Gigadeals Drive Record M&A Surge in First Half of 2026
Event summary
- Global M&A volumes rose 44% year-on-year to USD 3.16tn in 1H26, with six deals exceeding USD 50bn each.
- Technology sector led growth with a 76% rise, driven by OpenAI's USD 122bn funding round.
- North America dominated with 56% of global volume (USD 1.78tn), while APAC deal activity declined 24%.
- Strategic buyers accounted for 76% of total deal volume as private equity activity declined 6%.
- EMEA saw its best M&A performance since 2007, with volumes up 87% year-on-year.
The big picture
The first half of 2026 marked the emergence of a 'gigadeal' era in M&A, with corporations prioritizing scale amid AI-driven transformation. Strategic buyers led the charge as private equity activity waned, reflecting broader market fragility from geopolitical tensions and macroeconomic volatility. The surge in megadeals—particularly in technology and energy—highlights how firms are leveraging acquisitions to secure competitive advantages in critical sectors.
What we're watching
- AI Dominance Race
- How the pursuit of AI infrastructure will continue to drive megadeals in technology and energy sectors.
- Geopolitical Volatility
- Whether macroeconomic and geopolitical uncertainties will temper M&A momentum despite current record levels.
- Private Equity Recalibration
- The pace at which financial sponsors adjust to rising costs and selective capital allocation strategies.
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