The 2025 InfraRed Report by Redpoint Ventures — Cloud Infrastructure, AI, Data, DevOps & Security Annual Report
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The 2025 InfraRed Report by Redpoint Ventures — Cloud Infrastructure, AI, Data, DevOps & Security Annual Report
Detailed view of each slide page, including layout, key content and visual elements.
Cover slide presenting the annual InfraRed report title, June 2025 publication date, and Redpoint Ventures branding on a full-bleed dark background.
Full-bleed title layout with centered headline, subtitle date, and bottom-anchored logo
Dense grid showcasing logos of all 100 top cloud infrastructure companies included in the InfraRed 100 cohort.
Logo wall grid layout, 8–10 columns, evenly spaced across full slide area
Aggregate statistics and key metrics summarizing the scale and health of the cloud infrastructure ecosystem in 2025.
Big-number KPI cards in a 3- or 4-column stat grid, with supporting context text
Visual segmentation of the cloud infrastructure market into four primary categories: Data, DevOps, Security, and Artificial Intelligence.
Four-quadrant or segmented chart layout with equal visual weight per category
Redpoint's central framing thesis that AGI is approaching and AI is entering an intelligence explosion phase that will transform cloud infrastructure.
Single bold thesis statement centered on slide with supporting pull-quote or annotation
AI section title card that introduces the artificial intelligence segment of the report.
Full-bleed section divider with large section number and title text
High-level summary of key AI trends including model capability growth, cost reduction, and agent emergence as the intelligence explosion accelerates.
Bullet list layout with supporting icon set or thumbnail visual on the right
Chart showing AI model benchmark scores improving rapidly over time, with GPT-4, Claude, and Gemini plotted across standard capability benchmarks.
Multi-line time-series chart with model labels and benchmark score on y-axis
Line chart illustrating the dramatic 75% year-over-year reduction in cost per token or API call for frontier AI models.
Single descending line chart with log-scale or linear y-axis showing cost per million tokens
Chart depicting exponential growth in token usage volume across AI API platforms as adoption scales.
Exponential curve chart or bar chart with YoY growth labels
Multi-model benchmark comparison table or radar chart pitting GPT-4, Claude, Gemini, and others across key capability dimensions.
Comparison table or radar/spider chart with models as columns and benchmarks as rows
Overview of the rapid proliferation in both quantity and quality of open-source AI models competing with proprietary frontier models.
Bar chart or landscape grid showing model count growth plus quality tier annotation
Analysis of DeepSeek's cost-performance breakthrough and its significance as an inflection point for accessible, efficient frontier AI.
Before/after comparison layout or cost-performance scatter plot with DeepSeek highlighted
Trajectory of reasoning model improvements driven by reinforcement learning, chain-of-thought, and o1/o3-style architectures.
Timeline or capability progression chart with reasoning benchmark milestones annotated
Thesis slide arguing that 2025 marks the transition of AI agents from experimentation to production deployment at scale.
Bold thesis statement with supporting adoption curve graphic or before/after framing
Landscape overview of the surge in new AI-native applications emerging across enterprise and consumer categories.
Category landscape grid or market map with company logos grouped by vertical
Architectural diagram showing how AI agents are structured with components for tool use, memory, planning, and orchestration.
Architecture diagram with connected component boxes and flow arrows
Problem framing slide outlining the key obstacles to production-grade AI agents: reliability, cost, latency, and context window management.
Four-problem grid or horizontal challenge bar layout with explanatory text per item
Market map of AI infrastructure tooling categories including orchestration, observability, vector databases, fine-tuning, and model serving.
Horizontal market map with category columns and company logos in rows
Overview of the Model Context Protocol (MCP) and Agent-to-Agent (A2A) protocols emerging as open standards for AI agent interoperability.
Protocol diagram with MCP and A2A as parallel tracks connecting agents, tools, and models
Market sizing analysis for the AI agent ecosystem, presenting TAM and SAM estimates for agent infrastructure and applications.
TAM/SAM nested circle or funnel with dollar figures and addressable segment annotations
Overview of the AI developer tools landscape including coding assistants like Cursor and GitHub Copilot and the broader LLM devtools ecosystem.
