Goldman Sachs – Global M&A Outlook: Think Big, Build Bigger, 2026
The outlook for global mergers and acquisitions (M&A) in 2026 focuses on strategic growth driven by innovation, particularly the impact of AI and private markets on dealmaking.
M&A activity levels in late 2025 rival those of 2021, with robust foundational drivers heading into 2026. The current M&A cycle is characterized by strategic repositioning, building for scale, and extraordinary ambition. AI is a major catalyst disrupting multiple sectors including software, data centers, semiconductors, real estate, power, and transmission. Companies are reimagining portfolios amid innovation and capital availability. Private markets play a central role in global M&A, with sponsors deploying capital at scale and managing exits. "Dream deals" are increasingly shaping the M&A landscape as valuations normalize and policy uncertainty moderates.
