) | HELOCs
Financing Receivable, Past Due [Line Items]
Fair value		54,300	0
Loans > 90 Days Past Due | Loans (at fair value)
Financing Receivable, Past Due [Line Items]
Outstanding principal balance		11,236	15,310
Net fair value and accrued interest adjustments		(9,638)	(12,260)
Fair value		1,598	3,050
Loans > 90 Days Past Due | Loans (at fair value) | Auto Loans
Financing Receivable, Past Due [Line Items]
Fair value		0	$ 2,800
Loans > 90 Days Past Due | Loans (at fair value) | HELOCs
Financing Receivable, Past Due [Line Items]
Fair value		$ 0
[1] Includes $179.1 million and $102.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2023 and 2024, respectively. Refer to “ Note 5. Fair Value Measurement ” for details.

Fair Value Measurement - Narrat

Fair Value Measurement - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans on non-accrual status	120 days
Line of credit receivable	$ 56,269,000	$ 0
Payable to securitization note holders (at fair value)	87,321,000	141,416,000
Loan servicing assets	27,439,000	28,092,000
Loan servicing liabilities	1,180,000	2,038,000
Beneficial interest assets (at fair value)	176,848,000	41,012,000
Beneficial interest liabilities	10,100,000	4,200,000
Trailing fee liability (at fair value)	4,614,000	4,251,000
Loans held in consolidated securitization	$ 102,900,000	179,100,000
HELOCs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans on non-accrual status	180 days
Fair Value, Inputs, Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Line of credit receivable	$ 56,269,000	0
Notes receivable and residual certificates	22,055,000	14,847,000
Payable to securitization note holders (at fair value)	87,321,000	141,416,000
Impact of 100 point increase in discount rate	0	1,900,000
Impact of 200 point increase in discount rate	0	3,700,000
Loan servicing assets	27,439,000	28,092,000
Loan servicing liabilities	1,180,000	2,038,000
Beneficial interest assets (at fair value)	176,848,000	41,012,000
Beneficial interest liabilities	10,089,000	4,221,000
Loans held in consolidated securitization	$ 102,949,000	$ 179,071,000

Fair Value Measurement - Level

Fair Value Measurement - Level Three Assets and Liabilities Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Beneficial interest liabilities (derivatives)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 4,221	$ 0
Additions	0	0
Repayments and settlements	(6,700)	(596)
Changes in fair value recorded in earnings	12,568	4,817
Fair value, ending balance	10,089	4,221
Beneficial Interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	41,012	0
Additions	148,448	62,684
Repayments and settlements / Payments on beneficial interests	(7,461)	0
Charge-offs and changes in fair value recorded in earnings	(5,151)	(21,672)
Fair value, ending balance	176,848	41,012
Fair Value, Inputs, Level 3 | Payable to Securitization Note Holders
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	141,416	0
Additions	0	165,318
Repayments and settlements	(55,368)	(23,320)
Changes in fair value recorded in earnings	1,273	(582)
Fair value, ending balance	87,321	141,416
Fair Value, Inputs, Level 3 | Trailing Fee Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	4,251	4,852
Issuances	3,194	2,126
Repayments and settlements	(3,003)	(2,757)
Changes in fair value recorded in earnings	172	30
Fair value, ending balance	4,614	4,251
Fair Value, Inputs, Level 3 | Line of Credit Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	0
Issuances	54,780
Charge-offs and changes in fair value recorded in earnings	1,173
Changes in accrued interest	316
Fair value, ending balance	56,269	0
Fair Value, Inputs, Level 3 | Notes receivable and residual certificates (at fair value)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	14,847	6,181
Additions	13,001	13,172
Repayments and settlements / Payments on beneficial interests	(5,917)	(4,328)
Charge-offs and changes in fair value recorded in earnings	124	(178)
Fair value, ending balance	$ 22,055	$ 14,847

