"PwC's U.S. Deals 2026 Outlook, released this morning, credits the AI boom and a revitalized private equity (PE) activity for the market achieving 10,333 deals worth $1.6 trillion through Nov. 30, 2025. Total deal value rose about 45% from last year and was the second highest ever recorded, even amid major shifts in economic policy, such as tariffs. Courtesy of PwC Big bets on AI helped drive activity among tech companies-especially in megadeals."
"There were 74 megadeals (valued at $5 billion or more), the highest number since 2021, of which more than 20% were driven by AI. Fortune has reported on several megadeals this year, including Alphabet agreeing to acquire cloud security and AI company Wiz for about $32 billion; Meta buying a 49% stake in Scale AI for roughly $14.8 billion; and CoreWeave acquiring Core Scientific for about $9 billion."
"Another finding of PwC's report is that PE activity rose, with financial-buyer deal volume increasing by 4% to 1,484 transactions, while M&A value increased 54% to $536 billion. Meanwhile, IPO activity rebounded in the second half of 2025 as investors eagerly embraced new offerings. Pent-up demand, easing rates, and steadier trade policy should bode well for 2026 IPOs, according to PwC."
U.S. deal activity reached 10,333 transactions totaling $1.6 trillion through Nov. 30, 2025, a roughly 45% increase in deal value and the second-highest total on record. Big bets on AI and revived private equity spurred activity, producing 74 megadeals (>$5 billion), with over 20% AI-driven, including major transactions like Alphabet-Wiz, Meta-Scale AI, and CoreWeave-Core Scientific. Financial-buyer volume increased modestly while M&A value rose significantly and IPOs rebounded in H2 2025. Middle-market M&A hit a decade low with about 496 deals amid macro headwinds. Stabilizing trade policy, easing rates, AI investment, and energy infrastructure should support improved dealmaking in 2026.
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