For dealmakers worldwide, the third quarter of 2025 was both one of the best and one of the worst in recent memory. Megadeals totaled an impressive $1.26 trillion, up 40% YoY, marking the second-highest Q3 by deal value on record. Yet, the number of deals signed fell to 8,912, down 16% from last year – the lowest Q3 volume in 20 years.
Despite the market turbulence triggered by trade tariffs and Big Tech antitrust scrutiny, pent-up corporate demand and soaring stock markets have driven larger average deal sizes, which surged to $141.4 million from $85.5 million YoY. IPOs also revived, with high-profile listings like StubHub ($800M), Klarna ($1.37B), and in Asia, Zijin Gold International ($3.2B) raising strong capital amid shifting investor sentiment.
“The market is navigating tariffs and geopolitical shifts, yet the appetite for high-quality, large-cap deals and IPOs remains robust,” said Naveen Nataraj, Evercore.