Key Takeaways

  • In recent years, U.S. M&A deal activity with artificial intelligence as a core focus has significantly heated up, according to data provided to CFO Dive by 451 Research, part of S&P Global Market Intelligence.
  • Data shows that the total value of U.S. AI-driven M&A deals in 2025 rose to $107.9 billion, an increase of about 9.7% year-over-year and nearly 80% higher than 2022 levels. More than 600 such deals were announced that year, up from 489 in 2024 and 445 three years earlier.
  • Scott Denne, senior analyst at 451 Research, noted a growing "fear of missing out" among companies in the AI space. "Companies see agentic technology gradually being integrated into enterprise workflows," he said in an interview. "Their customers are interested in AI and are experimenting. Competitors are also making AI a high priority on their product roadmaps. Although it's still early, this is prompting companies to ensure they participate in what could be a transformative process."

Deep Insights

Among the top 10 AI deals of 2025 by size, IBM's $11 billion agreement to acquire Confluent—a provider of data services for AI deployments—stands out. The list also includes ServiceNow's now-completed deal to acquire Moveworks, an agentic AI platform provider, for $2.85 billion. The Moveworks acquisition comes amid the rapid rise of AI agents capable of performing workplace tasks with minimal human intervention.

"Deal sizes are expanding, and the types of deals being struck are also different," Denne said. "Looking back at 2022, those deals involved more traditional forms of AI—machine learning and the like. Now, more deals involve generative AI, agentic AI, and large language models—technologies that have gained attention since ChatGPT's release in late 2022."

Despite uncertainty stemming from major economic policy shifts, AI helped drive a surge in overall M&A activity in 2025, according to a December analysis by Big Four accounting and consulting firm PwC.

"I think AI is a high priority because it is such a transformative technology," Kevin Desai, U.S. deals platform leader at PwC, said in an interview. "While many of us talk about using AI for efficiency, the reality is that AI as a tool for creating new capabilities, new products, and new product differentiation to drive business growth may be where companies are pushing harder."

PwC noted that broad tariff adjustments and stricter immigration enforcement were among factors that hindered U.S. GDP growth in 2025 and created uncertainty for businesses. However, from January through the end of November last year, overall M&A deal value rose about 45% year-over-year.

During that period, U.S. companies announced 10,333 deals with a total value of $1.6 trillion, including 74 deals valued at $5 billion or more—the most since 2021. More than 20% of those mega-deals were AI-driven.

"I think companies with ample capital and strong balance sheets are better able to weather some economic shocks, which may explain the higher growth rate of mega-deals," Desai said.

According to a CFO survey released last month by Duke University's Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, nearly 78% of large companies invested in AI last year, while only 48% of small businesses made such investments during the same period. Small businesses expressed a desire to close the gap, with about 80% reporting plans to invest in AI this year.

PwC said the overall deal environment improved heading into 2026. "Currently, trade policy is stabilizing, which is favorable for executive confidence and M&A activity," the report said. But challenges remain, including U.S.-China trade tensions, an uncertain job market, and "balancing between interest rates and persistent inflation concerns."