The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 franchise valuations published Thursday, making them the first WNBA team to cross ten figures and doubling the league's previous high-water mark in their second season of play.
The Valkyries debuted in 2025 after Joe Lacob and Peter Guber paid a $50 million expansion fee, the highest in league history at the time. Lacob, who owns the Warriors, installed the Valkyries in Chase Center on alternating nights with his NBA franchise, sharing a building already producing $765 million in annual revenue across basketball, concerts, and corporate hospitality. The team sold 14,200 season tickets before playing a game. Median resale for opening night: $240.
The valuation reflects what happens when an NBA operator applies stadium economics to a league that historically played in college arenas. The Valkyries share the Warriors' $2.1 billion Chase Center infrastructure, the same premium suites that go for $500,000 annually, the same Modelo Club access that costs $12,000 per seat. The Warriors run 41 home dates; the Valkyries add 20 more. Incremental revenue on a paid-off building is mostly margin.
The next closest franchise is the New York Liberty at $780 million, also playing in an NBA building (Barclays Center) under owner Joe Tsai. Third is the Los Angeles Sparks at $625 million. The league's median valuation is $385 million, up 97% from CNBC's prior ranking in 2024, before the Valkyries existed. That year, the most valuable franchise was the Liberty at $505 million.
The Valkyries' number is a signal to the four expansion applicants currently in due diligence with the league. The WNBA has committed to adding two franchises by 2028, with Nashville, Portland, Philadelphia, and a second Bay Area bid (Silicon Valley) competing for slots. Expansion fees are expected to land between $125 million and $175 million, per people familiar with the process. At $150 million, that fee would value the league at roughly $9 billion on a twelve-team basis, assuming the Valkyries hold their number.
The valuation also changes the return profile for existing owners who bought in at earlier marks. The Phoenix Mercury sold for $65 million in 2023. On paper, that stake is now worth $410 million, a 530% return in three years. The Seattle Storm, purchased for $89 million in 2021, is now valued at $520 million. Most of these transactions involved local NBA ownership groups who already controlled the building, the broadcast relationship, and the sponsorship stack.
Lacob has not taken outside capital for the Valkyries, unlike some NBA franchises that have sold minority stakes to institutional buyers. But the $1 billion number establishes a reference point for anyone structuring a WNBA investment. Family offices who bought 5% of an expansion team two years ago at a $300 million post-money valuation now own a piece of something the public market thinks is worth triple that. The Valkyries themselves are not for sale, but three other franchises are in quiet discussions with prospective buyers, per league sources.
The valuation arrives as the WNBA negotiates its next media rights deal, expected to close before the 2027 season. The current agreement pays the league roughly $60 million annually. People close to the talks say the league is targeting a package in the $200 million to $250 million range, spread across broadcast and streaming. That would push league-wide revenue past $500 million, assuming ticket and sponsorship growth holds.
Watch for the expansion fee announcement, likely in Q3 2026 after the season ends. The number will either validate CNBC's Valkyries figure or reveal it as aspirational. Also watch whether Lacob brings on a strategic partner before Year Three—he has taken calls from two sovereign wealth funds and a private equity firm with sports exposure, per a person who has seen the term sheets. The Storm and Mercury minority processes are further along and may close first.
The franchise that paid $50 million to exist is now worth twenty times that, per the market's best guess. The WNBA has twelve teams, four of them worth more than half a billion dollars, none of them older than the iPhone.