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Corporate Deal Tracker
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CDT SNAPSHOT
1,713
The Corporate Deal Tracker tallied a record 1,713 transactions with a combined value of $1.20 trillion in 2025. But even those eye-popping numbers were eclipsed last week when Gibson Dunn’s Rob Little co-led a SpaceX–xAI deal pegged at a staggering $1.25 trillion in enterprise value.
CDT DATABASE YEAR-TO-DATE TRANSACTION TOTALS
FEB. 8, 2026
DEAL COUNT
52
DEAL VALUE
$338.9B
FEB. 8, 2025
DEAL COUNT
187
DEAL VALUE
$150.7B

CDT Roundup: 18 Deals, 18 Firms, 152 Lawyers, $68.4B

What a difference a quarter makes. Even as deal numbers for the third quarter continue to numb, some really big deals are beginning to unfold in the fourth — particularly in the energy sector — with two $60 billion whoppers in the past three weeks. But a recent analysis by Pitchbook suggests that they are only the beginning. With an estimated global total of $1.4 trillion in dry powder available, dealmakers who have been eyeing market variables may be ready to pounce. This week's CDT Roundup looks the possibility of a coming breakout, along with the usual roster of lawyers and firms who reported $68 billion over 18 different deals.

Claire Poole

CDT Roundup: 16 Deals, 13 Firms, 165 Lawyers, $6.8B

This week's transactions include two take-private deals. According to studies by Bloomberg and White & Case, turmoil across the equity capital markets is making such deals attractive, with more companies being taken private so far this year than traditional public offerings. In the 18 months from January 2022 through June 2023, there were 47 P2P transactions in the U.S. versus 39 IPOs. And the P2P pace for 2023 may be even quicker. Claire Poole has the specifics, along with the usual roundup of deals and dealmakers for the week.

Claire Poole

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CDT Roundup: 14 Deals, 13 Firms, 125 Lawyers, $67.8B

The $59.5 billion acquisition of Pioneer Natural Resources by ExxonMobil last week produced the largest week by value ever recorded by the Corporate Deal Tracker Roundup. The deal caused upward movement in the stocks of other significant stakeholders in the Permian Basin, perhaps with other consolidation targets in mind. The Roundup wondered which Permian players might be next, and we have that list, along with the usual tally of lawyers and firms that helped produce last week's record showing.

Claire Poole

The Real Energy Transition

Energy is still king in Texas M&A, despite the diversification of the Texas economy and the rise of technology and manufacturing and infrastructure. ExxonMobil's decision to buy Pioneer Natural Resources for $59.5 billion is exhibit A. Still, energy deals have been fading in recent years as a share of the overall M&A market: from a 42 percent share of the overall Texas deal count in 2020 to only 32 percent this year, according to The Lawbook's exclusive Corporate Deal Tracker. But while capital markets have retreated from investment in hydrocarbon development, energy transition is gaining traction in a way that is transforming Texas energy M&A. And even traditional oil and gas is beginning to reap the benefit.

Allen Pusey

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