01
SpaceX ← xAI
$250bn
02
Paramount Skydance ← Warner Bros. Discovery
$111bn
03
Union Pacific ← Norfolk Southern
$85bn
04
Anthropic – Series H: Altimeter, Dragoneer, Greenoaks, Sequoia
$65bn
05
Devon Energy (merger) ← Coterra Energy
~$58bn
06
Silver Lake, PIF, Affinity Partners ← Electronic Arts
$55bn
07
Kimberly-Clark ← Kenvue
$48.7bn
08
OpenAI – SoftBank-led round at $300bn
$40bn
09
Mars ← Kellanova
$35.9bn
10
Charter Communications ← Cox Communications
$34.5bn
11
BlackRock GIP + EQT ← AES Corporation
$33.4bn
12
Google ← Wiz
$32bn
13
Constellation Energy ← Calpine
$26.6bn
14
Palo Alto Networks ← CyberArk
$25bn
15
Global Payments (from GTCR and FIS) ← Worldpay
$24.25bn
16
Sycamore Partners ← Walgreens Boots Alliance
$23.7bn
17
Bouygues, Iliad and Orange consortium ← SFR
$23.5bn
18
AT&T ← EchoStar spectrum assets
$23bn
19
Abbott ← Exact Sciences
~$21bn
20
Keurig Dr Pepper ← JDE Peet's
$18.4bn
21
Blackstone + TPG ← Hologic
$18.3bn
22
Johnson & Johnson ← Intra-Cellular Therapies
$14.6bn
23
Neuberger Berman-led consortium ← Nord Anglia Education
$14.5bn
24
Scale AI (49%) – Meta
$14.3bn
25
Engie (from CK Group) ← UK Power Networks
$14.2bn
26
Baker Hughes ← Chart Industries
$13.6bn
27
Nuveen ← Schroders
$13.5bn
28
Silver Lake (take-private) ← Endeavor
$13bn
29
Thoma Bravo ← Dayforce
$12.3bn
30
Novartis ← Avidity Biosciences
$12bn
31
Blackstone Infrastructure ← TXNM Energy
$11.5bn
32
3G Capital ← Skechers
$11.3bn
33
QXO ← Beacon Roofing Supply
$11bn
34
Fifth Third Bancorp ← Comerica
$10.9bn
35
Thoma Bravo ← Jeppesen (Boeing digital aviation)
$10.55bn
36
Pfizer ← Metsera
~$10bn
37
Merck ← Verona Pharma
$10bn
38
Databricks – Series J at $62bn valuation
$10bn
39
Berkshire Hathaway ← OxyChem
$9.7bn
40
Sanofi ← Blueprint Medicines
$9.5bn
41
Brookfield ← Colonial Enterprises (Colonial Pipeline)
$9bn
42
Silver Lake ← Altera (51%, from Intel)
$8.75bn
43
EQT and Zayo ← Crown Castle fiber business
$8.5bn
44
Blackstone + Vista Equity ← Smartsheet
$8.4bn
45
Salesforce ← Informatica
$8bn
46
Clearlake Capital ← Dun & Bradstreet
$7.7bn
47
SoftBank ← Ampere Computing
$6.5bn
48
OpenAI ← io
$6.4bn
49
KKR ← Spectris
~$6.4bn
50
Ryan ← Svalner Atlas Advisors
~$400m
Method: ranked by transaction value as publicly reported at announcement; some figures include assumed debt, some reflect equity only, and round values are capital raised rather than enterprise value. Inclusion means scale, not endorsement. The list refreshes as the market moves; deals that close, re-trade, or collapse are updated in the next edition. Compiled from public reporting.
The Market desk.
The live desk: daily private-market deal flow, classified and filtered.
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