The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 WNBA franchise valuation rankings released this week. The team played its first season in 2025.
No other WNBA franchise has crossed ten figures. The Valkyries' valuation arrives as the league prepares to award at least three additional expansion slots by 2028, with entry fees expected to exceed $100 million per team. The Valkyries themselves paid roughly $50 million for the franchise in 2023, a figure that now looks artificially low given the broader Bay Area sports asset market and the team's first-year attendance figures, which averaged north of 11,000 per game at Chase Center.
The billion-dollar mark matters less for what it says about the Valkyries' current earnings—WNBA teams still operate on modest revenue bases compared to their NBA counterparts—and more for what it signals about institutional capital's read on women's professional basketball. The team is co-owned by Joe Lacob and Peter Guber, the same duo behind the Warriors' $7.7 billion valuation. Their playbook involved minimal operational separation: shared front-office resources, Chase Center access on off-nights, and immediate integration into the Warriors' corporate sponsorship stack. Nike signed as jersey sponsor before the roster was finalized. Kaiser Permanente took courtside.
The valuation also reflects scarcity. The WNBA added only its 13th franchise when it awarded the Valkyries, and commissioner Cathy Engelbert has been explicit about limiting supply while broadcast rights negotiations remain active. The league's current media deal runs through 2025, and early reporting suggests the next package could exceed $200 million annually, roughly triple the current arrangement. If accurate, that figure changes the economics for every team, but especially for franchises in major markets with existing arena infrastructure and corporate sponsorship pipelines already in place.
Three data points worth isolating: the Valkyries sold out their season-ticket inventory within 48 hours of going on sale in early 2025. The team's local media rights generated mid-seven-figure revenue in year one, according to two people familiar with the deal. And Golden State's merchandise sales ranked second league-wide despite having no playoff appearances to drive purchase urgency. That combination—ticket demand, local media value, and consumer product traction—builds the case for billion-dollar valuations in a league where the average franchise was worth roughly $85 million as recently as 2023.
For comparison, the Las Vegas Aces, two-time defending champions entering the 2025 season, are valued at approximately $140 million in the same CNBC rankings. The New York Liberty, backed by Joe Tsai and playing in Barclays Center, sit near $165 million. Both teams have deeper competitive track records than the Valkyries, who finished 16-18 in their inaugural season and missed the playoffs. The gap is explained almost entirely by market size, ownership resources, and facility economics.
What to watch: the league's next media rights announcement, expected before the 2026 season tips off in May, will either validate or revise these valuations across the board. Golden State is reportedly in discussions to add a second jersey sponsor for the 2026-27 season, with terms likely in the $8-12 million annual range. And the Warriors-Valkyries ownership group is quietly exploring whether a dedicated practice facility—shared across both franchises—pencils out in the South Bay, which would mark the first WNBA team to operate a purpose-built training complex outside its primary arena.
The Valkyries are worth a billion dollars because someone with a long track record of turning sports franchises into fortress assets decided they would be. The rest of the league is now priced accordingly.
The takeaway
The Valkyries' **$1 billion** valuation after one season resets WNBA expansion pricing and confirms institutional capital's bet on women's basketball scarcity.
wnbafranchise valuationgolden state valkyrieswomen's sportssports businessexpansion
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