What it holds
Digital Infrastructure Build follows the money through the Digital infrastructure bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Data center design and construction | data center design build contracting, architecture engineering services, steel framing structural, fire protection contracting, fire sprinkler systems, fire alarm detection, building access control |
| Data center white-space fit-out and in-building connectivity | server racks enclosures, data center cabling connectivity |
| Wireless sites: towers, small cells and DAS | tower structures fabrication, base station antennas passive, small cell das systems, wireless site services |
| Terrestrial fiber and cable plant | optical fiber preform, fiber optic cable, osp connectivity hardware, fiber network construction |
| Subsea cable systems | subsea cable systems, cable lay marine services |
| Grid interconnection and medium-voltage distribution | transformers, switchgear, transmission distribution equipment |
| Critical power and distribution | UPS systems, data center power distribution, telecom data center power systems, critical power batteries |
| Backup and onsite generation | data center backup gensets, gas turbines, distributed generation, microgrids, energy storage integration |
| Electrical wire, cable and materials | building wire cable, conduit boxes, wiring devices |
| Facility cooling and heat rejection | data center thermal systems, ductwork ventilation, hvac controls thermostats |
| Liquid cooling | liquid cooling, direct to chip cooling, thermal management components |
| Routing and switching | data center switches routers, infiniband, carrier routers |
| Optical transport systems | optical networking equipment |
| Optical transceivers and components | optical transceivers, optoelectronic devices |
| Radio access network | radio access network equipment |
| Fixed broadband access equipment | broadband access equipment |
| Satellite broadband ground segment | ground stations, satellite user terminals |
| Networking, optical and RF semiconductors | ethernet switch silicon, network processors, optical dsp drivers tia, interconnect ICs, fpgas, timing clock ICs, base station rf semis, SerDes ip |
| Data center leasing, colocation and interconnection | wholesale data center leasing, retail colocation, interconnection services |
| Tower and small-cell leasing | tower leasing, small cell neutral host |
| Fiber and capacity leasing | dark fiber wavelength services |
| Infrastructure operations, maintenance and management | data center onsite services, data center infrastructure management, network field maintenance |
How it breaks down
- United States60%
- China8%
- France6%
- Finland4%
- United Kingdom4%
- Other16%
- Mega cap (over $200bn)8%
- Large cap ($10bn to $200bn)63%
- Mid cap ($2bn to $10bn)17%
- Small cap (under $2bn)12%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Nokia | NOKIA.HE | $53 billion |
| Equinix | EQIX.XNAS | $100 billion |
| Cogent Communications Holdings | CCOI.XNAS | $391 million |
| Digital Realty Trust | DLR.XNYS | $63 billion |
| Arista Networks | ANET.XNYS | $235 billion |
| Helios Towers | HTWS.LSE | $4 billion |
| American Tower | AMT.XNYS | $85 billion |
| Corning | GLW.XNYS | $113 billion |
| Ericsson Lm Telephone | ERIC-B.ST | $37 billion |
| Schneider Electric Se | SU.PA | $159 billion |
| Applied Digital | APLD.XNAS | $6 billion |
| Marvell Technology | MRVL.XNAS | $221 billion |
| Bloom Energy | BE.XNYS | $67 billion |
| Dycom Industries | DY.XNYS | $7 billion |
| Vertiv Holdings | VRT.XNYS | $94 billion |
Questions
- What is Digital Infrastructure Build?
- The physical networks that carry the world's data: data centers, fiber, towers, subsea cables, network equipment, and the power and cooling they use.
- What does Digital Infrastructure Build hold?
- Listed companies that earn their revenue from the parts it takes to build Digital Infrastructure: Bill of Materials: Data center design and construction, Data center white-space fit-out and in-building connectivity, Wireless sites: towers, small cells and DAS, Terrestrial fiber and cable plant, Subsea cable systems, Grid interconnection and medium-voltage distribution. 52 companies as of 2026-10-28.
- What is not in Digital Infrastructure Build?
