2026年一季度基础设施SaaS风险投资趋势（英）2026

InfrastructureSaaS VC Trends VC activity across the infrastructure SaaS ecosystem REPORT PREVIEW The full report is availablethrough the PitchBook Platform. Contents Infrastructure SaaSlandscape3 Institutional Research Group Derek HernandezSenior Research Analyst, Enterprise SaaS andInfrastructure SaaSderek.hernandez@pitchbook.com Quarterly analysis4 Key takeaways Oscar Allaway VC activity Senior Data Analyst AI themes pbinstitutionalresearch@pitchbook.com Published on June 10, 2026 Conclusions Infrastructure SaaS VC deal summary22 Infrastructure SaaSlandscape DevOpsApplication infrastructureData software & systemsITOps 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 payingup for critical AI-adjacent infrastructure assets. 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 layerssupporting AI workloads. 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 todayemploys these solutions, especially with the rising tides of digital transformation, Big Data, and recentadvancements in and adoption of AI, particularly large language models (LLMs). •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-capitalconcentration, reflecting instead diversified investor appetite across the infrastructure stack. •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,and testing rather than remaining confined to autocomplete. 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-largest quarter in the past 12 quarters. As we have noted in recent prior quarters that contained fewmegadeals (above $1 billion), Q1’s deal activity reflects a highly diversified investment approach acrossinfrastructure SaaS solutions. We believe this signals a robust underlying strength in the broader assetclass and serves as a notable counterpoint to the concentrated capital deployment characteristic ofthe AI startup ecosystem recently. •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 layerfor enterprise AI. As storage commoditizes, vendors are competing on governance,metadata, intelligence, and operational reach. 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 broadinfrastructure investment due to the ever-evolving demands of AI models and applications on the landscapeof infrastructure solutions. 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 testingbased on actual production data. Enterprise data architecture underwent a forced rewrite in Q1.Apache Iceberg definitively won the table-format war, gaining native read/write support across Microsoft Fabr