Fair Value Measurement - Sche_7

Fair Value Measurement - Schedule of Level 3 Fair Value Assumptions for Loan Servicing Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 - Valuation Technique, Discounted Cash Flow	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Minimum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Discount rate	13%	13%
Credit risk rate	0.08%	0.05%
Market-servicing rate	0.62%	0.62%
Prepayment rate	2.17%	1.05%
Maximum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Discount rate	20%	20%
Credit risk rate	61.96%	88.42%
Market-servicing rate	3.70%	3.72%
Prepayment rate	96.90%	96.90%
Weighted Average
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Discount rate	17.14%	16.89%
Credit risk rate	16.05%	14.93%
Market-servicing rate	0.62%	0.62%
Prepayment rate	36.43%	41.05%

Fair Value Measurement - Sche_8

Fair Value Measurement - Schedule of Fair Value Sensitivity of Loan Servicing Assets and Liabilities to Adverse Changes in Key Assumptions (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of loan servicing assets	$ 27,439	$ 28,092
Fair Value, Inputs, Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of loan servicing assets	27,439	28,092
Fair Value, Inputs, Level 3 | Loan Servicing Assets
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of loan servicing assets	27,439	28,092	$ 36,467
10% market-servicing rates increase	(6,931)	(7,475)
20% market-servicing rates increase	$ (14,098)	$ (14,916)

Fair Value Measurement - Sche_9

Fair Value Measurement - Schedule of Servicing Liabilities at Fair Value Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value, beginning balance	$ 28,092
Fair value, ending balance	27,439	$ 28,092
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value, beginning balance	2,038
Fair value, ending balance	1,180	2,038
Fair Value, Inputs, Level 3
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value, beginning balance	28,092
Fair value, ending balance	27,439	28,092
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value, beginning balance	2,038
Fair value, ending balance	1,180	2,038
Fair Value, Inputs, Level 3 | Loan Servicing Liabilities
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value, beginning balance	2,038	3,968
Sale of loans	388	83
Changes in fair value recorded in earnings	(1,246)	(2,013)
Fair value, ending balance	1,180	2,038
Fair Value, Inputs, Level 3 | Loan Servicing Assets
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value, beginning balance	28,092	36,467
Sale of loans	15,837	13,796
Changes in fair value recorded in earnings	(16,490)	(22,171)
Fair value, ending balance	$ 27,439	$ 28,092

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 67,062	$ 67,062
Amortization expense	$ 0	$ 4,300	$ 4,300

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 23,100	$ 23,100
Accumulated Amortization	(13,681)	(11,756)
Net Carrying Value	9,419	11,344
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	9,400	9,400
Accumulated Amortization	(9,400)	(8,617)
Net Carrying Value	0	783
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	13,700	13,700
Accumulated Amortization	(4,281)	(3,139)
Net Carrying Value	$ 9,419	$ 10,561

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,142
2026	1,142
2027	1,142
2028	1,142
2029	1,142
Thereafter	3,709
Net Carrying Value	$ 9,419	$ 11,344

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Line of credit receivable (at fair value)	$ 56,269	$ 0
Receivables	48,233	40,490
Prepaid expenses	28,830	17,976
Loan servicing assets (at fair value)	27,439	28,092
Notes receivable and residual certificates (at fair value)	22,055	14,847
Other assets	17,457	18,589
Intangible assets, net	9,431	11,356
Deposits	5,185	8,919
Interest rate caps (at fair value)	1,864	5,958
Total other assets	$ 216,763	$ 146,227

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property, Equipment, and Software (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	$ 94,414	$ 80,104
Accumulated depreciation and amortization	(55,401)	(37,449)
Total property, equipment, and software, net	39,013	42,655
Internally developed software
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	68,481	55,008
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	15,069	14,281
Computer and networking equipment
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	6,069	6,054
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	$ 4,795	$ 4,761

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Abstract]
Depreciation	$ 18.6	$ 20.6	$ 13.5
Capitalized internally developed software balances, net of accumulated amortization	31	31.3
Internally developed software impairment	$ 0	$ 2.6

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Accrued payroll	$ 64,514	$ 30,161
Accrued expenses	37,781	28,099
Accounts payable	12,381	12,613
Beneficial interest liabilities (at fair value)	10,089	4,221
Trailing fee liability (at fair value)	4,614	4,251
Other liabilities	3,241	2,668
Loan servicing liabilities (at fair value)	1,180	2,038
Total accrued expenses and other liabilities	$ 133,800	$ 84,051

