First-order effects

• MuleSoft gains public-market currency and roughly doubles its disclosed raise ambition from the initial $100M target, while Salesforce Ventures and other late-stage holders convert an illiquid $1.5B mark into tradable stock.
• Underwriters get a live test case for whether enterprise infrastructure software — unglamorous connectivity plumbing rather than consumer apps — can clear a public offering.

Second-order effects

• A strong debut validates the 2015-vintage cohort of high-valuation SaaS startups waiting on the sidelines, pressuring their boards and bankers to move filings forward rather than keep raising private rounds.
• Salesforce Ventures' lead role gets repriced as a template: strategic corporate investors can shepherd portfolio companies to IPOs, not just follow-on funding.

Third-order effects

• If the pattern holds, the enterprise-SaaS exit path shifts back toward public listings, loosening the dependence on large private rounds and giving acquirers like the ones CEO Greg Schott discusses post-listing a richer field of priced comparables.
• Integration middleware becomes a strategically contested layer as a publicly funded MuleSoft sits between every SaaS suite that needs to talk to every other one.