Global M&A volume reaches $3.1 trillion in first half of 2026

Global mergers and acquisitions (M&A) activity hit a record $3.1 trillion in the first half of 2026, a 48% year‑on‑year rise that surpasses the previous peak recorded in H1 2021. Mega‑deal volume jumped 125% year‑on‑year, driven by larger transactions and a wave of AI‑focused strategic acquisitions.

Goldman Sachs describes the environment as a “volatility paradox,” where companies view the risk of standing still as greater than the risk of executing deals despite persistent geopolitical and inflationary pressures. Firms are pursuing “DNA deals” that embed artificial‑intelligence capabilities into their core businesses rather than adding them as an afterthought. In a survey of roughly 500 corporate and financial‑sponsor respondents, 58% said scale and strategic growth were the primary drivers of M&A, 44% remained bullish on the outlook, and 61% expected AI to have a moderate to high impact on their M&A strategy.

The outlook predicts continued strong deal activity into the second half of 2026, though transactions may become more complex as market volatility persists. Sectors such as infrastructure, energy and physical AI are highlighted as potential growth areas.