Venture-backed AI companies recorded 195 acquisitions of AI startups through September 29, 2026. That was 14% more than the total for all of 2025. The number of unique buyers rose just 2%, indicating that a small group of serial acquirers is driving the trend.
OpenAI made 10 acquisitions this year, half of its 20 total AI-related acquisitions. Other repeat buyers in 2026 include Anthropic and legal-tech startup Legora, with five acquisitions each.
Well-funded startups are increasingly using acquisitions to fill product gaps, gain specialized talent and enter new markets faster than they could by building capabilities in-house.