Borrowings - Schedule of Aggreg

Borrowings - Schedule of Aggregate Principal Outstanding of all Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Borrowings [Line Items]
Total payments due	$ 1,425,984	$ 1,048,675
Unamortized debt discount	(23,816)	(8,251)
Total borrowings	1,402,168	1,040,424
Convertible Debt
Schedule of Borrowings [Line Items]
Total payments due	1,230,379	661,250
Unamortized debt discount	(23,816)	(8,251)
Revolving Credit Facility | Warehouse credit facilities
Schedule of Borrowings [Line Items]
Total payments due	$ 195,605	$ 387,425

Borrowings - Schedule of Maturi

Borrowings - Schedule of Maturities of All Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 23,228
2026	409,699
2027	0
2028	61,807
2029	431,250
2030	500,000
Thereafter	0
Total	$ 1,425,984	$ 1,048,675

Borrowings - Warehouse Credit F

Borrowings - Warehouse Credit Facilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Apr. 24, 2024	Apr. 23, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total payments due	$ 1,425,984,000			$ 1,048,675,000
Revolving Credit Facility | Upstart Auto Warehouse Trust | Variable Interest Entity, Primary Beneficiary
Line of Credit Facility [Line Items]
Maximum borrowing capacity	0
Assets pledged as collateral	167,166,000			278,022,000
Total payments due	$ 23,228,000			139,483,000
Basis spread on variable rate	3%
Revolving Credit Facility | Upstart Auto Warehouse Trust 2 | Variable Interest Entity, Primary Beneficiary
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 50,000,000
Assets pledged as collateral	19,396,000			0
Total payments due	$ 11,353,000			0
Revolving Credit Facility | Upstart Auto Warehouse Trust 2 | Variable Interest Entity, Primary Beneficiary | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0%
Revolving Credit Facility | Upstart Auto Warehouse Trust 2 | Variable Interest Entity, Primary Beneficiary | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	4%
Revolving Credit Facility | Upstart Loan Trust
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 325,000,000
Assets pledged as collateral	74,541,000			361,195,000
Total payments due	$ 34,217,000			247,942,000
Revolving Credit Facility | Upstart Loan Trust | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.80%
Revolving Credit Facility | Upstart Loan Trust | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.80%
Revolving Credit Facility | Upstart Small Dollar Loan Trust
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000
Assets pledged as collateral	108,980,000			0
Total payments due	$ 61,807,000			0
Commitment fee threshold	75%
Basis spread on variable rate	5.50%
Revolving Credit Facility | Upstart High Yield Loan Trust
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
Assets pledged as collateral	87,493,000			0
Total payments due	$ 65,000,000			0
Basis spread on variable rate	2.80%
Revolving Credit Facility | Warehouse credit facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 625,000,000
Assets pledged as collateral	457,576,000			639,217,000
Total payments due	$ 195,605,000			$ 387,425,000
Revolving Credit Facility | Warehouse credit facilities | Minimum
Line of Credit Facility [Line Items]
Unused commitment fee	0.50%
Revolving Credit Facility | Warehouse credit facilities | Maximum
Line of Credit Facility [Line Items]
Unused commitment fee	1%
Revolving Credit Facility | ULT Warehouse Credit Facility - UnCommitted
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000	$ 150,000,000	$ 75,000,000

Borrowings - Convertible Senior

Borrowings - Convertible Senior Notes Activity (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Activity [Roll Forward]
Principal balance of Notes outstanding as of December 31, 2023		$ 1,048,675
Issuance of Notes		913,440	$ 0	$ 0
Repurchases of 2026 Notes		(325,344)	0	$ 0
Principal balance of Notes outstanding as of December 31, 2024		1,425,984	1,048,675
Convertible Debt
Debt Activity [Roll Forward]
Principal balance of Notes outstanding as of December 31, 2023		661,250
Principal balance of Notes outstanding as of December 31, 2024		1,230,379	$ 661,250
Convertible Debt | 2029 Notes
Debt Activity [Roll Forward]
Issuance of Notes	$ 302,400	431,250
Convertible Debt | 2030 Notes
Debt Activity [Roll Forward]
Issuance of Notes		500,000
Convertible Debt | 2026 Notes
Debt Activity [Roll Forward]
Repurchases of 2026 Notes		$ (362,121)

