What the M&A Boom & IPO Comeback Mean for 2026
This week, we’re looking at record-breaking global M&A activity that pushed deal value close to $5 trillion, driven largely by megadeals and renewed investor confidence. We’re also taking a look at the IPO market’s rebound, where higher deal volumes, billion-dollar listings, and a resurgence of SPACs are reshaping expectations for 2026.
Together, these trends highlight how improving market conditions and capital access are influencing strategic decisions across industries.
Keep reading to find out more ⬇️
Global M&A Broke Records in 2025
Global mergers and acquisitions activity reached historic levels in 2025, making it the most active year on record by both deal volume and total value. An estimated 50,810 transactions were completed worldwide, with combined deal value approaching $5 trillion, surpassing the previous high set in 2021. Year over year, deal count increased 12.4%, while total value surged 37%.
The record-setting performance was driven largely by a rise in megadeals. Transactions valued at $1 billion or more climbed 28% compared to the prior year, generating $2.6 trillion in value and accounting for more than half of all global M&A activity in 2025. While smaller deals lagged, improved investor confidence and multiple interest rate cuts across global markets helped fuel appetite for large-scale transactions, even amid earlier macroeconomic uncertainty.
After a brief slowdown in the second quarter, momentum accelerated significantly in the second half of the year. Both the third and fourth quarters set new records, with Q4 emerging as the strongest quarter ever for M&A activity by both volume and value. A deeper look at the data and trends shaping this landmark year is available in the 2025 Annual Global M&A Report, sponsored by Liberty GTS.
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IPO Momentum: what 2025’s rebound signals for 2026
The IPO market showed renewed strength in 2025, raising questions about whether 2026 could mark a full-scale comeback. Nearly two dozen companies valued at more than $1 billion went public during the year, a sharp increase from just nine in 2024. Combined valuations for these billion-dollar-plus listings more than doubled year over year, reaching $125 billion, according to Crunchbase.
Overall IPO activity also picked up meaningfully. In total, 202 IPOs raised $44 billion in 2025, compared with 150 offerings that raised $29.6 billion the prior year, data from Renaissance Capital show. Momentum may continue building as several high-profile private companies, including OpenAI, Anthropic, and SpaceX, line up advisors for potential public debuts. Each is expected to qualify as a “mega-IPO,” with valuations exceeding $100 billion at listing.
Market conditions appear increasingly supportive. PwC points to moderating inflation, expected interest rate cuts, and a growing backlog of IPO-ready companies as key drivers for increased activity. Blackstone President Jonathan Gray echoed that optimism, noting that the firm has assembled one of its largest IPO pipelines to date as public markets become more liquid and receptive.
Early signs in 2026 suggest a steady start. EquipmentShare led the year so far with a $747 million IPO on January 22, achieving a $6.7 billion valuation. Performance post-IPO has been mixed, however. Crypto infrastructure firm BitGo raised $213 million in its January debut but saw its stock fall 19% shortly after pricing.
SPACs also played a major role in the rebound. In 2025, 62% of U.S. companies that went public did so via special-purpose acquisition companies, a trend that could extend into 2026. Observers note that this wave of SPACs appears more disciplined, with smaller deals, more realistic valuations, and stronger sponsor alignment. So far this month alone, SPAC IPOs have raised more than $2 billion, signaling continued investor interest in the structure.
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