The physical backbone of the digital economy: fibre access networks, mobile tower estates, data centres, and the subsea cable systems carrying international traffic.
Digital infrastructure is where infrastructure economics meet growth. The assets carry the hallmarks of the class (high fixed cost, long life, contracted or recurring revenue) but are driven by utilisation flywheels: a fibre network earns on take-up against the homes it has passed; a tower on the tenants per mast; a data centre on the megawatts leased. Marginal customers are close to pure margin, so penetration is the whole game.
That growth profile is why digital has attracted the most capital and the fullest multiples in infrastructure. The references below cover fibre, towers, data centres and the subsea systems beneath them.