Global M&A deal value hit a record $1.26 trillion in Q3 2025, driven by big tech and AI deals, despite lower deal volume.

Global M&A deal value hit a record $1.26 trillion in Q3 2025, up 40% year-over-year, but deal volume fell to 8,912—its lowest in 20 years—due to a surge in large transactions averaging $141.4 million. Strong activity in tech, AI, and crypto, including Figure’s $787.5 million IPO, drove momentum, while Hong Kong emerged as a top IPO hub with $23 billion raised, triple last year’s total. Despite a sluggish start from U.S. tariffs and antitrust actions, market confidence rebounded, though a potential government shutdown threatens regulatory approvals. Dealmakers expect continued IPO momentum into year-end amid rising volatility.