Global private equity exit volume decreased by 6.25% in the first quarter (Q1). The three-month period tallied 720 transactions. That’s down from 768 in Q1 2025.
Aggregate transaction value, however, surged to $311 billion. Elon Musk‘s $250 billion deal between SpaceX and xAI, the top quarter’s top transaction, made up about 80% of the total value.
The seller group consisted of Sequoia Capital Operations LLC, Lightspeed Ventures LLC, Kingdom Holding Co., Valor Management LLC, StepStone Group Inc., Andreessen Horowitz LLC, Vy Capital, Craft Ventures LLC, CoreNest Capital and MGX Fund Management Ltd, S&P noted in its most recent Q1 report citing LSEG data.
Musk’s record-setting merger has redefined global M&A; the previous record stood for more than two decades, dating back to Vodafone’s (NASDAQ:VOD) $203 billion takeover of Germany’s Mannesmann in 2000.
The second largest exit in …
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