2026年一季度基础设施SaaS风险投资趋势（英）2026

EMERGING TECH RESEARCH InfrastructureSaaS VC Trends VC activity across the infrastructure SaaS ecosystem REPORT PREVIEWThe full report is availablethrough the PitchBook Platform. Contents Infrastructure SaaSlandscape Institutional Research Group Quarterly analysis4 Derek HernandezSenior Research Analyst, Enterprise SaaS andInfrastructure SaaSderek.hernandez@pitchbook.com Key takeaways4 Oscar AllawaySenior Data Analyst pbinstitutionalresearch@pitchbook.com Published on June 10, 2026 Conclusions6 22 Infrastructure SaaS VC deal summary Infrastructure SaaSlandscape Quarterly analysis •Exits confirm strategic demand.Infrastructure SaaS exit value hit a record $40.5 billion, driven bythe closing of Alphabet’s $32 billion Wiz acquisition and Marvell’s $6 billion Celestial AI deal. Exitcount remained restrained, but the size and strategic nature of the deals suggest buyers are paying Key takeaways •AI pulls infrastructure SaaS higher.Infrastructure SaaS deal value reached $17.1 billionacross 218 deals in Q1, up 114.2% QoQ in value and 40.6% in deal count. Excluding Databricks’$7 billion raise, the quarter rose 26.5% QoQ, showing broad demand for the software layers VC activity Our infrastructure software-as-a-service (SaaS) segment encompasses several modern business-critical segments.These include application infrastructure, data software & systems (DSS), IToperations (ITOps), and development operations (DevOps). Nearly every sector of the economy today •Funding broadened beyond the megadeal.Excluding Databricks, application infrastructure ledwith $2.7 billion across 54 deals, followed by DevOps at $2.2 billion across 40 deals and datasoftware & systems at $1.5 billion across 27 deals. The quarter showed strength beyond AI-capital •Agentic DevOps breaks flat-rate pricing.GitHub’s Copilot sign-up pause and GitLab’s shift tocredits show that agent-driven coding is too compute-intensive for unlimited flat-rate models. AsCursor, Pendo/Chisel Labs, and Datadog/Propolis show, AI is spreading across planning, coding, Infrastructure SaaS continued its march upward in Q1.At $17.1 billion in deal value and a deal countof 218, infrastructure SaaS fundraising exploded once more in Q1. The deal value ballooned QoQ, up114.2%, and deal volume increased 40.6% QoQ. This was in large part due to the $7 billion raise byDatabricks in February—there were no other deals completed above $600 million—which along with thehefty increase in deal count, demonstrated a strong and wide rising tide across infrastructure SaaS.To this point, even excluding Databricks’ raise, the quarter was up 26.5% QoQ and was the second- •Data platforms race toward AI control.Apache Iceberg’s broad adoption, OracleDatabase 26ai, Snowflake’s Observe acquisition, SAP’s Reltio deal, and Pure Storage’sEverpure pivot all demonstrate that data infrastructure is becoming the control layer Excluding Databricks, investment was widely distributed.Application infrastructure led the quarterwith $2.7 billion invested across 54 deals. A close second was DevOps with $2.2 billion across 40 deals,with data software & systems following with $1.5 billion across 27 deals (excluding Databricks here).ITOps wrapped the total with $870.7 million across 33 deals. As anticipated, we continue to see broad the execution side, Cursor reportedly hit $2 billion in ARR, proving that AI-native integrated developmentenvironments are successfully capturing the developer interface from incumbents. Further down thepipeline, Datadog bought Propolis to replace static QA scripts with behavior-aware, autonomous testing Enterprise data architecture underwent a forced rewrite in Q1.Apache Iceberg definitively won the table-format war, gaining native read/write support across Microsoft Fabric, Oracle, Snowflake, and Databricks.Because this standardization effectively makes underlying storage a commodity, vendors are aggressivelyexpanding their territory to compete on compute and intelligence. Snowflake acquired Observe, movingobservability data, such as logs and traces, directly into the data cloud rather than keeping it isolated in Infrastructure SaaS VC exit value also exploded, although total exits remained restrained.Exit value, at $40.5 billion, was the highest on record for infrastructure SaaS since 2020. Q1 was punctuated bythe closing of two megadeals: the acquisition of Wiz by Alphabet for $32 billion in March as well as theacquisition of Celestial AI for $6 billion by Marvell Technology in February. Exits numbered 33 in Q1, downfrom 40 exits in Q4. These included 25 acquisitions, five buyouts, and three IPOs in Q1. Exits were oncemore restrained by limited disclosures, with just nine of the 33 companies sharing exit valuations, although IT operations now favor autonomous systems over passive alerts.Cisco pushed its AgenticOps modelinto production, using cross-domain data from its recent Splunk acquisition to automate system responsesand counter Datadog in the obs