"Big" has been the operative word for dealmaking in the first half of 2026, which already has hit an all-time record.By the numbers: Global M&A is valued at around $2.7 trillion so far this year, according to preliminary data from LSEG.That's up a whopping 47% over the same period in 2025, and 88% higher than the first half of 2024.Over half the 2026 volume has come from deals valued at $5 billion or more, which has never happened before.It's worth noting that the "record" is not adjusted for inflation. If it were, the first half of 2026 would lag several prior years (e.g., 2017, 2018, and 2021).Yes, but: The actual number of deals is down 10% year-over-year, for the lowest first-half total since pandemic-plagued 2020.The number of U.S. deals is down 20%.Zoom in: Global private equity is one area that saw increased numbers across the board, with $583 billion (+54% year-over-year) for 5,729 deals (+10%).This is despite U.S. interest rates not being cut, as many PE pros had been expecting.The bottom line: If history is any guide, the hockey stick will break.This is the fifth time that first-half deal volume has topped $2 trillion. In the prior four, the following year's first-half number came in significantly lower.