Global M&A volumes hit record $3.1 trillion in H1 2026, surpass 2021 peak: Goldman Sachs

Global mergers and acquisitions (M&A) volumes surged to an unprecedented $3.1 trillion in the first half of 2026, shattering the previous record set in the first half of 2021. This remarkable growth, a 48 percent year-on-year increase, was primarily fueled by a substantial rise in deal sizes, with mega M&A transactions alone soaring by 125 percent.

“

A volatility paradox has emerged, wherein strategic urgency is overriding macroeconomic uncertainty.

Goldman Sachs' Investment Banking global M&A outlook attributes this activity to a "volatility paradox," where companies are increasingly prioritizing strategic imperatives over macroeconomic uncertainties. The report suggests that the risk of inaction has become more significant than the risks associated with executing deals. Companies are actively pursuing acquisitions to bolster their artificial intelligence (AI) capabilities, optimize their business portfolios, and maintain a competitive edge in a rapidly evolving market.

“

The risk of standing still has become greater than the risk of execution.

AI has emerged as a transformative force in corporate dealmaking. Acquisitions are no longer solely about integrating new technologies but about embedding AI into the core of businesses. This trend is giving rise to "DNA deals," which aim to fundamentally integrate AI into an organization's structure rather than merely layering it onto existing products or processes.

“

This ambition is driving the rise of 'DNA deals,' acquisitions that embed AI into an organization's core rather than layering it onto existing products or processes.

Survey data from Goldman Sachs indicates a strong M&A outlook among corporate and financial clients. Fifty-eight percent of respondents cited scale and strategic growth as the main drivers for M&A decisions. Furthermore, 61 percent anticipate AI will have a moderate to high impact on their M&A strategies. Despite ongoing economic challenges, boardroom priorities have shifted, with a growing view that proactive, transformative transactions are essential, even amidst persistent macroeconomic headwinds.

“

We're seeing a fundamental shift where boardrooms view inaction as the ultimate risk--proactively pursuing transformative transactions despite persistent macroeconomic headwinds.