Gaming M&A reached its highest quarterly volume since 2022, with 54 deals closed or announced between April and June 2026, according to Aream & Co.'s Q2 2026 report on gaming transactions.

The figure tops any quarter since Q3 2022, when the industry recorded 65 M&A deals. Total deal value tells a different story: $2.3 billion across the quarter, down 37.8% year on year.

Across all transaction types — M&A, public offerings and private investments — gaming companies completed 187 deals in Q2 2026, up 16.2% from the same period last year. Combined value fell 29% to $7.1 billion.

What were the quarter's largest deals?

The biggest M&A transaction was NeoPulse's $597 million acquisition of a stake in South Korean developer Wemade, the studio behind Mir 4 and Legend of YMIR.

The second largest was publisher Playstack selling an 84.5% stake to investment firm Integrated Media Company for $142 million. Playstack's portfolio includes Balatro, Abiotic Factor and Mortal Shell.

Did public markets reopen?

Activity in public offerings climbed to 25 issuances or announced issuances during the quarter — a level unseen since 2021. Monetary volume moved the opposite way, dropping 72% year on year to $1.7 billion.

The segment's key event was the IPO of marketing platform Liftoff, which raised $503 million.

Where is the money actually going?

Private investment is where the capital concentrated. The quarter saw 108 private deals — a standard level for the past year — but the money involved jumped 492% year on year to $3.1 billion.

AI-related investments accounted for two-thirds of that total.

The single largest round went to AppsFlyer, which raised over $1 billion from Google, Unity, Meta and Moloco.

What changes for studios and publishers?

The data points to a market where buyers and investors are active again, but writing smaller checks per M&A transaction and larger ones into infrastructure and AI-adjacent businesses. Publishers of proven indie hits — Playstack's sale being the case in point — are commanding nine-figure valuations, while capital aimed at measurement, marketing and AI tooling now dwarfs traditional content deals.

Whether Q3 2026 sustains the M&A recovery, and whether AI-focused private rounds keep absorbing the majority of invested capital, is the signal to watch in Aream & Co.'s next quarterly report.