Modern firms increase their digitalization to improve their potential to create customer value. However, as firms become increasingly digitalized, their business models become increasingly reliant on digital infrastructure for support. Business models can be perceived as systems of activities aimed at creating and capturing value, and these activities are often distributed over business model networks, containing a focal firm and all suppliers, partners, etc. they need to perform the core activities in the business model. Digitalization not only increases the potential value creation of the business model network, but also increases reliance on digital infrastructure, such as the Internet, thereby exposing the network to a set of technical actors involved in supporting this infrastructure. Deregulation of net neutrality opens the door for such technical actors to start taking a larger role in the business model network as they seek to capture a larger share of the value their infrastructure helps support. In this paper, we explore the possible effects deregulation of net neutrality can have on the business models of digitalized firms. We find that the level of interdependency among business model network actors and technical actors leads to different outcomes, and that this interdependency is largely based on the level of digitalization in the firm and the concentration of the market for Internet services in a particular location. This exploration can be used as the foundation for policy development as well as business development to manage or prepare for new market conditions.