Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 0

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 0
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<div align='center'>As filed with the Securities and Exchange Commission on December 5, 2025.</div>

Registration No. 333-

<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM S-3

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

____________________

Pagaya Technologies Ltd.

(Exact name of Registrant as specified in its
charter)</div>

| Israel                                                         |     | 98-1704718                          |
| (State or other jurisdiction of incorporation or organization) |     | -I.R.S. Employer Identification No. |

<div align='center'>____________________

Pagaya Technologies Ltd.

335 Madison Ave, 16th Floor
New York, NY 10017
Tel: 646-710-7714

(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant’s Principal Executive Offices)

____________________

Pagaya US Holding Company LLC
335 Madison Ave, 16th Floor
New York, NY 10017
646-710-7714

(Name, Address, Including Zip Code, and Telephone
Number, Including Area Code, of Agent For Service)

____________________

Copies to:</div>

| Byron B. Rooney           
 Hillary A. Coleman        
 Davis Polk & Wardwell LLP 
 450 Lexington Avenue      
 New York, New York 10017  
 Tel: (212) 450-4000       | Eric Watson                 
 Pagaya Technologies Ltd.    
 335 Madison Ave, 16th Floor 
 New York, NY 10017          
 Tel: 646-710-7714           | Aaron M. Lampert                 
 Perry Wildes                     
 Goldfarb Gross Seligman & Co.    
 1 Azrieli Center, Round Building 
 Tel Aviv 6701101, Israel         
 Tel: 972-3-607-4444              |

<div align='center'>____________________</div>

Approximate date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective.

If the only securities being registered on this
Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered
only in connection