Landscape grid or product comparison layout with adoption data and product logos
Redpoint's articulated investment framework for where to focus in AI infrastructure, identifying the highest-conviction opportunity areas.
Thesis framework with 3–5 conviction areas as labeled sections or priority tiers
Wrap-up of the AI section synthesizing key findings on the intelligence explosion, agent rise, and AI infrastructure investment opportunities.
Summary card layout with 4–6 key takeaways as bold headline bullets
Data section title card introducing the data infrastructure segment of the InfraRed report.
Full-bleed section divider with large section label and section number
Analysis of the competitive battle between Databricks and Snowflake for data catalog and governance market leadership.
Two-column head-to-head comparison with market share or feature matrix and narrative annotation
Overview of Apache Iceberg's emergence as the dominant open table format, driving lakehouse architecture convergence around open standards.
Ecosystem diagram showing Iceberg as the central hub with compatible engines and vendors connected
Architectural overview of the modern lakehouse built on S3-compatible object storage with open table formats enabling multi-engine access.
Architecture layer diagram from storage through table format to compute engines
Analysis of how AI is transforming analytics with natural language queries, automated insights, and LLM-powered BI tools.
Before/after workflow comparison or product screenshot mockup with annotated AI capabilities
Market sizing and investment opportunity summary for data infrastructure, highlighting the highest-growth sub-segments.
Market opportunity funnel or bar chart with segment dollar values and growth rates
DevOps and developer tools section title card introducing the DevOps segment of the InfraRed report.
Full-bleed section divider with large section title text
Story of how developer skepticism around AI coding assistants gave way to clear product-market fit evidenced by strong retention and usage metrics.
Adoption S-curve or timeline with sentiment shift annotations and usage metric callouts
Overview of how AI is changing each stage of the software development lifecycle from planning through coding, testing, and deployment.
SDLC pipeline diagram with AI capability annotations at each stage
Vision slide depicting AI agents autonomously managing CI/CD pipelines, automated testing, and deployment workflows.
Futuristic pipeline diagram with AI agent nodes replacing manual steps
Deeper analysis of specific SDLC workflow changes driven by AI, with concrete workflow comparisons for code review, testing, and release.
Two-column side-by-side workflow comparison (manual vs AI-assisted) for 3 key SDLC stages
Market size projection showing DevOps tooling growing to a $233 billion opportunity by 2035, driven by AI-augmented software development.
Large TAM callout with bar chart showing market size projection from 2023 to 2035
Analysis of the internal developer platform (IDP) movement and how platform engineering is maturing as a discipline.
Trend overview with adoption curve and key capability framework diagram
How AI is transforming CI/CD pipelines with faster release cycles, automated test generation, and intelligent failure diagnosis.
Pipeline evolution timeline or before/after comparison with metric improvements
Comprehensive market map of the DevOps tooling ecosystem organized by functional category.
Horizontal market map with category columns and company logos organized by layer
Wrap-up of the DevOps and developer tools section highlighting the AI-driven transformation opportunity and top investment themes.
Summary card with 4–5 key takeaway bullets and investment opportunity teaser
Security section title card introducing the cybersecurity segment of the InfraRed report.
Full-bleed section divider with large 'SECURITY' title text
Data showing security has become the second-largest IT spending category for enterprises, behind only cloud infrastructure itself.
Ranked bar chart of IT spend categories with security highlighted as #2
Analysis of the rising organizational influence of CISOs, including increased board reporting, budget authority, and strategic decision-making power.
Organizational influence diagram or survey data chart showing CISO reporting structure evolution
Analysis of the ongoing market debate between security platform consolidation and best-of-breed point solution strategies.
Two-sided debate layout or market dynamic spectrum diagram with enterprise buyer sentiment data
Case study on Google's $32 billion acquisition of Wiz as a landmark validation of premium valuations in cloud security.
Case study layout with deal headline, valuation multiple, and strategic rationale bullets
Survey data showing top CISO spending priorities with cloud security, identity, and data protection as the leading categories.
Horizontal ranked bar chart of security priorities with percentage of CISOs citing each
Overview of emerging AI-specific attack surfaces and new security categories including prompt injection, model poisoning, and AI red teaming.
