Josef Schuster, says that the IPO market has suffered along with the rest of the stock market, but it is poised for a rebound because companies must size up the cost of delaying an offering during a market slowdown versus the heightened costs of borrowing money to fund continuing operations. He says the current IPO market reminds him of conditions from roughly 20 years ago after the bursting of the Internet bubble.

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.