Borrowings - Narrative (Details

Borrowings - Narrative (Details)				1 Months Ended			12 Months Ended
	Sep. 19, 2024 day	Sep. 16, 2024	Aug. 20, 2021	Nov. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Aug. 31, 2021 USD ($) day $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 24, 2024 USD ($)	Apr. 23, 2024 USD ($)
Schedule of Borrowings [Line Items]
Repayment of warehouse borrowings							$ 357,352,000	$ 575,937,000	$ 400,898,000
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender							913,440,000	0	0
Gain on debt extinguishment							33,361,000	0	0
Convertible Debt
Schedule of Borrowings [Line Items]
Redemption price (in percent)	100%
Trading days | day	20
Consecutive trading days | day	30
Conversion price maximum threshold	130%
Interest expense							4,500,000	0	0
Amortization of debt issuance costs							3,200,000	$ 3,100,000	$ 3,000,000
Accrued interest							3,300,000
Convertible Debt | Conversion Period One
Schedule of Borrowings [Line Items]
Trading days | day						20
Consecutive trading days | day						30
Conversion price maximum threshold						130%
Convertible Debt | Conversion Period Two
Schedule of Borrowings [Line Items]
Trading days | day						5
Consecutive trading days | day						5
Percentage of the last reported sale price						98%
ULT Warehouse Credit Facility - UnCommitted | Revolving Credit Facility
Schedule of Borrowings [Line Items]
Maximum borrowing capacity							150,000,000			$ 150,000,000	$ 75,000,000
2026 ("Notes") | Convertible Debt
Schedule of Borrowings [Line Items]
Aggregate principal amount						$ 661,300,000
Stated interest rate						0.25%
Repurchase amount							334,200,000
Additional repurchased amount							27,900,000
Gain on debt extinguishment							33,400,000
Initial conversion rate (in shares)			0.0035056
Initial conversion price (in dollars per share) | $ / shares						$ 285.26
Gross debt issuance cost						$ 15,700,000
Effective interest rate						0.70%
2029 Notes | Convertible Debt
Schedule of Borrowings [Line Items]
Aggregate principal amount					$ 431,300,000
Stated interest rate					2%
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender					$ 302,400,000		$ 431,250,000
Initial conversion rate (in shares)		0.0219029
Initial conversion price (in dollars per share) | $ / shares					$ 45.66
Gross debt issuance cost						$ 10,400,000
Effective interest rate							2.50%
2030 Notes | Convertible Debt
Schedule of Borrowings [Line Items]
Aggregate principal amount				$ 500,000,000
Stated interest rate				1%	1%
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender							$ 500,000,000
Initial conversion rate (in shares)				0.0108702
Initial conversion price (in dollars per share) | $ / shares					$ 91.99
Gross debt issuance cost				$ 11,800,000
Effective interest rate							1.40%

Borrowings - Convertible Seni_2

Borrowings - Convertible Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt discount	$ (23,816)	$ (8,251)
Convertible Debt
Debt Instrument [Line Items]
Principal Amount	1,230,379	661,250
Unamortized debt discount	(23,816)	(8,251)
Net Carrying Amount	1,206,563	652,999
Fair Value	1,436,474	488,700
2026 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal Amount	299,129	661,250
Unamortized debt discount	(2,339)	(8,251)
Net Carrying Amount	296,790	652,999
Fair Value	272,727	488,700
2029 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal Amount	431,250	0
Unamortized debt discount	(9,932)	0
Net Carrying Amount	421,318	0
Fair Value	675,732	0
2030 Notes | Convertible Debt
Debt Instrument [Line Items]
Principal Amount	500,000	0
Unamortized debt discount	(11,545)	0
Net Carrying Amount	488,455	0
Fair Value	$ 488,015	$ 0

