Where 2025’s Biggest AI and Cloud M&A Deals Landed

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Global M&A activity in 2025 was on track to deliver the strongest year for large deals since 2021, driven mainly by AI-related transactions and private equity exits, according to PwC’s analysis of S&P Global Market Intelligence data.

By September 5, there were 144 deals valued between $1 billion and $5 billion and 47 megadeals above $5 billion. Overall deal volume was up more than 3% to about 7,700 deals, while total disclosed deal value reached $1.1 trillion, a 26% increase from last year, making 2025 the second-strongest year on record for big-ticket transactions.

AI has been a primary driver of megadeals, with PwC estimating that roughly one quarter of transactions above $5 billion are linked to AI infrastructure, power demand, or the integration of AI capabilities. Private equity exits, mainly to corporate buyers seeking data-rich businesses with recurring revenue, have also supported values.

Here are some critical AI and cloud infrastructure M&A deals of 2025 that reshaped the competitive landscape.

Google acquires Wiz: ~$32 billion

On March 18, Alphabet agreed to acquire Israeli cloud security company Wiz in a $32 billion deal, its largest acquisition to date.

The offer was substantially higher than the roughly $23 billion proposal that Wiz turned down in mid-2024, when concerns around regulatory approval weighed on negotiations. The renewed agreement signalled Alphabet’s determination to scale its cloud security capabilities despite continued scrutiny of large technology transactions.

Meta takes 49% stake in Scale AI: $14.3 billion

In mid-June, Meta Platforms invested in Scale AI in a transaction that values the data-labeling company at about $29 billion.

Meta acquired a 49% stake for roughly $14.3 billion and brought Scale AI’s 28-year-old chief executive, Alexandr Wang, into a senior role shaping its AI efforts.

HPE completes Juniper Networks acquisition: $14 billion

On July 2, Hewlett Packard Enterprise (HPE) announced that it had completed its acquisition of Juniper Networks, finalizing a deal that significantly expands its networking business. The transaction roughly doubled the scale of HPE’s networking unit and integrated Juniper’s AI-focused networking technologies into its portfolio.

The combined business is led by Juniper’s former chief executive, Rami Rahim, as HPE positions itself to address rising demand for AI and hybrid cloud infrastructure.

IBM acquires Confluent: ~$11 billion

In early December, IBM agreed to acquire data infrastructure firm Confluent for approximately $11 billion in cash at $31 per share, representing a significant premium to its prior closing price. The deal reflects rising demand for real-time data management as companies migrate to cloud environments and deploy AI systems.

Confluent’s platform supports continuous data streaming, a capability increasingly required for AI inferencing and automation-heavy enterprise operations.

CoreWeave acquires Core Scientific: ~$9 billion

On July 7, CoreWeave announced it had agreed to acquire Core Scientific, securing access to about 1.3 gigawatts of contracted power capacity. The transaction highlighted how electricity supply and data center availability have emerged as binding constraints for AI infrastructure providers.

Since the demand for high-performance computing outgrows new capacity, cloud firms are increasingly turning to acquisitions to secure power and physical infrastructure rather than relying on third-party providers.

Salesforce acquires Informatica: ~$8 billion

On May 27, Salesforce agreed to acquire Informatica in a deal aimed at strengthening its AI-ready data infrastructure. The acquisition brought data integration, governance, and metadata capabilities into Salesforce’s platform, reflecting growing emphasis on data quality for enterprise AI deployments. The transaction also introduced uncertainty for Informatica customers around product direction and long-term independence.

OpenAI acquires IO: ~$6.5 billion

In mid-May 2025, OpenAI acquired io Products, a hardware startup co-founded by Apple’s former Chief Design Officer Jony Ive, in a transaction valued at about $6.5 billion. The all-stock deal saw Ive take on a creative leadership role at OpenAI as it explored AI-focused consumer devices. The acquisition followed two years of collaboration between OpenAI and Ive’s design firm LoveFrom and came amid mixed results from earlier attempts to commercialize generative AI hardware.

AMD acquires ZT Systems: ~$4.9 billion

On March 31, Advanced Micro Devices (AMD) said it had completed its $4.9 billion acquisition of ZT Systems, a designer of data center equipment used in cloud computing and AI. First announced last year, the deal expands AMD’s presence beyond chips into full server systems. The move reflects growing demand from large customers for integrated AI infrastructure as hardware complexity increases and competition with NVIDIA intensifies.

ServiceNow acquires Moveworks: ~$2.85 billion

On March 10, ServiceNow agreed to acquire AI firm Moveworks for about $2.85 billion in a cash-and-stock deal, its largest acquisition to date. The transaction reflects growing demand for AI tools to support IT operations among enterprises. Moveworks’ workforce of more than 500 employees joined ServiceNow, which stated that it does not anticipate regulatory obstacles or job cuts related to the deal as it integrates overlapping AI assistant capabilities.

Qualcomm acquires Alphawave IP Group: ~$2.4 billion

Qualcomm agreed to acquire British semiconductor firm Alphawave IP Group for approximately $2.4 billion, expanding its presence in the AI data center market on June 9. The deal supports Qualcomm’s efforts to diversify beyond smartphone chips as customers increasingly shift toward in-house processors. Alphawave’s data center interconnect technology adds capabilities in a sector where demand is rising, while also reflecting increased US interest in acquiring UK-listed technology firms amid lower valuations.