AI megadeals, IPO green shoots, and a middle-market squeeze: The new M&A reality for CFOs

Good morning. M&A made a comeback this year, but growth is lagging in the middle market.

PwC’s U.S. Deals 2026 Outlook, released this morning, credits the AI boom and a revitalized private equity (PE) activity for the market achieving 10,333 deals worth $1.6 trillion through Nov. 30, 2025. Total deal value rose about 45% from last year and was the second-highest ever recorded, even amid major shifts in economic policy, such as tariffs.

Courtesy of PwC

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