This paper investigates the potential role of small satellites, specifically those often referred to as CubeSats, in the future of infrared astronomy. Whilst CubeSats are seen as excellent (and inexpensive) ways to demonstrate and improve the readiness of critical (space) technologies of the future they also potentially have a role in solving key astrophysical problems. The pros and cons of such small platforms are considered and evaluated with emphasis on the technological limitations and how these might be improved. Three case studies are presented for applications in the IR region. One of the main challenges of operating in the IR is that the detector invariably needs to be cooled. This is a significant undertaking requiring additional platform volume and power and is one of the major areas of discussion in this paper. Whilst the small aperture on a CubeSat inevitably has limitations both in terms of sensitivity and angular resolution when compared to large ground-based and space-borne telescopes, the prospect of having distributed arrays of tens (perhaps hundreds) of IR-optimised CubeSats in the future offers enormous potential. Finally, we summarise the key technology developments needed to realise the case study missions in the form of a roadmap.