NEW YORK, July 2, 2026, 15:05 EDT
- Figma shares jumped 11.8% in the afternoon, outpacing other software stocks and the top growth ETFs.
- FTSE Russell’s last Russell 3000 move put FIG into a benchmark group that’s tracked by about $12.2 trillion in assets.
- Heavy call buying and big short positions pushed the rally, traders said. The key for the company is still proving real AI credit use.
- U.S. stocks were open at the dateline. NYSE will be shut Friday for the Independence Day holiday.
Figma, Inc. NYSE:FIG jumped 11.8% to $21.79 late Thursday, after a Russell index move sparked a big rally in the software name. Shares traded 31% above the stock’s 52-week low but are still down about 34% from last July’s $33 IPO price.
The rally caught attention as high-growth tech stocks lagged. Reuters said the Nasdaq Composite dropped 1.54% and the S&P 500 lost 0.72% with tech falling again for a second day. Adam Sarhan, CEO at 50 Park Investments, said poor jobs numbers “takes the pressure off the Fed to raise rates in the short term.” Reuters
| Instrument | Google Finance ticker | Last price | Day move |
|---|---|---|---|
| Figma, Inc. | NYSE:FIG | $21.79 | up 11.8% |
| Adobe Inc. | NASDAQ:ADBE | $221.26 | rose 4.9% |
| Autodesk Inc. | NASDAQ:ADSK | $209.45 | added 4.9% |
| Atlassian Corp | NASDAQ:TEAM | $85.06 | gained 2.3% |
| SPDR S&P 500 ETF Trust | NYSEARCA:SPY | $743.08 | fell 0.4% |
| Invesco QQQ Trust | NASDAQ:QQQ | $711.36 | dropped 1.9% |
| iShares Russell 2000 ETF | NYSEARCA:IWM | $296.29 | slipped 1.0% |
Russell, not a company filing, signaled the latest flow. FTSE Russell’s finalized adds showed “FIGMA FIG” going into technology for the Russell 3000. LSEG said the rebalanced indexes kicked in after the June 26 close. About $12.2 trillion tracks Russell U.S. indexes, according to LSEG. LSEG
That puts some real pressure on index demand with volume at these levels. Ahead of the rebalance, Jefferies’ Steven DeSanctis told Reuters it was shaping up to be a “really massive trade.” Stephens’ Melissa Roberts called Friday a “key liquidity day” for the rebalance. Reuters
Options traders kept the heat on Figma. The Fly, citing TipRanks, said Thursday that 24,933 Figma calls changed hands, about 1.5 times normal, with implied volatility up almost 2 points to 85.77%. The put/call ratio came in at 0.39. The top contracts were September $25 calls and July 2 weekly $20 calls. One day earlier, 26,673 calls traded, 1.4 times usual flow, with a put/call at 0.32, according to the same feed.
| Squeeze input | Latest read | Why it matters |
|---|---|---|
| Russell status | Now on the final Russell 3000 additions list | Can trigger benchmark-driven demand after rebalance. |
| Call flow | 24,933 calls; put/call ratio at 0.39 | Dealers hedging upside calls can create more stock buying. |
| Short interest | 78.17 million shares as of June 15 | Big short positioning can mean a flow-driven move moves faster. |
| Price damage | 52-week range is $16.60 to $142.92 | Stock is still down about 85% from its 52-week high, even after Thursday’s pop. |
| 2026 sales multiple | About 8.0 times the midpoint revenue guide | Market keeping its focus on growth, not current GAAP profits. |
Figma’s May update kept bulls in the name. First-quarter revenue jumped 46% to $333.4 million. Net dollar retention hit 139%. Free-cash-flow margin landed at 27%. The company raised its full-year revenue outlook to between $1.422 billion and $1.428 billion. Figma reported a GAAP operating loss of $137.4 million, which is a 41% negative margin.
CEO Dylan Field put the AI pitch plainly: “When code is a commodity, design is the competitive edge.” CFO Praveer Melwani said “stronger than expected seat expansion across entire organizations” and customer uptake of AI tools helped the quarter. Figma Investor Relations
The split is on investors’ radar. Index and options flows can push a stock higher for a few days, but revenue per customer needs to reflect any AI monetization. Figma said close to 60% of customers spending over $100,000 a year used Figma Make weekly. More than 75% of Org and Enterprise users who hit their AI credit cap kept using credits in April.
The NYSE closes its main session at 4 p.m. ET. All NYSE markets will shut on Friday for Independence Day observed. July 2 $20 calls traded heavy this week, so some Thursday volume could roll off at the close. The Fly listed Figma’s next earnings date as Aug. 14.
