A wave of blockbuster corporate deals pushed global merger and acquisition activity to its highest level on record during the first six months of 2026, according to data from LSEG.
The combined value of deals announced worldwide reached $2.8 trillion in the first half of the year — a 48% jump compared to the same stretch in 2025 and the highest year-to-date figure since LSEG began tracking records in 1980. Despite the surge in value, the actual number of deals dropped 9% to around 24,000, the fewest in six years.
The driving force behind the record totals was a cluster of enormous transactions. A total of 47 deals each valued above $10 billion collectively topped $1.3 trillion, making up nearly half of all global deal volume — itself an all-time record. Among the biggest were NextEra Energy’s $66.8 billion merger with Dominion Energy and SpaceX’s roughly $60 billion acquisition of Cursor.
“Corporates have shown tremendous resilience in the face of geopolitical, monetary, macroeconomic, and even microeconomic volatility,” said Jay Hofmann, JPMorgan’s North America co-head of mergers and acquisitions.
Hofmann noted that financing “is available in size,” giving companies the ability to go after assets they need “to navigate change and put themselves in the best position for the future.”
Ivan Farman, co-head of Global M&A at Bank of America, explained why activity is concentrated at the top end of the market. Strong momentum among large deals and weaker activity among smaller ones, he said, “reflects a growing view that a $1 billion to $3 billion deal takes just as much time as a larger one, so when an opportunity for a big transaction arises, companies see this as the moment to act.”
Farman added that investors are placing a higher value on companies with scale and focus. “Bigger companies that have bigger moats and a bigger competitive advantage are trading at much better multiples than smaller companies,” he said. “Long-held aspirational or dream deals are now being actively rallied around, with CEOs and management teams pushing them forward to their boards.”
Some dealmakers believe the current pace could eventually surpass the post-pandemic M&A boom of 2021. They point to a more favorable regulatory environment, with European policymakers proposing rule changes to allow the creation of regional corporate champions, and the Trump administration appearing open to large U.S. business combinations.
In Asia, Japan’s cash-heavy corporations are expected to increase deal activity following proposed updates to the country’s corporate governance guidelines that emphasize putting cash to more efficient use.
“Momentum has actually started to accelerate behind the scenes over the last six weeks with a growing pipeline of cross-border, strategic deals,” said Jan Weber, head of mergers and acquisitions for Europe, Middle East and Africa at Morgan Stanley. “It feels like a lot of the indicators are on green for more M&A and boards feel that they need to act. I do think we are working towards the next peak,” he added.
Ed Wittig, co-head of Asia Pacific mergers and acquisitions at Goldman Sachs, said companies are zeroing in on growth opportunities. “There’s strong enthusiasm around synergies, and markets are rewarding those that execute well,” he said.
Bankers also highlighted a record level of corporate breakups fueling deal activity, as businesses look to adapt to rapidly shifting industry conditions. Notable examples include Comcast’s planned spinoff of NBCUniversal, Honeywell’s three-way split, and the sale of Unilever Foods to McCormick & Co.
“The market is struggling more than ever to embrace businesses that are inordinately diversified,” said Akeel Sachak, global head of consumer at Rothschild & Co. “There was an era where diversity was applauded as a way of mitigating risk, but nowadays investors are more cautious because it creates undue complexity and a lack of focus from management.”
Funding for deals was plentiful during the period, with global investment-grade corporate debt issuance reaching $3.4 trillion — a 10% increase year-over-year and also the highest year-to-date total in LSEG’s records.
Technology remained the most active sector for deal-making, with $649 billion in announced transactions during the first half of 2026.
“AI or AI-adjacent industries are one half of the equation, particularly in the U.S. The other half is the HALO side, heavy assets, low obsolescence, big infrastructure and big industry that will continue no matter what impact AI has,” said Sam Newhouse, global vice chair of Latham & Watkins’ M&A and Private Equity Practice.
Cross-border deals reached $893 billion in the first half of 2026, up 62% from a year earlier and the strongest annual start since 2018. The United States was the most sought-after target, accounting for 25% of cross-border transactions, with Britain close behind.
“There are a lot more UK corporates looking outward as well rather than just the UK being taken out,” said Kirshlen Moodley, head of UK M&A for BNP Paribas.
