US M&A Deal Value Hits Record $1.89 Trillion, Tripling Since 2023
The total value of US M&A deals over the past four quarters reached $1.89 trillion, nearly tripling from Q2 2023 and surpassing previous peaks in 2021 and the dot-com bubble. Stock financing accounted for 49% of deal value, the highest since 2001.
US merger and acquisition activity has surged to an all-time high, with total deal value over the last four quarters reaching $1.89 trillion. That figure has nearly tripled since the second quarter of 2023 and now exceeds the prior peaks of $1.72 trillion in 2021 and $1.54 trillion during the 2000 dot-com bubble.
A notable shift in financing has accompanied the boom: 49% of M&A deal value in the most recent quarter was financed with stock — the highest share since Q2 2001. Elevated equity valuations have made stock a relatively cheap financing tool, prompting companies to pay with shares rather than cash or debt.
The data, compiled by The Kobeissi Letter, underscores the scale of the current corporate dealmaking wave.
Source: The Kobeissi Letter