The current available models describing superplastic deformation do not account for a number of important characteristics, leading to the current limited predictive capabilities of deformation and failure. In this work, the effects of cavitation and stress state on deformation stability during superplastic forming are investigated using Finite Element simulations. The simulations are performed using constant strain rate forming and using a proposed optimization approach based on a multiscale failure criterion that accounts for stress state, geometrical necking, and microstructural evolution including grain growth and cavitation. The simulations are conducted for the superplastic copper-based alloy Coronze-638 and the superplastic aluminum alloy Al-5083 which are known to develop significant cavitation during deformation. The results clearly show the importance of accounting for microstructural evolution during superplastic forming, especially when the state of stress is biaxial. Furthermore, the results highlight the effectiveness of the proposed optimization technique in reducing the forming time and maintaining the integrity of the formed parts.