Is Upstart's AI Lending Comeback the Real Deal?

▤ Summary

Upstart’s AI lending business has recovered strongly, with transaction volumes up 77% and originations reaching $3.4 billion in the latest quarter. The company reiterated 2026 revenue and adjusted EBITDA guidance and said it will keep relying mainly on third-party capital. Management also confirmed plans to pursue a national charter to expand all 50 states and lower compliance and back-office costs. Even with the rebound, losses remain a concern and the stock still faces major uncertainty around profitability and credit performance.

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