JPMorgan's Global Head of Advisory and M&A, Anu Aiyengar, predicts 2026 will be a banner year for M&A, potentially surpassing previous records. This surge is attributed to CEOs seeking scale for safety amid increasing economic and geopolitical risks, AI disruption, and market volatility. The previous year (2025) was the second-best on record for M&A, totaling $5.1 trillion, and saw a record 68 deals valued at $10 billion or more, double the number in 2024. JPMorgan, ranking #2 in global M&A in 2025, advised on 27 of these mega-deals.
Matthieu Wiltz, JPMorgan’s EMEA co-head, and Filippo Gori, Co-Head of Global Banking, echoed this bullish outlook, highlighting a robust M&A and IPO pipeline. Gori emphasized that favorable financing conditions, such as near-historic low credit spreads and clearer interest rate trajectories, are encouraging corporates to pursue transactions. This sentiment is also fueled by a deregulation agenda in the U.S. and a clear shift in boardroom confidence, with companies making strategic moves while conditions remain supportive.
The first half of 2026 already saw a record-high $3.2 trillion in global M&A volume, marking a 44% year-over-year increase. Mega-deals ($10 billion+) reached an all-time high of 48, accounting for $1.3 trillion in volume, a 114% increase from the first half of 2025. Cross-border volume surged by 63% to $820 billion, a two-decade high. Technology, diversified industries, healthcare, and financial institutions are key sectors driving this activity, with AI-driven investments playing a significant role.
Despite the positive outlook, JPMorgan executives acknowledge risks from geopolitics, inflation (particularly in the U.S.), and the evolving impact of AI. However, boards are increasingly prioritizing action, recognizing that inaction carries its own risks. Public markets are also rewarding scale, with equity investors showing a 25% premium in the U.S. and 40% in Europe for larger, strategically sound transactions, further incentivizing mega-deals and growth investments.
