If you want more evidence of how much of last year’s IPO market was a bubble, here it is. Nearly two-thirds of tech companies that went public in 2021 are now burning cash, compared with less than half of companies that went public in 2019 and 2020.

That means far more of the companies that hit the public markets in 2021 were businesses in poor shape. That was likely a result of the surge in valuation multiples last year, which prompted many more tech companies overall to go public (see the chart). As we noted in this story, most of last year’s IPOs are now trading below their IPO price, unlike those from 2019.