2026 appears to have gotten off to a strong start for specialized digital infrastructure funds, which, according to a new PitchBook report, are showing significant momentum in raising capital. Expectations of high returns, particularly in the data center sector, have boosted investor interest, with the overall outlook being optimistic.
Nevertheless, it is estimated that in the coming years there will be diversification, both in terms of fundraising and returns for investors.
It should be noted that PitchBook defines specialized digital infrastructure funds as those that invest exclusively in data centers and/or telecommunications infrastructure.
Fundraising in this sector reached record levels in 2025, totaling $26 billion— nearly four times the average for the 2021–2024 period. This increase is primarily due to demand for computing power, which is largely driven by developments in the fields of Artificial Intelligence and the cloud.
The "obstacles" facing the telecommunications sector
However, PitchBook predicts that in the coming years, many of the pressures already affecting the sector will persist, while some may intensify, impacting the investment landscape.
For example, competition for critical resources may escalate as the number and scale of development projects continue to grow. Furthermore, issues related to access to electricity and interconnection will continue to pose a significant obstacle.
At the same time, more opposition is expected on issues related to the environment, energy costs, and employment.
With regard to telecommunications infrastructure, the existing difficulty in converting growing demand into higher revenues is expected to persist, due to the mismatch between data traffic growth and pricing that has characterized the sector for years.
On the other hand, intensifying competition from companies leveraging newer technologies—such as SpaceX’s Starlink —may also significantly impact the telecommunications sector. It is telling that Starlink’s mobile subscribers are expected to exceed 1 billion worldwide by 2040.
Doubts regarding demand for computing power
There are also doubts as to whether predictions of an “explosive” increase in demand for computing power and connectivity over the next decade will ultimately be confirmed. After all, new technological developments, such as those presented by DeepSeek, could significantly reduce the computing power requirements for training and running AI models.
Furthermore, if Artificial Intelligence fails to deliver the expected returns to businesses in the coming years, its adoption may slow down. Consequently, given the interdependence that has developed among hyperscalers, semiconductor manufacturers, and AI companies, a potential drop in demand could lead to ripple effects across the entire market.
Finally, in terms of fundraising, PitchBook predicts that new market entrants will be at a disadvantage, as investors prefer fund managers with proven expertise and a strong track record.