Upstart Holdings Releases June Origination Volumes

Upstart Holdings reported June origination volumes of ~$1.5bn, placing 2Q26 totals 5.4% ahead of consensus estimates. The report maintains a Neutral rating with a $32 price target.

Key Takeaways

• 1.UPST reported June monthly originations of ~$1,500mn, with 2Q quarterly volume at ~$4.227bn, exceeding consensus expectations.
• 2.The Upstart Macro Index (UMI) increased 4.9% month-over-month to 1.51 in May, indicating potential pressure from higher default rates.

Table of Contents

• Exhibit 1: Monthly Origination Volumes
• Exhibit 2: UMI vs Company Daily Originations
• Exhibit 3: UPST Monthly Originations
• Valuation
• Disclosure Appendix

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