Alternative Investing Report - May 5, 2026

*as of 5/4; Sources: S&P, BTC, FTSE, DJRE, CL50

A new quarterly record for global M&A was set in Q1, with total deal value topping $1.6 trillion, a gain of 8.8% over Q4 of 2025 and a 50.6% year-over-year increase. Deal count was up 18.3% year-over-year, reflecting the increase in activity, not just in value. Two sectors that had particularly strong quarters were energy, which hit its highest deal value since 2023, and B2C companies, which saw deal value rise 38%.

➨ TAKEAWAY: While the record-setting quarter was due in large part to SpaceX’s record-setting $250 billion acquisition of fellow Musk company xAI, even without it, Q1 would still be the third-highest quarter for M&A ever. The higher two were Q3 and Q4 of last year, showing ongoing significant momentum for dealmaking. That these strong results have come even with higher interest rates and geopolitical uncertainty is somewhat remarkable and validates the amount of capital that is out there looking for deals.

🪙 Bitcoin back over $80K: For the first time in more than three months, Bitcoin topped the $80,000 mark, and it was up 12% in April. One catalyst for the rise was that the Clarity Act market structure legislation seems like it has cleared a roadblock and is closer to passage. Meanwhile, Bitcoin ETFs had nearly $2 billion of net inflows for the month, the best showing so far in 2026.

🏡 Foreclosures hit 6-year high: The number of U.S. properties with a foreclosure filing grew 26% year-over-year, to the highest level since early 2020. Rising property tax and insurance costs are partially to blame, as is slowing home price growth that has left some recent buyers underwater.

🤖 Anthropic, OpenAI joint ventures: Both major AI startups are launching joint ventures with private equity firms focused on deploying enterprise AI services. Anthropic is partnering with names such as Apollo and Sequoia, while OpenAI’s investors include Bain Capital and Brookfield.

🚀 Cerebras’ $3.5 billion IPO: The AI chipmaker is aiming to raise as much as $3.5 billion in its upcoming IPO, which could initially value the company at $26.6 billion, slightly above its last valuation of $23 billion in February.

🏢 Big box industrial stabilizes: Demand for large warehouses and distribution centers has rebounded as construction activity has fallen 70% in the past three years, leading to lower vacancy rates and high net absorption.

🚘 $3 million Nissan collection: The “Ultimate R34 Skyline GT-R Collection” is coming to auction, featuring five rare Nissan cars from 1999-2022 that are expected to fetch more than $3 million in total.

An Oregon castle that belonged to the author of a best-selling fantasy series is coming to auction later this month with a $2.5 million reserve. The 7-acre estate is located in Willamina in Oregon’s wine country, an hour southeast of Portland. The 13,000 square-foot house has nine bedrooms, ten bathrooms, two full kitchens, a gym, sauna and yoga studio as well as a theater room, game room, and a number of balconies that overlook a pond and the surrounding forest. The property belongs to the family of the late author Melissa McPhail, best known for the fantasy series “A Pattern of Shadow & Light.” It was originally purchased for $150,000 in 2006, but underwent more than $10 million in renovations since that time. If a buyer wants to circumvent the upcoming auction, the listing price is $6.5 million.