The global dealmaking landscape has officially entered historic territory. According to new data from Goldman Sachs, 2025 has set an all-time record for “megadeals,” with 63 transactions valued at $10 billion or more announced so far.
This unprecedented volume of massive transactions has pushed overall M&A activity to its second-highest level in history, surpassing nearly every benchmark set in the last decade.
The previous record for megadeals was established in 2015. However, this year’s surge signals a distinct shift in corporate aggression and strategy.
2026 Outlook Remains “Very Encouraging”
Denis Coleman, Chief Financial Officer at Goldman Sachs, emphasized the momentum during a recent investor conference. He noted that the current surge is not a temporary spike but a strong lead-in for next year.
“Our outlook and visibility on M&A is … very encouraging for aggregate overall levels of activity heading into 2026,” Coleman stated.
Several economic factors are fueling this resurgence in M&A activity. Coleman pointed to a resilient U.S. economy, significantly lower financing costs, and a renewed sense of confidence within corporate boardrooms.
Consequently, rival firms on Wall Street, including Morgan Stanley, are echoing this optimism. The consensus suggests the dealmaking drought is definitively over.
Private Equity and IPOs Rebound
Beyond corporate mergers, financial sponsors are aggressively deploying capital. The volume of deals led by private equity firms and similar entities has jumped by approximately 40% across the industry.
Meanwhile, the public markets are mirroring this recovery. A wave of large Initial Public Offerings (IPOs) has successfully launched this year, allowing companies to tap into improving conditions to raise capital.
Coleman projects that the outlook for the equity underwriting calendar “remains very positive” as the market heads into 2026.
Goldman Sachs as an Active Buyer
While Goldman Sachs continues to lead as a top advisor—exceeding third-quarter profit expectations thanks to advisory fees—the bank is also making its own strategic moves.
Coleman clarified that while the bar for “transformative acquisitions” remains very high, the firm is actively looking for opportunities.
He noted that deploying capital into acquisition financing is “a very attractive activity for Goldman Sachs” in this environment.
Recently, the bank has executed significant deals of its own:
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Innovator Capital Management: Goldman announced plans to acquire the ETF sponsor in a deal valued at nearly $2 billion.
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Industry Ventures: In October, the firm agreed to buy this venture capital manager, which oversees $7 billion in assets.
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