2025年第三季度基础设施SaaS风险投资趋势（英）2025

EMERGING TECH RESEARCHInfrastructure SaaSVC Trends VC activity across the infrastructure SaaS ecosystem REPORT PREVIEWThe full report is available throughthe PitchBook Platform. Contents Infrastructure SaaS landscapeQuarterly analysisKey takeawaysVC activityAI themesInfrastructure SaaS VC deal summary Institutional Research Group Analysis Derek HernandezSenior Research Analyst,Enterprise SaaS and Infrastructure SaaS DataOscar AllawayData Analystpbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie DoanandMara Potter Published on December 18, 2025 InfrastructureSaaS Quarterly analysis Key takeaways •Resilient deal volume:Infrastructure SaaS reached $5.2 billion in deal value in Q3—thesecond-highest quarter for deal value since early 2023. Unlike previous spikes, this was drivenby broad sector strength rather than isolated megadeals. •AI-driven sector rotation:Capital is flooding into DevOps and application infrastructure (worth$3.6 billion combined), fueled heavily by AI coding tools. Conversely, IT operations and data •The rise of “agentic AI”:The market focus has pivoted from simple AI augmentation toautonomous, multistep workflows. This shift is backed by record capital expenditures from •Muted exits, future optimism:VC exit value remained low at $1.4 billion (disclosed), withactivity restrained by limited valuation announcements. However, we have a positive outlook for •Consolidation of the AI stack:Industry giants are aggressively unifying physical and digitalinfrastructure. Major moves include BlackRock’s datacenter acquisitions and the operational AI and coding tools have propelled development operations (DevOps) and app infrastructure VC activity to the top of deal flow.DevOps and application infrastructure represented the highest deal value in the quarter at $2.3 billion and $1.3 billion, respectively. They also reflected the highest dealcounts in the quarter, with both segments contributing 37 deals each to the total, or 34.6%. On theother hand, IT operations (ITOps) and data software & systems (DSS) both declined in deal value Our infrastructure software-as-a-service (SaaS) segment encompasses several modern business-critical segments. These include application development, data software & systems, IT operations, and digital infrastructure services. Nearly every sector of the economy today employs Infrastructure SaaS continued to grow at a healthy pace in Q3 2025.At $5.2 billion, Q3 marked the second-highest quarter for deal value since early 2023. Remarkably, when excludingthe two megadeals closed by Stripe in Q1 2023 and Databricks in Q4 2024, this would bethe highest deal value realized since the exuberance fueled by the COVID-19 disruption andzero-interest-rate-policy period of 2021 to 2022. This quarter was also notable for a dearth ofmegadeals (just one $1 billion deal) and a sharp decline in deal count to 107 from 141 in Q2. Thissupports the view that a wide range of dealmaking in the quarter backed an extensive range ofinfrastructure solutions, reflecting broad strength in the sector when compared with the moreconcentrated deal flow in AI startups over the past few quarters. Infrastructure SaaS VC exit value declined once more in Q3 after a soft Q2.Exits declined slightlyto 17 in Q3, down from 18 in Q2. While this remains relatively high against recent quarters, dealvalue was once more restrained by limited disclosures, with just four of the 18 companies sharingexit valuations. The deals included the $1.1 billion sale of Statsig, a digital product testing platform,with the next largest deal at $180 million for CalypsoAI, a security and orchestration platform forlarge language models. Altogether, disclosed deals totaled $1.4 billion, down from $2.5 billion inQ2 and far down from the massive spike of $19.2 billion in Q1. Although the exit count remainedmostly flat, we are more positive on the potential for additional IPOs in 2026 as the marketcontinues to strengthen. control plane for hybrid cloud policies. Simultaneously, the KDD Conference in Toronto highlightedcritical breakthroughs in vector database governance, as enterprises demanded robust lineage AI themes landscape pivoted from earlier AI augmentation to a laser focus on the “agentic AI” economy.Many companies have shifted toward enabling autonomous, multistep workflows, a trendcrystalized at the API World conference in September, which prioritized standards for AI-to-AI Industry giants have accelerated to dominate the physical and digital AI foundation. Consolidation intensified across the IT, security, and networking sectors as vendors sought toown the entire operational stack for the AI era. In the physical infrastructure realm, BlackRock’sacquisition of Aligned Data Centers underscored the immense value placed on the power andcooling assets required to sustain the AI boom. Meanwhile, the operational layer saw rapid interaction. This evolution was underpinned by massive capita