Threat category grid with attack vector descriptions and mitigation approach annotations
How established security vendors like Palo Alto Networks and CrowdStrike are adapting their platforms to address AI-specific threats.
Vendor response grid with logos, AI capability announcements, and buy/build/partner strategy annotations
Analysis of how AI is being applied in security operations centers for threat detection, SOC automation, and accelerated incident response.
SOC workflow diagram with AI automation layer overlaid on traditional security operations flow
Overview of macro forces driving security spending growth: regulatory pressure, rising breach costs, and compliance mandates.
Three-driver layout with supporting data callouts per trend driver
Summary of the security section's key findings and Redpoint's investment opportunity framing for cloud and AI security.
Summary card with investment opportunity sizing and 4–5 key takeaway bullets
Public markets section title card introducing the cloud infrastructure public equity analysis segment.
Full-bleed section divider with large section title and market index graphic
Overview of macro economic headwinds affecting cloud infrastructure markets including interest rates, cautious enterprise spending, and FX pressures.
Three-headwind layout with supporting data callouts and macro indicator charts
Chart showing deceleration in cloud and SaaS billings growth as post-pandemic normalization and macro headwinds take hold.
Bar chart showing billings growth rate by quarter or year with deceleration trend line
Data on how infrastructure companies are guiding conservatively for upcoming quarters, reflecting enterprise budget caution.
Guidance vs consensus comparison chart or table with company-level guidance annotations
Bar or line chart showing AWS, Azure, and GCP capital expenditure growing at approximately 40% CAGR fueled by AI infrastructure demand.
Grouped bar chart or multi-line chart comparing hyperscaler CapEx over time
Analysis showing AI training and inference workloads as the primary driver of cloud infrastructure revenue growth.
Stacked bar chart decomposing infra revenue growth into AI vs traditional workload components
Analysis showing cloud infrastructure companies commanding higher revenue multiples than pure software companies in public markets.
Box plot or scatter plot comparing EV/Revenue multiples across infra vs software cohorts
Performance chart of Redpoint's proprietary NQRPCI cloud infrastructure index versus the broader market, showing relative sector performance.
Dual-line performance chart indexed to 100 with NQRPCI vs S&P 500 or NASDAQ
Scatter plot showing the strong correlation between revenue growth rates and stock price performance across the cloud infra public company cohort.
Scatter plot with revenue growth on x-axis, stock return on y-axis, and trendline
Analysis of the market's increased focus on profitability metrics like Rule of 40 and free cash flow margin as growth alone no longer drives premium multiples.
Dual-axis chart or scatter showing Rule of 40 scores vs EV/Revenue multiples with historical comparison
Survey data quantifying enterprise adoption rates for AI products and identifying the top use cases driving production deployment.
Bar chart of adoption rates by use case with enterprise size segmentation
Framework analyzing where economic value accumulates in the AI stack across models, infrastructure, and applications.
Stack layer diagram with value accrual sizing per layer and illustrative examples
Historical analysis of the long-run shift from IT services to software, and how AI is now dramatically accelerating this transition.
Long-run timeline chart showing IT services vs software market share with AI acceleration annotation
Case study on Klarna's use of AI to reduce customer service headcount as a real-world proof point of software displacing services labor.
Case study card with headline stat, before/after comparison, and strategic implications
Analysis of the valuation delta between comparable public and private cloud infrastructure companies.
Side-by-side multiple comparison chart or bridge chart showing public vs private premium
Data showing private cloud infrastructure companies commanding valuation premiums relative to public market comps.
Multiple comparison chart with private company valuations benchmarked against public comps
EV/Revenue multiple analysis across the public cloud infrastructure company cohort, showing distribution and key drivers of premium multiples.
Scatter plot or distribution chart of EV/Revenue multiples with growth rate annotations
Analysis of how different vintage cohorts of cloud infrastructure companies have performed financially and in public markets.
Multi-cohort bar or line chart grouped by IPO/funding vintage year
Synthesis of public markets findings covering macro headwinds, AI-driven infrastructure strength, and valuation normalization themes.
Summary card layout with 5 key takeaways and visual callouts for top data points
Quantification of the EV/Revenue multiple premium that AI-native infrastructure companies command over traditional software companies.
