According to Crunchbase News AI, the 2026 M&A landscape is heavily skewed by SpaceX's acquisition of Cursor, masking a more nuanced picture of sector-specific activity. Biotech emerges as a significant player, with Eli Lilly's multiple deals suggesting a strategic pivot toward gene and RNA therapies. However, the reliance on milestone-based payments in these transactions introduces uncertainty, as future payouts hinge on clinical and commercial success. The AI sector, while represented by Cursor and Modular, appears less dominant than expected, raising questions about the broader industry's maturity and investment appeal.