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.
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.
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.
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.