Global M&A Boom Continues in 2026 Fueled by AI Deals

Tightening capital pool forces executives to be more selective on acquisitions

Published on Feb. 25, 2026

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The global mergers and acquisitions boom that defined 2025 is carrying into 2026, as companies reassess their portfolios and artificial intelligence-led demand fuels large-scale transactions. However, a tightening capital pool is forcing executives to be more selective than ever.

Why it matters

The continued M&A surge highlights how companies are aggressively pursuing strategic growth and scale, particularly in the AI space, as they look to reinvent themselves and get ahead of major technological and economic disruptions. However, the heavy capital spending on AI could constrain M&A activity in the near term as companies direct more funds towards infrastructure and technology development.

The details

Despite a sluggish start in 2025 due to trade policy uncertainty, the total value of global dealmaking activity surged 40% to $4.9 trillion, the second-highest level on record. Dealmaking rebounded as central banks cut interest rates, valuations improved, and companies increased spending on AI. Executives are now more cautious, with the Boston Consulting Group's M&A sentiment index remaining below the long-term average, as the pool of discretionary capital to fund deals is historically thin, forcing them to pursue only transactions that deliver clear returns.

  • The total value of global M&A activity surged 40% to $4.9 trillion in 2025.
  • The Boston Consulting Group's M&A sentiment index rebounded in 2025 but remained well below the long-term average.

The players

Bain & Company

A global management consulting firm that publishes an annual M&A report.

Goldman Sachs

A global investment bank that topped the global M&A ranking in 2025, advising on nearly 40 deals worth $1.48 trillion in total volume.

Boston Consulting Group

A global management consulting firm that publishes an M&A sentiment index.

PwC

A global professional services firm that provides deals industry insights.

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What they’re saying

“As abrupt shifts in trade policies settled into a pattern of less threatening change, relief turned into confidence and then a fear of missing out.”

— Jake Henry, Global Coleader of McKinsey's M&A Practice (CNBC)

“Leaders across industries recognize that many traditional business models have reached the limits of their historical growth engines. Companies urgently need to reinvent themselves to get out ahead of the big forces of technology disruption, a post-globalization economy, and shifting profit pools.”

— Suzanne Kumar, Executive Vice President of Bain's Global M&A and Divestiture Practice (CNBC)

“Executives must pressure test whether M&A pathways and specific deals will help the company better compete in the most attractive markets ... rethink portfolio boundaries, and make bigger, bolder decisions about what capabilities they must own vs. access.”

— Suzanne Kumar, Executive Vice President of Bain's Global M&A and Divestiture Practice (CNBC)

What’s next

As AI adoption accelerates, demand for computing power has surged across digital infrastructure, energy, semiconductors, and hardware optimization. The heavy capital spending in AI could constrain M&A activity in the near term as companies direct more funds towards infrastructure and technology development.

The takeaway

The continued M&A boom highlights how companies are aggressively pursuing strategic growth and scale, particularly in the AI space, as they look to reinvent themselves and get ahead of major technological and economic disruptions. However, the tightening capital pool is forcing executives to be more selective, with a focus on deals that deliver clear returns.