This paper axiomatises the structure of bigraphs, and proves that the resulting theory is complete. Bigraphs are graphs with double structure, representing locality and connectivity. They have been shown to represent dynamic theories for the $\pi$-calculus, mobile ambients and Petri nets in a way that is faithful to each of those models of discrete behaviour. While the main purpose of bigraphs is to understand mobile systems, a prerequisite for this understanding is a well-behaved theory of the structure of states in such systems. The algebra of bigraph structure is surprisingly simple, as this paper demonstrates; this is because bigraphs treat locality and connectivity orthogonally.