Crunchbase Data Shows AI’s Most Active Startups Are Becoming Serial Acquirers

A surge of AI-focused startups are morphing into serial acquirers, gobbling up smaller companies to bolster their product lines, enter fresh markets and incorporate specialized teams, according to a review of Crunchbase data. While the dominant force in this acquisition spree is AI juggernaut OpenAI, other well-capitalized startups in legal tech, customer service and software development have also made multiple deals this year.

This buying frenzy has led to 195 acquisitions of AI startups by other venture-backed AI companies through September 29, a 14% increase compared to all of 2025. However, the number of buyers grew only 2%, indicating that these more active acquirers are primarily driving the uptick. These deals signal a new phase of competition in the AI sector, where well-funded startups leverage M&A to expand their offerings and reach new customers more swiftly than through in-house development.

For instance, legal tech firms are acquiring research, regulatory monitoring and litigation tools to integrate into broader platforms. Repeat buyers have stepped up their dealmaking as well, with 67 of them accounting for nearly 42% of all tracked transactions. OpenAI leads the pack with 20 AI-related acquisitions, including 10 this year, followed by Anthropic, Legora, Harvey, Sierra and Cursor, which have each announced multiple acquisitions this year.

Some of these transactions are substantial, such as Nscale's $1.65 billion purchase of Anyscale and Cyera's $1 billion acquisition of identity security startup Oasis Security. Overall, prices were disclosed for only 12 of the 195 deals, making it challenging to gauge the total spending on acquisitions by AI startups. The rush to acquire is driven by the desire to accelerate growth, and high valuations provide AI startups with cheap currency to finalize deals with minimal dilution.