It's certainly not enough to justify a $23B valuation target, or even $12B assuming reasonable multiples in the space (average is ~15x in cyber tools and controls). Lacework went from an $8B valuation to $200M–$230M (first with Wiz attempting to acquire, and now Fortinet at the valuation I mentioned, roughly ~2x revenue, ~3x if we want to be generous). A case can be made that Wiz is a more mature platform and Lacework is a fire sale (which it is, but also not a great sign for the rest of the space), but I'll argue a lot of Wiz's revenue is likely premium pricing with current customers that can cram them down on at their next renewal cycle, and the TAM is simply only so big (with competitors being as, if not more, resourced to compete and stay ahead).
You can't grow into something there isn't room to grow into.
Hacker news: "you don't have to deliver. That's the next team's problem".
Apparently 350m isn't enough to prove potential.