Short interest has climbed to 51 million shares, putting Figma (FIG) Active Long-to-Short ratio into S3’s battleground territory — active longs and shorts now sit roughly even near 50 million each.

Shorts pressed after March bounce, positioning ahead of May 14 earnings and the subsequent unlock. 138 million shares held by extended-lock-up VC insiders remain restricted; 61 million release two trading days after May 14 earnings.

Active longs have held flat since November. Hedge fund longs sit at 22 million. Passive flows haven't ramped and market cap has declined. The 2.7x short build year-to-date suggests shorts expect to be natural buyers when unlocked supply hits the market.

FIG active longs and shorts sit even, while 138 million more pre-IPO shares are set to unlock.

Figma (FIG) goes into May 14 earnings as a battleground stock, with active longs and shorts both sitting near 50 million shares after a 2.7x short build year-to-date. Two trading days after that earnings print, 61 million extended-lock-up VC shares unlock — the first of two final tranches totaling 138 million shares before lockup overhang ends August 31.

S3 forecast this setup in our October 17 research note, when short interest sat at just 15 million shares and borrow cost was climbing above 12%. We flagged the November 7 unlock as the bulk of one-off lockup risk, identified the extended-lock-up structure as a persistent 2026 overhang, and predicted borrow costs would decline post-November — making FIG a more accessible fundamental short. All three have played out and the share price has declined by 70% since the note was published.

Active institutional longs and shorts entered FIG from opposite directions and are now converging. Longs built rapidly post-November unlock to 54 million shares and held that level through Q1; shorts climbed steadily from 13 million to 51 million over six months. Hedge fund longs sit at 22 million — a fraction of the active institutional position and roughly half the size of the short book.

Four of FIG's six lockup events have already cleared, leaving 138 million shares still to release. The November 7 expiration was the largest at ~144 million shares. Two events remain: 61 million in mid-May and 77 million by late August — together representing the final tranches of the extended VC lockup before overhang ends entirely.

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