Deal activity in the U.S. is experiencing a significant rebound, fueled by the AI boom and record highs in stock markets, setting the stage for a strong year in IPOs and M&A.

According to Dealogic, the first half of 2025 has seen U.S. IPO and M&A volumes reach their highest levels since 2021, with 174 companies raising over $31 billion and M&A volume surpassing $989 billion.

This surge in deal activity is indicative of a robust recovery, supported by technological advancements and favorable market conditions.

Key factors driving this revival include a retreat from harsh tariff plans, expectations for trade stability, a resilient economy, and rising stock valuations.

The previous downturn in deal activity was largely attributed to President Donald Trump's Liberation Day tariffs, which caused companies to hesitate on IPOs and acquisitions; however, this trend is now reversing.

Notable IPOs in 2025 include Venture Global, which raised $1.75 billion, CoreWeave at $1.57 billion, and Circle Internet Group at $1.21 billion, with the latter two seeing exceptional performance post-listing.

The top five U.S. IPOs this year showcase strong investor interest, particularly within the tech and fintech sectors.

M&A activity has also surged, driven by enthusiasm for AI-related companies, highlighted by significant deals such as a $40 billion funding round for OpenAI and Google's proposed $32 billion acquisition of cybersecurity startup Wiz.