The last couple months have been rough for both public and private tech companies. More than 28,000 employees of U.S.-based tech companies have been laid off so far this year, with layoffs accelerating in June, the end of the second quarter. And while late-stage startups have been hit the hardest by layoffs, according to a Crunchbase News analysis, it seems like public tech companies are starting to ramp up layoffs as well.

At the end of last year–a record year for the IPO market–Crunchbase News published our top predictions for companies that could go public in 2022. Spoiler alert: We were wrong. With the IPO market in general on pause this year, not one of the 30 companies on our list have gone public so far in 2022.

The U.S. initial public offering market is staring down another slow week with just one small deal on tap, capping a period of little-to-zero activity as investors eye volatile secondary markets amid high inflation, supply-chain snags and a war in Europe.

We’re nearing the end of the second quarter of the year, and it’s been unpleasant to say the least. Inflation, rising interest rates and the war in Ukraine have caused a lot of volatility in the stock market, with the S&P 500 dipping into bear market territory last week. While last year was a record for both traditional IPOs and SPACs, 2022 so far has pretty much been the opposite.