2025年四季度基础设施SaaS风险投资趋势（英）

InfrastructureSaaS VC Trends VC activity across the infrastructure SaaS ecosystem The full report is availablethrough the PitchBook Platform. Contents Infrastructure SaaS landscape3 Institutional Research Group Derek HernandezSenior Research Analyst, Enterprise SaaS andInfrastructure SaaSderek.hernandez@pitchbook.com Quarterly analysis4 Key takeaways pbinstitutionalresearch@pitchbook.com VC activity Published on March 9, 2026 AI themes Conclusions Infrastructure SaaS VC deal summary22 Infrastructure SaaSlandscape DevOpsApplication infrastructureData software & systemsITOps For the complete Infrastructure SaaStaxonomy and company list,clickhereto see the market map on thePitchBook Platform. Quarterly analysis VC activity Key takeaways •Q4 2025 was a reset, not a rout:Infrastructure SaaS deal value and volume stepped down in Q4—with $3.2 billion and 79 deals—largely due to the absence of megadeals. Excluding Databricks’ Q42024 outlier, 2025 activity still reflects a recovering market with broad participation. Our infrastructure software-as-a-service (SaaS) segment encompasses several modernbusiness-criticalsegments.These include application infrastructure, data software & systems (DSS),IT operations (ITOps), and development operations (DevOps). Nearly every sector of the economy todayemploys these solutions, especially with the rising tides of digital transformation, Big Data, and recentadvancements in and adoption of AI, particularly large language models. •DevOps reclaimed the checkbook:DevOps led Q4 deal flow with $1.8 billion across 24 deals,highlighting that AI is accelerating software delivery and pulling spend into pipeline automation.Competition is intense, but capital is still following measurable labor-reduction ROI. Infrastructure SaaS took a meaningful step down in Q4 2025.At $3.2 billion in deal value and a dealcount of 79, infrastructure SaaS significantly slowed in Q4 after a promising first three quarters of2025. The deal value declined 38.8% QoQ, and deal volume declined 31.3% QoQ. Despite this drop, 2025was another strong recovery year for infrastructure SaaS deal value, at $16.9 billion, down 27.9% YoY,though this was primarily due to the Databricks megadeal of $10.2 billion in Q4 2024. Excluding thissingle deal, the sector was up 28% YoY. Q4 was again notable for a lack of megadeals, with no dealseven cracking $500 million and a sharp decline in deal count to 79 from 115 in Q3. The quarter’s dealactivity reflects a highly diversified investment approach across infrastructure SaaS solutions, signalingrobust underlying strength in the broader asset class. This dynamic serves as a notable counterpoint tothe concentrated capital deployment characteristic of the AI-startup ecosystem recently. •Exits are functioning, even if valuations are not:Exit count reached a sector high (24), pointing toimproving liquidity, while disclosed value remained muted due to limited reporting. Xuncetech’s $1.9billion IPO reinforces that real-time data infrastructure stories can clear public markets. •Agents are shipping with governance as the gating factor:The market has moved past copilots.AWS, Microsoft, and startups are shipping agents that execute workflows across DevOps, security,and enterprise operations. Near-term funding should concentrate in runtimes, evaluation, and policycontrols that make autonomy deployable. AI tooling propels DevOps to dominance in Q4 deal flow.DevOps represented the largest dealvalue by far in the quarter, at $1.8 billion across 24 deals. The sharp decline in overall deal value wasrepresented across the other three infrastructure SaaS segments, with application infrastructurerealizing $591.2 million across a much wider 28 deals, DSS following with $521.7 million across 14deals, and ITOps wrapping the total with $331.6 million across 13 deals. We were surprised to see •“Feed the GPU” plus control-plane consolidation will define winners:AI spend is concentratingin the data plane—storage, streaming, movement, and query—where constraints are most acuteand consumption economics scale. Meanwhile, platform bundling and M&A are compressing thewindow for standalone point solutions, raising the bar for differentiation. cost, and architecture. At the application layer, Workday’s $1.1 billion acquisition of Sana reinforces thatsystems of record are trying to own the agent interface to enterprise knowledge and workflows, notjust the underlying data. DevOps take a commanding lead once more, as software development has been a broadly supportedsector that we believe is becoming oversaturated with high competition among entrants. Infrastructure SaaS VC exit value rebounded in Q4 2025 after a weaker Q3.Exits increased to 24 inQ4, up from 19 in Q3. This represents the highest number of exits in the sector we have observed yetand demonstrates a healthy exit market for infrastructure SaaS. Nevertheless, the exit value of $2.6billion was once more restrained by limited disc