US Quarterly Deals Snapshot
US M&A
US M&A By Quarter
Review Of Corporate M&A in Q2 2026
"The headwinds triggered by the war in the Middle East persisted and intensified through the second quarter of 2026, leading to a significant fall in the total value of US deals announced in the quarter – although the drop off is not as stark as it appears, given that Q1's figures were significantly boosted by two $100bn plus deals. Still, the ongoing conflict in the second quarter and the resulting economic caution clearly impacted dealmaker confidence, leading many to pause or delay transactions. Despite the challenging environment, strategic dealmaking continued in resilient sectors such as the energy sector, which saw a landmark transaction with the announced combination between Dominion Energy and NextEra, highlighting the continued drive for consolidation and scale in areas critical to energy demand and the rise of AI."
Dean Bell,
US Deal Advisory & Strategy Leader at KPMG LLP
Outlook For US Corporate M&A
“As we look to the second half of 2026, the M&A market's outlook will largely depend on the outcome of the ongoing peace talks between the US and Iran. If these negotiations yield a lasting peace, a major source of geopolitical and economic uncertainty will be lifted, and we expect dealmaking activity to bounce back swiftly. There is significant pent-up demand across the broader market, and many of the transactions that were paused or delayed during the turbulence of Q2 are primed to quickly restart. The fundamental drivers for M&A, such as the need to acquire technology, consolidate markets, and optimize portfolios, remain in place. With capital ready to deploy, we anticipate a robust recovery, particularly in areas driven by long-term secular trends, such as AI, energy transition, and digital infrastructure.”
Dean Bell
US Deal Advisory & Strategy Leader at KPMG LLP
There is significant pent-up demand across the broader market, and many of the transactions that were paused or delayed during the turbulence of Q2 are primed to quickly restart.
Dean Bell
US Deal Advisory & Strategy Leader at KPMG LLP
US Private Equity
Private Equity Acquisitions In the US By Quarter
Review of US Private Equity in Q2 2026
“The second quarter proved to be challenging for private equity, as the market slowdown that began in March with the outbreak of the war in the Middle East accelerated, resulting in a significant fall in the total value of announced deals. The war sent shockwaves through the US economy, severely disrupting energy markets and driving up energy and other input costs across many sectors. We also saw volatility and tightening in the credit markets, especially for lower-rated issuers, making underwriting deals more difficult for many. In this risk-off environment, sponsors become highly selective, pulling back on large buyouts and directing capital towards smaller, strategic add-on acquisitions within their existing portfolios.”
Carole Streicher
US Advisory Asset Management & Private Equity Leader at KPMG LLP
Outlook For US Private Equity
“Looking ahead, the private equity landscape is poised for a rebound, provided the recent cessation of hostilities in the Middle East holds. If this peace lasts, we expect to see a swift bounce back in dealmaking as the disruption to energy markets subside and financing conditions begin to ease. With the very large amounts of dry powder still on the sidelines, the pressure to deploy capital is high, and sponsors are eager to put that money to work as the macroeconomic environment stabilizes. While firms will maintain their discipline and focus on assets with a clear path to value creation, the easing of these headwinds should unthaw the environment for larger buyouts, with capital rapidly flowing toward sectors with clear, long-term growth drivers like digital infrastructure and the energy transition.”
Carole Streicher
US Advisory Asset Management & Private Equity Leader at KPMG LLP
With the very large amounts of dry powder still on the sidelines, the pressure to deploy capital is high, and sponsors are eager to put that money to work as the macroeconomic environment stabilizes.
Carole Streicher
US Advisory Asset Management & Private Equity Leader at KPMG LLP
US listed IPO's
US IPO procceds and number by quarter
Review of US Listed IPOs in Q2 2026
“After a cautious end to the first quarter, the US IPO market demonstrated remarkable strength and resilience in Q2. Bucking the broader trend seen in M&A, both IPO volume and proceeds increased significantly, driven by a handful of high-profile, mega-IPOs that successfully launched, primarily from the Technology and Industrials sectors. A standout example was the highly anticipated Space X IPO, which was highlighted by both successful pricing and strong initial aftermarket trading. Investors have shown a strong appetite for companies with compelling growth narratives, proven business models, and a clear line of sight to profitability. The success of these large offerings indicates that the IPO window is open for high-quality, well-prepared issuers who can command investor confidence even amidst macroeconomic uncertainty.”
Shari Mager
US Capital Markets Readiness Leader at KPMG LLP
Outlook For US Listed IPOs
“The outlook for the IPO market for the remainder of 2026 is optimistic. The strong performance in Q2 has built positive momentum, and there is a healthy pipeline of companies waiting for the right opportunity to go public. However, the market is not open for everyone. Investor sentiment remains selective and will continue to favor businesses with strong fundamentals and market leadership positions. We expect technology, particularly in high-growth areas like AI, and industrial tech to remain active. For companies considering an IPO, the message is clear: preparation is paramount. Navigating the current environment requires a robust equity story, solid financial footing, and the agility to move quickly when a market window opens.”
Shari Mager
US Capital Markets Readiness Leader at KPMG LLP
Investors have shown a strong appetite for companies with compelling growth narratives, proven business models, and a clear line of sight to profitability.
Shari Mager
US Capital Markets Readiness Leader at KPMG LLP
Media Contact
To learn more or to arrange an interview with KPMG leaders, please contact Ed Jones (edwardjones@kpmg.com)
