The startup M&A landscape has seen significant growth in the first half of 2025, with disclosed-price acquisitions surpassing $100 billion—a 155% increase compared to the same period last year. Notably, a major portion of this sum stems from one deal involving a cybersecurity unicorn. Despite a steady deal count in the mid-400s, the atmosphere around acquisitions, particularly in AI, has become increasingly intense. This was highlighted by OpenAI's $6.5 billion acquisition of a design startup focused on AI devices. Interestingly, while AI startups attracted attention, only around $15 million in disclosed acquisitions were made in this space, with many transactions remaining undisclosed. Other sectors like enterprise software and healthcare also saw substantial activity, including a $5.3 billion stake sale by an electronic health record provider. The trend reveals a robust pipeline of startups exploring exit strategies via M&A, suggesting continued momentum as the year progresses.

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