Goldman Sees Global Dealmaking Roaring Back As M&A Market Nears Record Highs
Synopsis
Goldman Sachs says global M&A activity is on pace to challenge 2021’s all-time record as corporate confidence, mega deals and IPO momentum drive a fresh wave of dealmaking.
Goldman Sachs expects global merger and acquisition activity in 2026 to come close to, or even surpass, the record-breaking levels seen during the post-pandemic boom of 2021. Speaking at a financial conference in New York, Goldman Sachs President John Waldron said the bank’s deal pipeline remains strong despite recent geopolitical tensions and market volatility. “We're on track to be near the record, if not breaching the record of 2021,” Waldron said.
Key highlights
- Goldman Sachs expects 2026 M&A volumes to near 2021 records
- Corporate-led dealmaking is driving market momentum
- Global M&A activity has already topped $1.2 trillion this year
- Bank remains bullish on IPO markets and mega listings
- Goldman secured lead role in SpaceX’s planned IPO
Corporate Deals Surge
Waldron said the current rebound in mergers and acquisitions is being driven primarily by corporate buyers rather than private equity firms.
The upbeat outlook comes as global dealmaking rebounds sharply following a brief slowdown linked to the Iran-Israel conflict escalation.
According to LSEG data, global M&A activity exceeded $1.2 trillion during the first quarter of 2026, with bankers expecting more major deals in the months ahead.
The all-time annual record for global M&A activity was set in 2021, when transactions totalled roughly $5.8 trillion.
Big Deals Return
Goldman Sachs has advised on several major transactions this year, including Unilever’ planned merger of its food business with McCormick & Company in a deal expected to create a combined company worth about $65 billion.
Bankers say stronger corporate confidence, stabilising financing conditions and investor appetite for growth assets are helping fuel the latest deal wave.
IPO Market Reawakens
Goldman also struck an optimistic tone on the outlook for initial public offerings.
Waldron said successful mega IPOs could trigger a broader revival in equity listings globally as investors continue searching for high-growth opportunities tied to artificial intelligence and technology.
The investment bank recently secured the lead advisory role in SpaceX’s highly anticipated IPO plans.
Why It Matters
A sustained rebound in M&A and IPO activity would mark a major turnaround for Wall Street after several years of weaker capital markets activity caused by higher interest rates, inflation and geopolitical uncertainty.
Investment banks including Goldman Sachs have increasingly pointed to AI, infrastructure, energy and technology as the sectors likely to dominate the next phase of global dealmaking.
FAQs
Q1: What did Goldman Sachs say about M&A activity?
Goldman Sachs said global merger and acquisition volumes in 2026 are on track to approach or potentially exceed the record levels reached in 2021.
Q2: What is driving the current M&A boom?
Corporate-led transactions, improving market sentiment and strong investor demand for growth assets are supporting deal activity.
Q3: How large was the 2021 M&A market?
Global M&A activity hit a record $5.8 trillion in 2021.
Q4: Is the IPO market improving too?
Yes. Goldman Sachs said strong demand for major IPOs could help reopen global equity capital markets more broadly.
Q5: Which major IPO is Goldman advising on?
Goldman Sachs secured a lead advisory role in the planned IPO of SpaceX.
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I write about markets, money, and the macro forces that move them. Passionate about turning complex economic trends into sharp, easy-to-understand stories. Off the clock, it’s hip hop, rock, reggae -- and a mix of cricket and basketball.
