AI-related M&A up 47% year-over-year in Q1 2026; 74 megadeals YTD

Q1 2026 saw a 47% year-over-year increase in AI-related M&A value, according to compiled PwC and EY data. There have been 74 megadeals ($5B+) globally year-to-date, of which more than 20% were AI-driven. Total $5B+ megadeal value was up 149% versus the same period in 2025.

The acceleration is consistent across multiple data sources. AI-driven dealflow is concentrated in three subsectors: data infrastructure (the BlackRock/MGX $40B Aligned acquisition is the marquee deal), LLM-Ops and platform tooling, and AI-security/safety vendors.

The deal-mix is shifting. Q1 2025 deal-flow was dominated by foundation-model labs raising private rounds. Q1 2026 deal-flow is dominated by infrastructure and tooling consolidation — a sign that the AI value chain is maturing, with adjacent layers being rolled up by the dominant incumbents.

CNBC — global M&A boom 2026 → · PwC — global M&A outlook 2026 →