IaaS stands for Infrastructure as a Service, and it’s the lowest level of service available in the modern cloud ecosystem. The provider, be it AWS or Google or Azure, rents out space on a server to you, and the rest is up to you to run and manage. Contrast this with Platform as a service, another level up, where they charge you extra to manage the infrastructure for you. These days, all of the major cloud providers offer products across the gamut: IaaS, PaaS, and even SaaS (fully managed).
IaaS
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What's cloud?
Cloud is how companies rent infrastructure over the internet.
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