---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-180825"
form_type: "8-K"
ticker: "UPST"
cik: "0001647639"
company_name: "Upstart Holdings, Inc."
filed_at: "2025-08-14T23:59:59+00:00"
generated_at: "2026-05-17T13:14:59.738488+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Upstart issues $690M 0% convertible notes due 2032, repurchases $232.6M of 2026 notes

## Summary
- Issued $690M aggregate principal of 0% Convertible Senior Notes due 2032; initial conversion price ~$82.50 per share.
- Net proceeds ~$675.5M; $55.2M used for capped call transactions covering ~8.4M shares with cap price $126.92.
- Used ~$224.4M to repurchase ~$232.6M of outstanding 0.25% Convertible Senior Notes due 2026.
- Capped call expected to reduce dilution upon conversion; potential dilution beyond cap price.
- Notes mature Feb 15, 2032, are senior unsecured, and redeemable after Aug 20, 2028 if stock price condition met.

## SEC filing metadata
- accession: 0001193125-25-180825
- form_type: 8-K
- ticker: UPST
- cik: 0001647639
- company_name: Upstart Holdings, Inc.
- filed_at: 2025-08-14T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1647639/000119312525180825/0001193125-25-180825-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1647639/000119312525180825/d16038d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-180825
- JSON: https://secwatch.observer/filing/0001193125-25-180825.json
- Plain text: https://secwatch.observer/filing/0001193125-25-180825.txt

## Key facts
- Debt Financings
  Upstart Holdings, Inc. incurred convertible notes of $690.0 million with U.S. Bank Trust Company, National Association at 0% maturing February 15, 2032.
  - Instrument: convertible notes
  - Principal: $690.0 million
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 0%
  - Maturity: February 15, 2032
  - Event: incurrence
  source text: issued $690.0 million in aggregate principal amount of its 0% Convertible Senior Notes due 2032 (the “Notes”) pursuant to an indenture (the “Indenture”), dated August 14, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1647639/000119312525180825/0001193125-25-180825-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.