Borrowings - Capped Call Transa

Borrowings - Capped Call Transactions (Details) shares in Millions	12 Months Ended
	Dec. 31, 2024 $ / shares shares
2026 Notes
Schedule of Borrowings [Line Items]
Initial Strike Price per Share, Subject to Certain Adjustments (in dollars per share)	$ 285.26
Initial Cap Price per Share, Subject to Certain Adjustments (in dollars per share)	$ 400.36
Shares of Common Stock Covered, Subject to Anti-Dilution Adjustments (in shares) | shares	1
2029 Notes
Schedule of Borrowings [Line Items]
Initial Strike Price per Share, Subject to Certain Adjustments (in dollars per share)	$ 45.66
Initial Cap Price per Share, Subject to Certain Adjustments (in dollars per share)	$ 70.24
Shares of Common Stock Covered, Subject to Anti-Dilution Adjustments (in shares) | shares	9.4

Interest Rate Cap Arrangement_2

Interest Rate Cap Arrangements - Narrative (Details) - Interest rate caps - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Feb. 28, 2023
Derivative [Line Items]
Interest cap rate				3.25%	3%
Gains (losses) recognized	$ 0	$ 0	$ 0

Interest Rate Cap Arrangement_3

Interest Rate Cap Arrangements - Schedule Of Gains (Losses) Recognized On Derivative Instruments Not Designated As Hedging Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value	$ 1,864	$ 5,958
Interest rate caps
Derivative [Line Items]
Notional Amount	241,115	299,578
Fair Value	$ 1,864	$ 5,958

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares reserved of common stock for issuance (in shares)	25,508,855	27,468,577
2020 Equity Incentive Plan | Common stock
Class of Stock [Line Items]
Shares reserved of common stock for issuance (in shares)	7,669,374	6,420,703
Options issued and outstanding
Class of Stock [Line Items]
Shares reserved of common stock for issuance (in shares)	10,709,898	12,617,254
Restricted stock units outstanding
Class of Stock [Line Items]
Shares reserved of common stock for issuance (in shares)	3,703,631	5,534,394
Shares available for issuance under employee stock purchase plan
Class of Stock [Line Items]
Shares reserved of common stock for issuance (in shares)	3,425,952	2,896,226

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details)		12 Months Ended
	Feb. 24, 2023 shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) vesting_tranche $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2012	Feb. 28, 2022 USD ($)	Dec. 31, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)		700,000,000	700,000,000				700,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001				$ 0.0001
Authorized share repurchase amount | $						$ 400,000,000
Repurchase and retirement of common stock (in shares)		0
Stock repurchase program, remaining authorized repurchase amount (in dollars per share) | $		$ 222,100,000
Aggregate intrinsic value of options exercised | $		139,600,000	$ 28,900,000	$ 157,300,000
Fair value of options vested during period | $		$ 30,500,000	$ 34,700,000	$ 23,200,000
Annual target bonus opportunity percentage		75%
Number of vesting tranches | vesting_tranche			9
2020 Equity Incentive Plan | Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		15,000,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase and retirement of common stock (in shares)				10,279
Issuance of common stock under employee stock purchase plan (in shares)		333,564	459,459	162,796
Minimum | Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase, percent of outstanding shares (percent)		5%
Maximum | Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase (in shares)		15,000,000
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share) | $ / shares		$ 15.11	$ 8.19	$ 15.60
Incentive Stock Options and Non-Statutory Stock Options | 2012 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price less than percent of estimated fair value (percent)					100%
Minimum required service period					3 years
Incentive Stock Options and Non-Statutory Stock Options | Minimum | 2012 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Incentive Stock Options and Non-Statutory Stock Options | Maximum | 2012 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					10 years
Incentive Stock Option | 2012 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholder ownership (percent)					10%
Incentive Stock Option | 2012 Equity Incentive Plan | Greater Than 10% Stockholders
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price less than percent of estimated fair value (percent)					110%
Options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options | $		$ 36,300,000
Dividend yield		0%	0%	0%
Options issued and outstanding | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of recognition		2 years 3 months 18 days
Restricted stock units outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $		$ 94,600,000
Awards outstanding (in shares)		3,703,631	5,534,394
Unvested (in dollars per share) | $ / shares		$ 33.46	$ 34.90
Restricted stock units outstanding | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Restricted stock units outstanding | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Restricted stock units outstanding | Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of recognition		1 year 6 months
PRSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $			$ 39,000,000
Awards outstanding (in shares)		0
Number of shares available for settlement of cancelled awards (in shares)	687,500
Unvested (in dollars per share) | $ / shares		$ 68.76
Shares available for issuance under employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $		$ 0
Purchase period		6 months
ESPP purchase price of common stock, percent of market price		85%
Dividend yield		0%	0%	0%

