SpaceX Absorbs xAI in $1.25 Trillion Mega-Merger — Largest Deal in Corporate History
SpaceX completed its acquisition of Elon Musk's AI startup xAI in a share-exchange deal in February 2026 valued at a combined $1.25 trillion, making it the largest corporate combination ever recorded — more than triple the previous record. Each xAI share converted into 0.1433 SpaceX shares, valuing SpaceX at $1 trillion and xAI at $250 billion. Musk cited 'orbital data centres' as the primary rationale, combining Starlink's 7,000+ satellite constellation with xAI's Grok LLM ahead of a planned SpaceX IPO targeting a $1.75 trillion valuation.
Warner Bros. Discovery Shareholders Approve $111B Paramount Merger — Regulators Up Next
Warner Bros. Discovery shareholders voted overwhelmingly to approve Paramount Skydance's $111 billion takeover on 23 April 2026, with 1.743 billion shares in favour and only 16.3 million opposed. The deal — which values WBD shares at $31 in cash — still requires DOJ and FCC clearance. Close is targeted for Q3 2026, though a 49.5% Middle Eastern ownership stake has drawn FCC scrutiny and state AG subpoenas.
BlackRock and EQT to Take AES Corporation Private in $33.4B Clean Energy Deal
A consortium led by BlackRock's Global Infrastructure Partners and EQT Infrastructure agreed on 2 March 2026 to acquire power company AES Corporation for $15 per share in cash — an enterprise value of $33.4 billion — in one of the largest utility take-privates in history. Co-investors include CalPERS and the Qatar Investment Authority. The deal shields AES from volatile public markets during a capital-intensive build-out of clean energy and data centre power infrastructure. Close is expected in late 2026 or early 2027.
Google Completes $32B Acquisition of Wiz — Biggest Deal in Alphabet's History
Google officially completed its $32 billion acquisition of cybersecurity firm Wiz on 11 March 2026, following DOJ antitrust clearance. The deal — the largest in Alphabet's 28-year history — integrates Wiz's cloud-native security platform into Google Cloud, strengthening its competitive position against AWS and Azure. Wiz will continue to serve multi-cloud clients across competing platforms. The acquisition values Wiz at roughly 25x its approximately $1.25 billion annualised recurring revenue.
FCC Approves Charter's $34.5B Cox Acquisition — California Remains Final Hurdle
The FCC Wireline Competition Bureau approved Charter Communications' $34.5 billion acquisition of Cox Enterprises on 27 February 2026, creating the largest US internet service provider with over 37 million broadband subscribers. Commitments include a $20/hour minimum wage and onshoring of all offshore job functions within 18 months. California's Public Utilities Commission is the sole outstanding approval; evidentiary hearings concluded in April 2026 ahead of a September 15, 2026 federal deadline.
QXO to Acquire TopBuild for $17B in Landmark Building Products Deal
QXO announced on 19 April 2026 a definitive agreement to acquire TopBuild Corp. for approximately $17 billion — the largest building products distribution deal in decades. At $505 per share (a 23.1% premium), the consideration is 45% cash and 55% QXO stock. The deal creates the second-largest publicly traded building products distributor in North America with over $18 billion in combined revenue. Close is expected in Q3 2026.
Sun Pharma Signs $11.75B Deal to Acquire Organon in Largest Indian Pharma M&A Ever
Sun Pharmaceutical Industries signed a definitive agreement on 26 April 2026 to acquire Organon & Co for $14 per share in cash — total enterprise value $11.75 billion including assumed debt. The deal is the largest outbound acquisition by an Indian pharmaceutical company. Sun Pharma gains Organon's biosimilars portfolio, women's health products, and commercial operations across 140+ markets. Close is expected by December 2026 pending regulatory and shareholder approvals.
Devon Energy Completes All-Stock Merger with Coterra Energy, Creating $58B Shale Giant
Devon Energy and Coterra Energy completed their all-stock merger on 7 May 2026 — shareholders approved the combination on 4 May with over 98% of votes in favour. Each Coterra share converted into 0.70 Devon shares; Devon holders retain approximately 54% of the enlarged group. The combined company — trading as DVN on the NYSE — targets $1 billion in annual pre-tax synergies by 2027, anchored by a leading position across five of the six largest US unconventional oil plays.
Biogen Completes $5.6B Acquisition of Apellis, Adding SYFOVRE Blockbuster to Portfolio
Biogen completed its $5.6 billion acquisition of Apellis Pharmaceuticals on 14 May 2026, after 82.4% of Apellis shares were tendered at $41 per share — an 86% premium to the 90-day VWAP. The deal adds SYFOVRE (the first and only approved treatment for geographic atrophy) and EMPAVELI, which together generated $689 million in 2025 net product revenue. Apellis shareholders received a contingent value right worth up to $4 per share tied to SYFOVRE annual sales milestones through 2031.
AMETEK Agrees to Acquire Indicor Instrumentation for $5B in Precision Instruments Push
AMETEK announced on 6 May 2026 a definitive all-cash agreement to acquire Indicor Instrumentation for approximately $5 billion — one of the largest acquisitions in AMETEK's history. Indicor generates approximately $1.1 billion in annual sales from precision instruments serving industrial and scientific applications. The businesses will be integrated into AMETEK's Electronic Instruments and Electromechanical Groups. Close is expected in the second half of 2026 pending regulatory approvals.
Roche to Acquire PathAI for Up to $1.05B to Accelerate AI-Driven Digital Pathology
Roche entered into a definitive agreement on 7 May 2026 to acquire Boston-based PathAI — a leading AI digital pathology company — for $750 million upfront plus up to $300 million in contingent milestone payments. PathAI's AI algorithms are used in drug development and companion diagnostics across multiple pharmaceutical partners. The deal builds on a 2021 partnership and is expected to close in the second half of 2026, with PathAI integrated into Roche's Diagnostics division.
Gilead Sciences Acquires ADC Biotech Tubulis for Up to $5B to Expand Oncology Pipeline
Gilead Sciences agreed on 7 April 2026 to acquire Munich-based antibody-drug conjugate biotech Tubulis for $3.15 billion upfront plus up to $1.85 billion in milestones — total deal value up to $5 billion. Tubulis's lead asset TUB-040 targets NaPi2b-expressing tumours, demonstrating a 59% overall response rate in platinum-resistant ovarian cancer in Phase 1b/2 trials. The deal extends Gilead's $15 billion oncology M&A spree in spring 2026 and is expected to close in Q2 2026.