Exactly the same as negative R,G and B .. thats precisely the point - currently alpha is clipped to range 0..1 which is mighty annoying when you use the channels for general purposes.
Its not really that alpha should be negative - the alpha channel should be HDR (and implicitly support negative ranges).
You can argue that alpha outside the 0..1 range doesn't make sense (when blending etc), but that argument applies to RGB as well - you can't "see" values outside the 0..1 range. However you can work with values outside that range in temporary calculations etc, which in the end can produce valid ranges - that applies to alpha too.
Components that require a specific alpha range (like blend) could simply clip the range when required. A great deal of all the components don't care what range alpha is, so there is no need to clip alpha here really. No different from how it works with RGB..