① PwC forecasts that global M&A transaction value will reach $4 trillion in 2026, marking the strongest level since 2021.
② Currently, the share of large-scale M&A deals has increased, with an expected year-over-year growth of 40% in 2026.
③ Analysts note that the artificial intelligence boom is driving frequent large-scale transactions, reshaping industry dynamics, while mid-sized dealmakers face challenges.
June 23 (Reuters) – According to a report by PwC, global M&A transaction value is projected to reach $4 trillion in 2026, the strongest level since 2021, driven by sustained growth in artificial intelligence demand that fuels larger-scale deals.
PwC data shows that, year-to-date, large-scale M&A deals with individual transaction values exceeding $5 billion have contributed nearly half (48%) of global transaction value, compared with 39% in 2025 and 26% in 2024. If the current growth rate persists, large-scale M&A transaction value is expected to increase by 40% year-over-year in 2026.
The report also indicates that if global M&A transaction value reaches $4 trillion by the end of 2026, it would represent at least a 13% increase compared with 2025. This would mark the largest annual transaction value since 2021, when the figure exceeded $5 trillion.
Brian Levy, PwC’s U.S. Global Deals Leader, stated, “2026 is set to be an unprecedented year for M&A scale. The AI boom is driving large transactions, reallocating capital, and reshaping the landscape of winners and losers across industries.”
Levy added, “AI is intensifying the activity in the K-shaped M&A market, characterized by the strong resurgence of large deals and the persistent weakness of small and mid-sized transactions, and is forcing dealmakers to fundamentally rethink how deals are executed.”
However, mid-sized dealmakers may face obstacles. Levy noted, “Many mid-sized dealmakers remain constrained by geopolitical uncertainty, valuation gaps, slowing growth, inflation and rising interest rates, as well as persistently high private equity exit backlogs.”
Frequent Large-Scale M&A Deals
This year, some of the largest M&A deals are related to the AI sector, including acquisitions announced by SpaceX and Salesforce over the past month.
Elon Musk’s SpaceX recently reached a definitive agreement to acquire AI startup Cursor for $60 billion, a move that may enhance its competitiveness against peers such as OpenAI.
Salesforce, a software-as-a-service company, is acquiring Fin, an AI-powered customer service platform, for $3.6 billion. The acquisition aims to strengthen Salesforce’s intelligent agent service product line while addressing concerns that emerging AI tools could render its current business model obsolete.
Meanwhile, Qualcomm, the technology giant, is in negotiations to acquire Modular, a deal that would value the AI chip company at approximately $4 billion.
