Global M&A Heads for $4 Trillion in 2026 — Its Strongest Year Since 2021

Source Beincrypto

Global mergers and acquisitions (M&A) are on track to reach $4 trillion in 2026, the strongest year since 2021, as multibillion-dollar megadeals tied to artificial intelligence (AI) reshape the market, according to PwC.

However, deal volumes are falling, with value concentrated in megadeals while the broader market retreats.

Megadeals Carry M&A as Overall Activity Declines

PwC projects that deal value will rise about 13% from 2025, the second-highest level outside the pandemic-era spike of 2021. Yet, volumes are moving the other way, with roughly 42,000 deals expected for the year, down 13%.

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Global M&A Trends Over The Years. Global M&A Trends Over The Years. Source: PwC

Megadeals are doing the heavy lifting. Deals above $5 billion accounted for 48% of the value. This marks an increase of 39% from 2025 and 26% from 2024.

Nonetheless, without these, the total deal value falls 4%. PwC expects megadeal value alone to climb 40% year-on-year if the pace holds.

AI sits behind much of the activity, though buyers are growing selective. AI featured in 17% of the 100 largest deals in early 2026, down from roughly a third in 2025.

Recent examples show the scale involved. SpaceX agreed to buy coding startup Cursor for $60 billion in stock, while Salesforce is acquiring customer-service firm Fin for $3.6 billion.

“2026 is the year M&A supersized. AI is intensifying the K-shape by driving megadeals, redirecting capital, and changing sector winners and losers. It’s also forcing dealmakers to radically rethink how deals get done,” Brian Levy, Global Deals Industries Leader, PwC US, said.

Crypto M&A Holds Near Record

Meanwhile, Architect Partners reported that M&A activity continues to track near historic highs, although the overall value of deals has fallen from the record levels seen in the second and third quarters of 2025.

Crypto and digital asset M&A recorded its second-highest transaction count on record in the first quarter, with 89 announced combinations. 

Crypto M&A Trends. Source: Architect Partners

Announced consideration reached $3.2 billion, the third-largest total in history excluding SPAC activity. Payments drove the biggest headlines, led by Mastercard’s $1.8 billion acquisition of stablecoin platform BVNK. Architect Partners expects crypto deal activity to accelerate through 2026. 

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