While the total value of deals reached new heights, the actual volume of transactions dropped 9% to 24,000, the lowest level in six years. Large-cap activity dominated the landscape, with 47 deals exceeding $10 billion—including NextEra Energy’s $66.8 billion merger with Dominion Energy and SpaceX’s $60 billion purchase of Cursor—accounting for nearly half of all global volume. Bankers attribute this concentration to a belief that larger, more focused companies command better market multiples, prompting CEOs to finally greenlight long-held aspirational acquisitions.

Corporate separation is playing an equally significant role, as firms like Comcast, Honeywell, and Unilever shed non-core assets to simplify their structures. Investors are increasingly wary of highly diversified conglomerates, preferring the agility of focused entities. Financing remains robust, with investment-grade corporate debt issuance hitting a record $3.4 trillion. Technology continues to lead sector activity with $649 billion in deals, driven by both AI-adjacent growth and massive infrastructure investments. With regulatory hurdles appearing more manageable in both the U.S. and Europe, dealmakers are positioning themselves for an active second half, potentially challenging the post-pandemic records set in 2021.