Until the inevitable crash in price when the lockup of employee shares end and they dump their shares onto the market. These fresh companies shouldn’t be included into passive investing securities until 180 days at least. It’s just making the public bag holders.

Hedge funds won't try to short the stock; the holders are almost all institutional investors and insiders who are long on the stock and have no reason to lend them to HFs betting on a price decline.

What they might do is trade bespoke instruments like a credit default swap on datacenter construction deals. Stays underneath the radar of politicians and tech insiders who are invested in a particular outcome.