Stockholders_ Equity - Schedu_2

Stockholders’ Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	12,617,254
Options granted (in shares)	1,376,854
Options exercised (in shares)	(3,159,674)
Options cancelled and forfeited (in shares)	(124,536)
Ending balance (in shares)	10,709,898	12,617,254
Options exercisable (in shares)	7,470,978
Options vested and expected to vest (in shares)	10,690,834
Weighted-Average Exercise Price Per Share
Options outstanding (in dollars per share)	$ 14.57
Options granted (in dollars per share)	27.49
Options exercised (in dollars per share)	6.78
Options cancelled and forfeited (in dollars per share)	30.18
Options outstanding (in dollars per share)	18.35	$ 14.57
Options exercisable, weighted average exercise price per share (in dollars per share)	16.10
Options vested and expected to vest, weighted average exercise price per share (in dollars per share)	$ 18.32
Weighted-Average Remaining Contractual Life (years)
Options outstanding	5 years 10 months 24 days	6 years 1 month 6 days
Options exercisable	4 years 10 months 24 days
Options vested and expected to vest	5 years 10 months 24 days
Aggregate Intrinsic Value
Balances aggregate intrinsic value	$ 495,359	$ 375,897
Options exercisable	367,008
Options vested and expected to vest	$ 494,785

Stockholders_ Equity - Schedu_3

Stockholders’ Equity - Schedule of RSU Activity (Details) - Restricted stock units outstanding	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	5,534,394
RSUs granted (in shares) | shares	2,647,188
RSUs vested (in shares) | shares	(3,646,748)
RSUs cancelled and forfeited (in shares) | shares	(831,203)
Ending balance (in shares) | shares	3,703,631
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 34.90
RSUs granted (in dollars per share) | $ / shares	30.38
RSUs vested (in dollars per share) | $ / shares	33.41
RSUs cancelled and forfeited (in dollars per share) | $ / shares	33.44
Ending balance (in dollars per share) | $ / shares	$ 33.46

Stockholders_ Equity - Schedu_4

Stockholders’ Equity - Schedule of Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	50.32%	50.96%	47.58%
Expected volatility, maximum	67.85%	53.76%	52.96%
Risk free rate, minimum	3.76%	3.45%	1.70%
Risk free rate, maximum	4.43%	4.86%	4.23%
Dividend yield	0%	0%	0%
Options issued and outstanding | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 1 month 6 days	5 years 1 month 6 days	5 years 1 month 6 days
Options issued and outstanding | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	7 years	7 years	7 years
Shares available for issuance under employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months
Expected volatility, minimum	88.37%	97.74%	91.89%
Expected volatility, maximum	96.69%	131.05%	179.35%
Risk free rate, minimum	5.04%	4.97%	0.72%
Risk free rate, maximum	5.30%	5.55%	3.13%
Dividend yield	0%	0%	0%

Stockholders_ Equity - Schedu_5

Stockholders’ Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 133,400	$ 175,039	$ 125,945
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	11,705	8,166	11,354
Customer operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	7,038	10,683	9,355
Engineering and product development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	70,786	110,381	72,169
General, administrative, and other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 43,871	$ 45,809	$ 33,067

