The ten largest mergers and acquisitions ever, ranked by nominal deal value in US dollars, led by SpaceX's $250 billion takeover of xAI in 2026.
The largest merger or acquisition of all time is the SpaceX takeover of xAI in 2026, valued at $250 billion. Second is Vodafone AirTouch's 1999 takeover of Mannesmann at $183 billion, and third is the 2000 AOL-Time Warner merger at $182 billion. The ranking uses nominal US-dollar deal values, not adjusted for inflation, from Wikipedia's List of largest mergers and acquisitions as of October 2026.
The biggest corporate deals have come in waves: the telecom and media boom around 2000, the megamergers of the mid-2010s, and the AI and media deals of 2026. This list ranks the ten largest by deal value in US dollars. Two deals from 2026 are in the top ten: SpaceX's takeover of xAI, now the largest deal ever, and Paramount Skydance's deal for Warner Bros. Discovery. Mergers are valued at the combined market value of the two companies, and acquisitions at the value of the transaction.
In February 2026 SpaceX took over Elon Musk's artificial-intelligence company xAI in a deal valued at $250 billion, according to Wikipedia's table. It is the largest acquisition on record in nominal dollars, and Reuters reported the combined company's valuation at $1.25 trillion.
Vodafone AirTouch's hostile takeover of the German group Mannesmann, launched in 1999, is valued at $183 billion. It was the largest deal of the 1990s and held the all-time record until SpaceX bought xAI in 2026.
AOL and Time Warner announced their $182 billion merger in January 2000, combining the largest US internet provider with a major media group. It is the largest deal of the 2000s.
In 2013 Verizon paid $130 billion for Vodafone's 45% share of their joint venture Verizon Wireless, taking full ownership. It is tied with Dow-DuPont as the largest deal of the 2010s and is listed first here because it came earlier.
Dow Chemical and DuPont agreed in December 2015 to a $130 billion merger, tied with Verizon-Vodafone. As a merger, it is valued at the combined market value of the two companies, which is how Wikipedia values all mergers.
United Technologies' aerospace business merged with Raytheon in a $121 billion deal announced in 2019, creating the company now called RTX.
Paramount Skydance secured a $111 billion deal for Warner Bros. Discovery in February 2026, after Netflix declined to match its raised offer. It is the second-largest deal of the 2020s.
The 2007 merger of Gaz de France and Suez, valued at $107 billion, formed GDF Suez (now Engie). It is tied with AB InBev-SABMiller and is listed first here because it came earlier.
Anheuser-Busch InBev agreed to buy rival brewer SABMiller in 2015 for $107 billion, combining the world's two largest beer makers. The deal closed in 2016.
Heinz, owned by Berkshire Hathaway and 3G Capital, merged with Kraft in 2015 in a $100 billion deal that created Kraft Heinz. It just beats the 2007 takeover of ABN Amro ($98 billion) for tenth place.
| # | Name | Deal value | Acquirer | Target | Year initiated | Industry |
|---|---|---|---|---|---|---|
| 1 | SpaceX takeover of xAI | $250 billion | SpaceX | xAI (United States) | 2026 | Technology / AI / Space |
| 2 | Vodafone AirTouch acquires Mannesmann | $183 billion | Vodafone AirTouch (United Kingdom) | Mannesmann (Germany) | 1999 | Telecommunications |
| 3 | AOL merges with Time Warner | $182 billion | AOL (United States) | Time Warner (United States) | 2000 | Media / Internet |
| 4 | Verizon buys Vodafone's 45% stake in Verizon Wireless | $130 billion | Verizon Communications (United States) | Vodafone's 45% stake in Verizon Wireless | 2013 | Telecommunications |
| 5 | Dow Chemical merges with DuPont | $130 billion | Dow Chemical (United States) | DuPont (United States) | 2015 | Chemicals |
| 6 | United Technologies merges with Raytheon | $121 billion | United Technologies (aerospace business) (United States) | Raytheon (United States) | 2019 | Aerospace / Defense |
| 7 | Paramount Skydance acquires Warner Bros. Discovery | $111 billion | Paramount Skydance (United States) | Warner Bros. Discovery (United States) | 2026 | Media / Entertainment |
| 8 | Gaz de France merges with Suez | $107 billion | Gaz de France (France) | Suez (France) | 2007 | Energy / Utilities |
| 9 | AB InBev acquires SABMiller | $107 billion | Anheuser-Busch InBev (Belgium) | SABMiller (United Kingdom) | 2015 | Beverages / Brewing |
| 10 | Heinz merges with Kraft | $100 billion | H. J. Heinz (United States) | Kraft Foods Group (United States) | 2015 | Food |
Deals are ranked by the nominal 'transaction value' in US dollars shown in Wikipedia's List of largest mergers and acquisitions (checked 2026-10-18), not adjusted for inflation. That page records each deal under the year it was initiated, not the year it closed, and values mergers at the combined market value of the companies involved. Deals listed there as failed are excluded. Union Pacific-Norfolk Southern, still pending, is valued at $85 billion and would not reach the top ten anyway. The page does not use one consistent treatment of debt: for some deals it gives a second value that includes debt, and this list uses the main figure for every deal. On the with-debt figure, AT&T-Time Warner (2016) would be $108.7 billion instead of $85.4 billion, enough to place eighth. Ties are listed in chronological order: Verizon-Vodafone and Dow-DuPont at $130 billion, and GDF-Suez and AB InBev-SABMiller at $107 billion. No tie crosses the tenth place, so the list has exactly ten deals. The next deal is RFS Holdings-ABN Amro (2007) at $98 billion.
SpaceX's 2026 takeover of xAI, valued at $250 billion. It beat the record held since 1999 by Vodafone AirTouch's $183 billion takeover of Mannesmann.
Sources differ on whether they include the target's debt, whether they use the value when the deal was announced or when it closed, and how they value mergers of equals. This list uses one source, Wikipedia's List of largest mergers and acquisitions, and its main nominal figure for every deal.
No. They are nominal US dollars from the year each deal was initiated. Adjusting for inflation would raise the older deals, such as Vodafone-Mannesmann (1999) and AOL-Time Warner (2000), relative to the 2026 deals.
Telecommunications and media account for four of the ten: Vodafone-Mannesmann, AOL-Time Warner, Verizon-Vodafone and Paramount-Warner Bros. Discovery. The other six span AI and space, chemicals, aerospace, energy, brewing and food.
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