Global mergers and acquisitions are positioned to reach $4 trillion in 2026, marking the strongest year since 2021, according to PwC. The consulting firm projects deal value will rise approximately 13% from 2025, representing the second-highest level outside the pandemic-era spike of 2021. However, this growth comes with a significant shift in deal structure, as deal volumes are expected to fall by 13% to roughly 42,000 deals for the year. Latest data from Bain & Company confirms this trajectory, with 2025 deal value reaching $4.8 trillion, the second-highest annual total on record, and 60 deals topping $10 billion, the most since the 2021 post-pandemic peak.
Megadeals above $5 billion are driving the M&A surge, accounting for 48% of total deal value and representing a 39% increase from 2025 and 26% increase from 2024. As reported by PwC, without these megadeals, total deal value would fall by 4%. The firm expects megadeal value alone to climb 40% year-on-year if current trends continue. AI integration remains a key driver, featuring in 17% of the 100 largest deals in early 2026, though this represents a decline from roughly one-third of deals in 2025. Recent major transactions demonstrate the scale of AI-driven megadeals, with SpaceX agreeing to acquire coding startup Cursor for $60 billion in stock and Salesforce acquiring customer-service firm Fin for $3.6 billion.
The AI revolution in dealmaking is expanding beyond individual transactions to transform the entire M&A process. PwC's Deals practice has entered a strategic relationship with ToltIQ, a specialized artificial intelligence platform focused on private markets due diligence. Announced recently, this partnership positions PwC as ToltIQ's exclusive professional services advisor worldwide, with exclusivity among major accounting and consulting firms. According to PwC, AI is intensifying market fragmentation by driving megadeals, redirecting capital, and changing sector winners and losers. Brian Levy, Global Deals Industries Leader at PwC US, noted that AI is forcing dealmakers to radically rethink how deals get done.
Cryptocurrency and digital asset M&A activity continues to track near historic highs, with 89 announced combinations in the first quarter representing the second-highest transaction count on record. As reported by Architect Partners, announced consideration reached $3.2 billion, the third-largest total in history excluding SPAC activity. Payments drove significant headlines, led by Mastercard's $1.8 billion acquisition of stablecoin platform BVNK. Architect Partners expects crypto deal activity to accelerate through 2026, though overall deal values have fallen from record levels seen in the second and third quarters of 2025.
