Startup exits are starting to pick up pace again after a period of slowdown.

The last two weeks have brought a wave of major mergers and acquisitions (M&A) and initial public offering (IPO) filings. The latest announcement comes from Google, which plans to acquire cloud security company Wiz for $32 billion. If completed, this deal would mark the largest acquisition of a private, venture-backed U.S. company ever. The next largest deal on record is Meta’s 2014 acquisition of WhatsApp for $19 billion, according to Crunchbase data.

However, there is no guarantee that Google’s $32B bid for Wiz will close. The previously anticipated largest M&A deal—Adobe’s $20 billion purchase of Figma—fell through in late 2023 after facing regulatory challenges from both U.S. and EU authorities. Given the scrutiny the Wiz deal will likely face, it will be interesting to see if Google’s position in industries outside of cybersecurity helps ease any antitrust concerns.

Unicorn Acquisitions and IPOs on the Rise
The planned acquisition of Wiz comes at a time of increased activity in the world of unicorn acquisitions and IPOs.

On Friday, Klarna, a major buy now, pay later platform, filed for its long-awaited IPO, seeking a valuation around $15 billion. Just days earlier, Hinge Health, a provider of online therapy for joint and muscle health, filed for an IPO, though the company has not disclosed its target valuation. Hinge Health was valued at $6.2 billion in 2021.

The last couple of weeks have also seen several major startup acquisitions. Last week, Scopely, a mobile gaming company, announced it was acquiring Niantic’s games business, the maker of Pokémon Go, in a deal worth $3.5 billion. Another notable deal saw Moveworks, an enterprise AI assistant platform, acquired by ServiceNow for $2.85 billion in cash and stock.

This week started strong too, with PepsiCo announcing its acquisition of probiotic soda maker Poppi for $1.95 billion. Poppi, based in Austin, Texas, had previously raised over $50 million in venture funding.

A Shift to Larger Deals
The recent surge in big acquisitions and IPO filings is a welcome shift from the slow exit pace of earlier this year and late last year.

While there is still a large pool of unicorns that remain private—some, like Stripe and SpaceX, well-known for resisting calls to go public—there are many other potential candidates ready for exit. As Google’s $32B bid for Wiz shows, these startups may be commanding hefty price tags, and the trend toward bigger deals could continue.

Google’s $32B Bid for Wiz is a sign that large startup exits are back in action, and the market for unicorn acquisitions and IPOs is heating up.