Global M&A by the Numbers: Q1 2026

M&A volumes soared to $861.1 billion in Q1 2026, marking the strongest start since 2021 and a 9.7% increase over Q1 2025. The market’s “K-shaped” dynamic persisted, with large, transformational deals leading activity while smaller transactions remained subdued. Notably, Space Exploration Technologies Corp.’s $250 billion acquisition of X.AI LLC accounted for nearly 30% of total deal value this quarter. Despite robust headline volumes, only 7,924 deals were announced, a 30% drop from the prior year. Cross-border M&A remained elevated, totaling $319.1 billion across 2,002 deals, as companies sought to diversify supply chains and expand local production. U.S.-based buyers led cross-border activity with 409 deals, including 213 targeting European assets, making Europe the most targeted region with 986 inbound transactions.