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2022
Leases [Abstract]
Letter of credit outstanding	$ 2,600,000	$ 2,600,000
Sublease income	$ 0	$ 0	$ 0

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 15,402
2026	15,850
2027	15,474
2028	6,143
2029	2,990
Total undiscounted lease payments	55,859
Less: Present value adjustment	(5,581)
Operating lease liabilities	$ 50,278	$ 62,324

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Expense and Supplemental Cash and Non-cash Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Rent expense	$ 14,198	$ 15,766	$ 15,916
Variable lease payments	3,776	4,067	3,696
Cash paid for amounts included in the measurement of lease liabilities	14,396	22,014	11,084
Right-of-use assets capitalized	0	0	1,826
Adjustments to operating lease right-of-use assets due to modification and other reassessment events	$ 0	$ (19,865)	$ 0
Weighted-average remaining lease term (in years)	3 years 7 months 6 days	4 years 6 months 21 days
Weighted-average discount rate	5.22%	5.11%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
HELOCs
Loss Contingencies [Line Items]
Commitments to fund future advances	$ 7,600,000	$ 0
Unfunded Loan Commitment
Loss Contingencies [Line Items]
Loan purchase obligation	$ 7,600,000	0
Obligation to Repurchase Loans
Loss Contingencies [Line Items]
Loss contingency, ownership loan facilitated term	3 days
Loan purchase obligation	$ 72,800,000	36,600,000
Maximum estimate of potential loss	11,237,200,000	12,208,100,000
Actual payments	$ 6,000,000	$ 0

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
(Benefit) provision for income taxes	$ 185	$ 107	$ (409)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes from domestic operations	$ (128,400)	$ (240,000)	$ (109,100)
Increase in valuation allowance	65,800
Unrecognized tax benefits	26,466	$ 22,158	$ 18,474	$ 13,904
Increase in unrecognized tax benefits	4,300
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,117,100
Federal | Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carry forward	61,500
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,670,600
State | Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carry forward	$ 24,400

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 0	$ 0	$ 0
State	185	107	174
Total current tax expense	185	107	174
Deferred:
Federal	0	0	41
State	0	0	(624)
Total deferred tax expense	0	0	(583)
Total (benefit) provision for income taxes	$ 185	$ 107	$ (409)

Income Taxes - Tax Rate Reconci

Income Taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal tax at statutory rate	$ (26,963)	$ (50,405)	$ (22,906)
State income taxes, net of federal tax benefit	185	107	(448)
Stock-based compensation	(30,120)	2,306	(4,490)
Research and development credit	(7,806)	(6,288)	(6,333)
Change in valuation allowance	50,585	38,189	26,263
Tax return to tax provision adjustment	84	(878)	309
Section 162(m) limitation	13,840	16,586	6,494
Other	380	490	702
Total (benefit) provision for income taxes	$ 185	$ 107	$ (409)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 346,356	$ 328,511
Capitalized research and experimental expenditures	84,572	54,335
Research and development credits	56,675	47,009
Accruals and reserves	19,494	7,306
Operating lease liabilities	14,564	18,041
Stock-based compensation	12,249	14,067
Convertible debt transactions	1,189	6,694
Amortization	612	299
Other	402	298
Total deferred tax assets	536,113	476,560
Less: valuation allowance	(508,966)	(443,165)
Deferred tax assets – net of valuation allowance	27,147	33,395
Deferred tax liabilities:
Right of use asset	12,587	15,832
Servicing rights	7,607	7,542
Intangible assets	2,728	3,461
Interest receivables	2,481	4,100
Depreciation	1,183	1,972
Investment in partnerships	242	488
Other	319	0
Total deferred tax liabilities	27,147	33,395
Net deferred tax liabilities	$ 0	$ 0

Income Taxes - Gross Unrecogniz

Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 22,158	$ 18,474	$ 13,904
Additions for tax positions of prior years	179	308	885
Tax positions related to the current year	4,129	3,376	3,685
Balance at end of year	$ 26,466	$ 22,158	$ 18,474

