The IPO featured less than 5% of shares as free float. So the investors are still in pretty deep with their hands tied until lock-up restrictions expire. The IPO was more of a quick, public financing round for their AI branch than an exit for SpaceX VCs.

As those lock-ups expire I only see the stock sliding further. Still, the very early investors will probably make bank, with the retail investors holding the bag.

Many of those early investors would have invested in a rocket company, I doubt many of them were overjoyed to be saddled with all the debts from an AI company and Twitter.