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So they have similar valuation and ARR as Cloudflare. What is fishy?

Cloud flare has it, they are aiming for it. Definite income vs possible income cannot be priced in the same way, assuming the CF valuation is justified.

Cloudflare has a much smaller ACV than Wiz, as a CDN play is very different from a CNAPP play.

Wiz also has amazing product market fit (almost everyone who's used it has raved about it).

And in the hierarchy of needs, it's easier to place infra security over "yet another CDN"

Wiz hit 100M in mid 2021 and 350M ARR last year; now they're going to automagically get that to a Billion in a much tougher climate?

They have amazing product market fit in the security industry and a lot of dry powder.

They've already started developing an M&A strategy and are closely linked with Gil Ranan of Cyberstarts

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