Upstart and Affirm Rallies Signal Fintech Re-rating as Growth Investors Return

Upstart stock rose 14% to $33.63 and Affirm stock rose 7% to $59.66. These moves represent a coordinated fintech re-rating as investors reassess growth names. Upstart's rally is driven by Q4 2025 revenue of $296 million, a 31% year-over-year increase, and loan originations that surged 86% to 455,788 transactions. For the full year 2025, the company generated $1.044 billion in revenue and swung to a GAAP net income of $53.6 million from a loss of $128.58 million in 2024. Upstart has guided for approximately $1.4 billion in total revenue in 2026. Affirm's gain is supported by Q2 fiscal 2026 revenue of $1.123 billion, up 30% year-over-year, and gross merchandise volume that surged 36% to $13.8 billion. For the full fiscal year 2026, Affirm guided for revenue between $4.086 and $4.146 billion.