The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 WNBA franchise valuations released this morning. The expansion team completed its inaugural season eleven months ago.
No other WNBA franchise exceeds $500 million in the same report. The Las Vegas Aces, two-time defending champions entering 2025, sit at $480 million. The New York Liberty, who play in Barclays Center and carry significant brand equity in the league's largest media market, are valued at $425 million. The Valkyries doubled the field.
The gap reflects infrastructure more than performance. The Valkyries share Chase Center with the Golden State Warriors, who carry a $9.14 billion valuation in Forbes' most recent NBA rankings. Valkyries season-ticket holders receive access to the same club lounges, the same premium F&B contractors, the same sight lines that justify $15,000 lower-bowl NBA seats. Joe Lacob's ownership group operates both franchises. The Valkyries play 20 home dates; Chase Center books 220 events annually. Revenue per square foot favors density.
Sponsor pricing confirms the valuation logic. Valkyries jersey patches sold for $18 million annually, per two people familiar with the deal, comparable to mid-tier NBA teams and triple the WNBA average. Courtside inventory moved at $2,500 per game during the regular season, $4,000 in the playoffs. The Warriors charge $3,000 and $6,500 for equivalent seats. The Valkyries captured 70% of NBA pricing in year one, unusual for any expansion property in any league.
Television carriage matters less than it did. The Valkyries stream every game on NBC Sports Bay Area and simultaneously on a direct-to-consumer product that charges $12.99 monthly or $99 annually. Subscription data remains private, but two league executives said the Valkyries' DTC product is the second-largest in the WNBA behind only the Aces' offering. The Aces launched DTC in 2023. The Valkyries had it operational before tipoff.
The valuation arrives as WNBA media rights enter a new cycle. The league's national deals with ESPN, Amazon, and NBC total $200 million annually starting in 2026, up from $60 million under the previous contract. Local rights remain team-controlled. The Valkyries' local inventory sits inside the Warriors' RSN package, which Comcast pays $40 million annually to carry. The Valkyries' 20 games represent roughly 8% of that package by volume but command higher CPMs than Warriors preseason or G League affiliate games, per a media buyer who prices both.
Player salary has not caught the asset price. The WNBA's maximum salary for 2026 is $242,000. The Valkyries' payroll, like all teams, is capped at $1.8 million. Lacob has said publicly he would support a higher cap. The league's current CBA runs through 2027. The players' union has indicated it will opt out and renegotiate before the 2028 season, which would align with the new media cycle's second year. The Valkyries' valuation gives the union a data point.
Expansion fees reflect the new floor. The Valkyries paid $50 million to join in 2025. The Portland expansion franchise, which begins play in 2027, paid $125 million. The league has received applications for two more franchies, per commissioner Cathy Engelbert's comments in March. No cities have been named. Houston, Philadelphia, and Nashville are bidding. If the Valkyries are worth $1 billion after one season, the next expansion fee will start at $150 million.
Chase Center's calendar shows how the Valkyries create value without touching basketball operations. The building hosts 41 Warriors games, 20 Valkyries games, and approximately 160 concerts, family shows, and corporate events. Valkyries dates fall in May, June, and July, when the Warriors are idle and arena availability peaks. The Valkyries fill premium inventory during a revenue trough, which is why Lacob's CFO wanted the franchise before the basketball president did.
The valuation assumes the Valkyries maintain current attendance, which averaged 11,200 in 2025, third in the league behind Las Vegas and New York. Chase Center seats 18,064 for basketball. The Warriors sell out every game. The Valkyries have room to grow into the same building, but that growth depends on winning, and winning depends on draft position and player development, variables the valuation does not yet price.
The next test is the Valkyries' first head-coach hire if the current coach departs. The team went 18-22 in 2025 and missed the playoffs. Coaching salaries in the WNBA range from $300,000 to $1.2 million. The Valkyries can afford the top of that range. Whether they pay it will signal how seriously they take the on-court product relative to the real-estate play.