- Active optical cables: Optical transceivers and components, not Data center white-space fit-out and in-building connectivity; direct-attach and active electrical cables at cable level: Data center white-space fit-out and in-building connectivity, not Optical transceivers and components; retimer and cable chips inside them: Networking, optical and RF semiconductors, not Data center white-space fit-out and in-building connectivity Site battery energy storage systems for grid or microgrid use: Backup and onsite generation, not Critical power and distribution; UPS batteries and -48V plant batteries: Critical power and distribution, not Backup and onsite generation CDUs, cold plates, manifolds, rear-door heat exchangers and immersion tanks: Liquid cooling, not Facility cooling and heat rejection; chillers, dry coolers, cooling towers and CRAH units: Facility cooling and heat rejection, not Liquid cooling
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: ampcom.com/blogs/industry-insights/fiber-optic-cable-market- · arizton.com/market-reports/data-center-construction-market-i · arizton.com/market-reports/data-center-cooling-market-report · arizton.com/market-reports/data-center-ups-market-size · datacenterfrontier.com/machine-learning/article/55353727/fro · datamintelligence.com/research-report/data-center-cooling-ma · delloro.com/news/data-center-switch-market-doubled-in-three- · delloro.com/news/ran-down-9-billion/ · delloro.com/news/router-and-aggregation-switch-market-foreca · fortunebusinessinsights.com/data-center-ups-market-109842 · fortunebusinessinsights.com/telecom-towers-market-112004 · globenewswire.com/news-release/2026/06/04/3306498/0/en/Globa · globenewswire.com/news-release/2026/08/31/3353056/28124/en/f · gminsights.com/industry-analysis/data-center-chillers-market · gminsights.com/industry-analysis/data-center-construction-ma · gminsights.com/industry-analysis/data-center-cooling-market · gminsights.com/industry-analysis/fiber-optic-cable-market · lightcounting.com/newsletter/en/december-2025-quarterly-mark · lightcounting.com/newsletter/en/june-2026-quarterly-market-u · lightcounting.com/newsletter/en/march-2026-quarterly-market-
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Active optical cables: Optical transceivers and components, not Data center white-space fit-out and in-building connectivity; direct-attach and active electrical cables at cable level: Data center white-space fit-out and in-building connectivity, not Optical transceivers and components; retimer and cable chips inside them: Networking, optical and RF semiconductors, not Data center white-space fit-out and in-building connectivity
- Site battery energy storage systems for grid or microgrid use: Backup and onsite generation, not Critical power and distribution; UPS batteries and -48V plant batteries: Critical power and distribution, not Backup and onsite generation
- CDUs, cold plates, manifolds, rear-door heat exchangers and immersion tanks: Liquid cooling, not Facility cooling and heat rejection; chillers, dry coolers, cooling towers and CRAH units: Facility cooling and heat rejection, not Liquid cooling
- Installation labour for power and cooling equipment: Data center design and construction, not B buckets; B buckets carry equipment only, including factory commissioning
- Manufacturer support contracts and embedded software: stay with the equipment bucket (Routing and switching to Satellite broadband ground segment), not Infrastructure operations, maintenance and management; third party and operator field maintenance and DCIM: Infrastructure operations, maintenance and management, not equipment buckets
- SLTE: Optical transport systems, not Subsea cable systems; wet plant of cable, repeaters and branching units: Subsea cable systems, not Optical transport systems
- Capacity sales and leases by cable owners: Fiber and capacity leasing, not Subsea cable systems; build and repair of the cable: Subsea cable systems, not Fiber and capacity leasing
- Active and massive MIMO antenna units with integrated radios: Radio access network, not Wireless sites: towers, small cells and DAS; passive antennas and RF cable at the site: Wireless sites: towers, small cells and DAS, not Radio access network
- Small-cell poles, enclosures and DAS systems: Wireless sites: towers, small cells and DAS, not Radio access network; small-cell radios: Radio access network, not Wireless sites: towers, small cells and DAS; neutral-host small-cell networks: Tower and small-cell leasing, not Wireless sites: towers, small cells and DAS
- Structured fiber cabling, MPO trunks and patch panels inside the building: Data center white-space fit-out and in-building connectivity, not Terrestrial fiber and cable plant; long-haul, metro and FTTH fiber cable and OSP hardware: Terrestrial fiber and cable plant, not Data center white-space fit-out and in-building connectivity
- Low and medium voltage power cable and building wire: Electrical wire, cable and materials, not Critical power and distribution; busway and PDUs: Critical power and distribution, not Electrical wire, cable and materials
- Medium and low voltage switchgear and protection equipment: Grid interconnection and medium-voltage distribution, not Critical power and distribution; PDUs, RPPs and busway downstream of the UPS: Critical power and distribution, not Grid interconnection and medium-voltage distribution
- -48V rectifiers and site batteries: Critical power and distribution, not Backup and onsite generation; generators and fuel cells at the site: Backup and onsite generation, not Critical power and distribution
- Cross-connects and interconnection platforms inside facilities: Data center leasing, colocation and interconnection, not Fiber and capacity leasing; wavelength and wholesale transport between sites: Fiber and capacity leasing, not Data center leasing, colocation and interconnection
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.