The Deliverability Moat: Why Cold Email Infrastructure Is Now an Agency Balance-Sheet Asset

Cold email stopped being a tooling decision and became an infrastructure decision. Agencies that own warmed domains, isolated sending IPs, and documented compliance workflows can resell that capacity on retainer, while agencies renting shared infrastructure absorb every reputation hit their clients cause. The margin gap widens as AI-written outreach floods inboxes and providers tighten filtering.