Tariff turmoil may have killed the tech M&A market’s comeback

The tech market doesn’t need to be soaring up and to the right to foster healthy M&A activity. Deals can get done even in down markets. But can M&A thrive in an uncertain market? That’s a harder question. The venture market soured in 2022 as fundraising and exits largely dried up. Since then, venture investors have been waiting in the wings for exits, both M&A and IPOs, to return. While the past few years didn’t deliver, heading into 2025, there was reason to be hopeful. Late-stage startup valuations had started to recover, and a handful of strong deals gave the impression that a rebound might be underway. On top of that, the Trump administration painted itself as far more M&A-friendly than Joe Biden’s, which had previously blocked several high-profile deals on antitrust grounds. Deals did start flowing at the beginning of 2025. According to PitchBook data, there were 205 U.S. startup acquisitions in the first quarter alone, and many of them were notable. In March, CoreWeave agreed ... Read full article.