A tech sell-off this week has foundations nervously watching the stock market, with attention focused on Elon Musk’s SpaceX, which is poised to deliver a huge payload and much-needed liquidity to institutions with exposure to the rocket company. Those investments were largely made through commitments to funds managed by DBL Partners and Capricorn Investment Group, which were also early investors in Musk’s Tesla, which has a market cap today over $1 trillion. Among the LPs in the DBL and Capricorn funds are the Surdna, Sand Hill, Santa Barbara, California Wellness, Marguerite Casey and McKnight foundations, as well as the Skoll Foundation. Adam Connaker of Surdna Foundation, which made a $5 million investment in DBL Partners’ third fund in 2017 as part of the foundation’s first $100 million impact commitment, said the SpaceX exposure “has the potential to drive the bulk of the liquidity needs for the next 18 months.” The SpaceX IPO is the most recent event in a cycle of impact-oriented IPOs that could unlock billions in long-awaited liquidity. In May, geothermal company Fervo went public. Next up: Anthropic, the frontier AI company expected to make its public debut later this year at another trillion-dollar-plus valuation.