SAN FRANCISCO, May 15, 2026, 1:02 PM PDT
- Atlassian jumped roughly 7% in Friday afternoon trade, adding to a choppy comeback for software names.
- Figma’s forecast bump, thanks to AI, prodded investors to take another look at software stocks rattled by disruption concerns.
- The next hurdle: will Atlassian’s Rovo, Jira, and Confluence AI rollout actually land as paid growth?
Atlassian Corporation caught a 7% boost Friday afternoon, with shares moving to $86.52, up $5.66. Traders leaned back into software names tied to AI, tracking after Figma hiked its revenue forecast and pointed to AI-driven customer gains. Volume topped 4.8 million shares by midafternoon.
Wall Street’s been looking for ways to tell apart software firms left vulnerable by AI advances from those poised to actually raise prices because of it. Since Jan. 28, the S&P 500 software and services index lost about $1 trillion in market cap, Reuters said in February, as investors fretted over what fast-moving AI might mean for the sector. The wave of selling slammed stocks like ServiceNow and Salesforce.
Figma brought the debate back into focus late Thursday, reporting a 46% jump in first-quarter revenue to $333.4 million. The design-software firm bumped up its full-year 2026 revenue outlook to a range of $1.422 billion to $1.428 billion, pointedly referencing more seat sales and accelerating AI adoption. CFO Praveer Melwani said the early signs of monetizing AI were enough to justify the upgraded forecast.
Atlassian’s situation here is pretty clear-cut, though with some knots. The company, known for Jira, Confluence, Loom, and its other workflow products, is betting that organizations will shell out extra for software capable of searching, planning, and managing projects across their internal data—thanks to AI features.
Atlassian’s most recent results handed bulls some fresh ammunition. On April 30, the company reported fiscal third-quarter revenue up 32% to $1.787 billion. Cloud revenue was also higher, jumping 29% to $1.132 billion. As for remaining performance obligations—contracted revenue not yet recognized—that figure climbed 37% to $3.996 billion. CEO Mike Cannon-Brookes highlighted customers signing “bigger, longer-term commitments.” CFO James Chuong flagged strength across “Enterprise, AI, and the System of Work.” SEC
Atlassian introduced agents in Jira, rolled out Rovo Dev inside Jira, and expanded Model Context Protocol integrations. MCP, a standard built to let AI tools tap into other apps and data, stands out here. The distinction matters—Atlassian isn’t pushing just another chatbot; the company’s real play is staking a claim on the workflow layer.
Atlassian has hammered home that point. Speaking at its Team ’26 event this month, the company said Rovo was tapped by 75% of Fortune 500 firms and over 90% of Atlassian’s enterprise clients, tallying more than 14 million Rovo-enabled actions in just the past month. The number of customer agentic automations? Up sevenfold in half a year, according to Atlassian.
Atlassian carves out space between sweeping enterprise-software suites and single-purpose tools. Figma, for example, takes a metered approach to AI: users get charged if they go beyond their quota. Atlassian isn’t following that script. Instead, it’s folding AI capabilities directly into its existing work management, service management, and software development products—the same platforms already running inside many organizations.
But the risk is still hanging around. Atlassian posted a fiscal third-quarter GAAP net loss that widened to $98.4 million, while it also recorded $223.8 million in restructuring charges—those linked to resource rebalancing and lease consolidation. If AI features don’t deliver steady cloud growth, the conversation could shift back toward losses, stock-based pay, and what it costs to make this strategic shift.
Atlassian’s shift hasn’t come cheap for its staff. Back in March, Reuters reported the company would cut around 10% of workers—1,600 jobs—as it leaned into AI and targeted enterprise customers. CEO Cannon-Brookes told employees it wasn’t just about AI taking over, but that the technology reshaped “the mix of skills” and jobs required at the company. D.A. Davidson’s Gil Luria told Reuters that these AI tools could let Atlassian “reduce the resources” it needs and operate more profitably. Reuters
Friday’s surge isn’t the last word. What we’re seeing is the market recalculating uncertainty.
Cloud growth has to stay close to what management wants — and Atlassian also needs to show it can actually turn new AI features into more lucrative deals. The real test for TEAM, though, is whether investors are right: that it’s a software company AI lifts, not sidelines.
