The revival in global mergers and acquisitions is doing more than lifting deal volumes. It is reshaping how venture-backed companies achieve liquidity, with strategic acquirers increasingly using acquisitions to consolidate fragmented markets, deploy abundant capital and absorb businesses they have often backed for years.

Alphabet provides one illustration of the trend. Earlier this year, Google completed its $32bn acquisition of cybersecurity company Wiz, the largest trade sale of a venture-backed business on record. Meanwhile, SpaceX — itself backed by Alphabet since a $1bn investment made a decade ago — has agreed to acquire Cursor in a deal reportedly valued at $60bn. Alphabet also participated in Cursor’s series D financing in late 2025. Together, the transactions demonstrate how large technology groups and their investment portfolios are becoming increasingly interconnected. READ MORE