Global M&A Activity Hits $2.6 Trillion in 2023, Driven by AI and Mega Deals

Global dealmaking surged to $2.6 trillion through August, the highest seven-month total since the pandemic peak in 2021. The increase in deal value was driven by mega deals, including OpenAI's $40 billion funding round and major technology acquisitions, while the number of transactions dropped 16%. The technology sector led with $478 billion in volume, representing 24% of global activity, due to AI infrastructure fueling market dominance.

Global dealmaking has surged to $2.6 trillion through August, marking the highest seven-month total since the pandemic peak in 2021. This increase was driven by mega deals, including OpenAI's $40 billion funding round and major technology acquisitions, while the number of transactions dropped 16% [1].

The technology sector led with $478 billion in volume, representing 24% of global activity, due to AI infrastructure fueling market dominance. OpenAI's massive funding round and Scale AI's $14.3 billion investment from Meta Platforms Inc. highlight AI's market dominance [1].

North America captured nearly half of global volume at $970 billion, rising 11% year-over-year. Asia-Pacific posted the strongest growth, surging 97% to $572 billion, driven by Japanese cross-shareholding unwinds and Chinese bank capitalizations [1].

Early Trump administration tariff announcements initially stalled mid-market deals valued between $200 million and $1 billion. However, mega deals proved resilient due to long-term strategic rationale [1].

Sempra Energy (NYSE: SRE) announced a 20-year LNG supply deal with top Japanese power generator JERA, supplying 1.5 million metric tons/year of liquefied natural gas from its Port Arthur LNG Phase 2 project in Texas [2].

OpenAI has raised $8.3 billion at a $300 billion valuation, reports The New York Times. The deal is part of OpenAI’s broader strategy to secure $40 billion this year [3].

References:
[1] https://www.benzinga.com/m-a/25/08/46848974/openai-palo-alto-softbank-deals-power-2-6-trillion-global-ma-boom-biggest-since-2021-pandemic-peak
[2] https://seekingalpha.com/news/4475538-sempra-japans-jera-ink-20-year-lng-supply-deal-from-port-arthur-lng-phase-2
[3] https://techcrunch.com/2025/08/01/openai-reportedly-raises-8-3b-at-300b-valuation/