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Upstart Holdings’ $10.8 Billion Funding Firepower — Is Wall Street Missing The Bigger Story?

Upstart Holdings, Inc. reported strong second-quarter 2026 results, characterized by significant growth and improving profitability across its unsecured and secured lending businesses. The company achieved total originations of $4.2 billion, representing a 50% increase year-over-year and 23% sequentially. Unsecured Lending segment originations grew 38% year-over-year and 20% sequentially, with core personal loans reaccelerating sharply, driving a 27% quarter-over-quarter increase in personal loan originations. Secured products (Auto and Home loans) showed notable expansion as well, with Auto originations rising 264% year-over-year and 62% quarter-over-quarter, while Home originations grew 139% year-over-year and 14% sequentially. Revenue totaled approximately $365 million, up 42% year-over-year and 18% sequentially. Fee revenue growth outpaced origination growth due to improved take rates, increasing by 26% sequentially. The Unsecured Lending segment contributed $326 million in fee revenue (up 38% year-over-year), while secured products accounted for $22 million, marking a 465% year-over-year increase.