PitchBook：2025年三季度基础设施SaaS风险投资趋势报告（英文版）

Resilient deal volume: Infrastructure SaaS reached $5.2 billion in deal value in Q3—the second-highest quarter for deal value since early 2023. Unlike previous spikes, this was driven by 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 software saw sharp declines in deal value.