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (128,581)	$ (240,132)	$ (108,665)
Denominator:
Weighted-average common shares outstanding used to calculate net loss per share, basic (in shares)	89,450,038	83,765,896	82,771,268
Weighted-average common shares outstanding used to calculate net loss per share, diluted (in shares)	89,450,038	83,765,896	82,771,268
Net loss per share, basic (in dollars per share)	$ (1.44)	$ (2.87)	$ (1.31)
Net loss per share, diluted (in dollars per share)	$ (1.44)	$ (2.87)	$ (1.31)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)		30,506,110	20,654,173	21,700,781
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)		10,709,898	12,617,254	12,547,010
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)		3,703,631	5,534,394	6,046,796
Unvested PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	0		687,500
Purchase rights committed under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)		163,228	184,447	101,397
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)		15,929,353	2,318,078	2,318,078

Segment Information - Contribut

Segment Information - Contribution Profit for the Company's Unsecured Lending Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	3
Number of reportable segments | segment	1
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Revenue from fees, net	$ 635,466	$ 560,431	$ 907,272
Personal Lending
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Revenue from fees, net	625,308	552,447	893,065
Borrower acquisition costs	(115,184)	(85,599)	(276,245)
Borrower verification and servicing costs	(108,014)	(99,906)	(139,478)
Contribution Profit	$ 402,110	$ 366,942	$ 477,342

Segment Information - Reconcili

Segment Information - Reconciliation of Total Contribution Profit to Net Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Sales and marketing, net of borrower acquisition costs	$ (166,800)	$ (127,143)	$ (345,776)
Customer operations, net of borrower verification and servicing costs	(157,996)	(150,418)	(187,994)
Engineering and product development	(253,653)	(280,138)	(237,247)
General, administrative, and other	(230,935)	(212,388)	(185,290)
Interest income, interest expense, and fair value adjustments, net	1,062	(46,869)	(64,828)
Other income, net	18,793	21,206	9,473
Expense on convertible notes	(7,694)	(4,706)	(4,684)
Gain on debt extinguishment	33,361	0	0
Net loss before income taxes	(128,396)	(240,025)	(109,074)
Personal Lending
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Contribution Profit	402,110	366,942	477,342
Borrower acquisition costs	115,184	85,599	276,245
Borrower verification and servicing costs	108,014	99,906	139,478
Personal Lending | Operating Segments
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Contribution Profit	402,110	366,942	477,342
Other Contribution Profit/(Loss)	(20,577)	(13,648)	(30,591)
Sales and marketing, net of borrower acquisition costs	(41,783)	(36,626)	(43,063)
Customer operations, net of borrower verification and servicing costs	(29,080)	(33,798)	(30,186)
Engineering and product development	(253,653)	(280,138)	(237,247)
General, administrative, and other	(230,935)	(212,388)	(185,290)
Interest income, interest expense, and fair value adjustments, net	1,062	(46,869)	(64,828)
Other income, net	18,793	21,206	9,473
Expense on convertible notes	(7,694)	(4,706)	(4,684)
Gain on debt extinguishment	33,361	0	0
Net loss before income taxes	(128,396)	(240,025)	(109,074)
Borrower acquisition costs	125,000	90,500	302,700
Borrower verification and servicing costs	$ 128,900	$ 116,600	$ 157,800

Reorganization Expenses (Detail

Reorganization Expenses (Details) $ in Millions		12 Months Ended
	Jan. 31, 2023 employee	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Percentage of workforce reduction		13%
Restructuring Incurred Cost, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag		consolidated statements of operations and comprehensive loss
January 2023 Plan
Restructuring Cost and Reserve [Line Items]
One-time non-cash savings amount			$ 2.9
Employee Severance
Restructuring Cost and Reserve [Line Items]
Reorganization expenses		$ 4.4
Employee Severance | January 2023 Plan
Restructuring Cost and Reserve [Line Items]
Percentage of workforce reduction	20%
Expected reduction in workforce, number of employees | employee	365
Reorganization expenses			15.5
Impairment of Intangible Assets | January 2023 Plan
Restructuring Cost and Reserve [Line Items]
Reorganization expenses			$ 2.6