Side-by-side multiple comparison with premium percentage callout prominently displayed
Redpoint's overarching investment thesis that AI is driving a generational supercycle in cloud infrastructure demand, creating durable investment opportunities.
Thesis summary with central headline, 4–5 supporting conviction pillars as labeled sections
Key aggregate statistics for the InfraRed 100 cohort: $700B total valuation, $134B raised, 45 unicorns.
Large-format KPI stat card grid with three or four headline numbers
List of early-stage companies included in the InfraRed 100 cohort, organized by category.
Table or logo grid organized by category with stage label and brief descriptor per company
List of mid-stage companies included in the InfraRed 100 cohort, organized by category.
Table or logo grid organized by category with stage label and brief descriptor per company
List of late-stage companies included in the InfraRed 100 cohort, organized by category.
Table or logo grid organized by category with stage label and brief descriptor per company
Analysis of the pent-up IPO pipeline for private cloud infrastructure companies, with $551B in aggregate valuation among Series F+ companies awaiting public markets.
Funnel or pipeline chart showing private company backlog by stage with total valuation callout
Summary of the total cloud infrastructure market opportunity synthesizing all segment analyses from AI, Data, DevOps, and Security.
Total market size callout with segment contribution breakdown and long-run trajectory chart
Partner bios and photos for the Redpoint Ventures team authoring and publishing the InfraRed report.
Grid of headshot photos with name, title, and brief bio text per partner
Standard VC report legal disclaimer covering the informational nature of the report, forward-looking statement caveats, and confidentiality notices.
Text-only slide with justified or left-aligned fine print, Redpoint logo in header or footer
Common questions about this slide and the underlying presentation content.
The InfraRed Report is Redpoint Ventures' annual research publication covering the cloud infrastructure market, including AI, Data, DevOps, and Security segments. The 2025 edition is an 80-page analysis featuring the proprietary InfraRed 100 company cohort, public and private market valuations, and Redpoint's forward-looking investment thesis on the AI infrastructure supercycle.
The 2025 InfraRed Report covers four primary sectors: Artificial Intelligence (including AI agents, LLMs, and AI infrastructure tooling), Data (including lakehouses, open table formats, and AI-driven analytics), Developer Tools and DevOps (including AI coding assistants and CI/CD evolution), and Security (including cloud security, AI-specific threats, and SOC automation). It also includes a dedicated Public Markets analysis section.
The InfraRed 100 is Redpoint Ventures' proprietary cohort of the top 100 cloud infrastructure companies. In 2025, the cohort represents $700 billion in aggregate valuation, $134 billion in total capital raised, and 45 unicorn companies across early, mid, and late stages.
Redpoint's 2025 thesis centers on an 'Intelligence Explosion' — the acceleration of AI capabilities approaching AGI — driving a generational supercycle in cloud infrastructure demand. The report argues AI is the primary force reshaping valuations, workloads, and market structures across cloud infrastructure, creating durable investment opportunities in AI infra tooling, platform engineering, cloud security, and data infrastructure.
This template is designed for VC-style research presentations and industry analyst reports. It can be used as a foundation for investor briefings, board presentations on cloud and AI market trends, technology landscape overviews, startup pitch decks targeting enterprise infrastructure markets, or internal tech strategy presentations at enterprise companies.
The report uses a premium dark navy / dark blue background throughout with bright accent colors including orange, teal, yellow-green, and purple. It features bold data visualizations such as bar charts, line charts, scatter plots, and market maps, with clean sans-serif typography for a high-contrast, professional VC report aesthetic.
Key AI trends include the dramatic 75% annual cost reduction in frontier model APIs, exponential token consumption growth, the rise of open-source models, the DeepSeek efficiency breakthrough, advances in reasoning models (o1/o3 style), the emergence of AI agents as a production deployment category in 2025, and new AI security threat surfaces like prompt injection and model poisoning.
The public markets section includes the NQRPCI proprietary cloud infrastructure index performance, hyperscaler CapEx data showing approximately 40% CAGR, EV/Revenue multiple analysis across the cloud infra cohort, AI vs non-AI valuation premium quantification, Rule of 40 and FCF margin trends, and a $551 billion private infrastructure IPO backlog analysis.
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