The Golden State Valkyries are now worth $1 billion, according to CNBC's 2026 franchise valuations released Tuesday. The team played its first game thirteen months ago.
No women's professional sports franchise has crossed ten figures in its inaugural season. The previous fastest path to $1 billion belonged to expansion franchises in men's leagues—the Seattle Kraken reached the mark in year three, the Las Vegas Golden Knights in year four. The Valkyries did it in twelve months of actual play, riding Chase Center inventory, Warriors cross-sell, and a local sponsor base that already writes eight-figure checks for courtside.
The math works cleanly. The Valkyries paid a $50 million expansion fee in late 2023. Sportico valued them at $115 million in preseason 2025. They opened in May 2025 averaging 16,780 fans per game—second in the league, ahead of legacy franchises with decades of equity. Season-ticket deposits in the first seventy-two hours topped $4.2 million. Corporate partnerships launched with 18 founding sponsors, ten of whom already held Warriors deals and shifted budget without internal debate. By November, the Valkyries were selling 2026-27 inventory at a 31% premium over Year One rates.
What changed the valuation curve was the WNBA's February media deal. The league signed $2.2 billion over eleven years with Disney, Amazon, and NBC—roughly $200 million annually, up from $60 million under the prior contract. Revenue splits give teams 50% of national media money after league expenses. That moved every franchise's baseline. The Valkyries entered the window with the highest local media rate in the league—$6.8 million annually from NBC Sports Bay Area, per Sports Business Journal—and a building that hosts 220 annual events, creating year-round brand exposure other WNBA teams rent by the night.
The comp set is instructive. The New York Liberty, valued at $410 million, play in Barclays Center but lack the Warriors' operational integration. The Los Angeles Sparks, at $385 million, share Crypto.com Arena with two NBA tenants and a hockey team. The Valkyries are the only WNBA franchise wholly embedded in a championship-winning NBA operation with captive premium inventory and a season-ticket base that converts at 24% from inquiry to close, per league data. Joe Lacob and Peter Guber run one business with two products. The margin structure is NBA, the growth rate is expansion, and the media multiple is 2026.
Two follow-on effects matter. First, the $50 million expansion fee now looks cheap. Toronto, Philadelphia, and Denver are in active talks with the league about 2028 expansion. The clearing price is rumored at $125 million—still a 92% discount to the Valkyries' current mark, which suggests either the Valkyries are overvalued or new bids will come in higher. Lacob paid $450 million for the Warriors in 2010. The franchise is now worth $9.1 billion. He knows what the curve looks like.
Second, private equity is watching. The WNBA opened its doors to institutional capital in January 2025, allowing funds to take up to 15% stakes in teams. The Valkyries have not sold. But at $1 billion, a 10% slice prices at $100 million—a round number for family offices and PE shops that want exposure to women's sports without buying whole franchises. Sixth Street, Arctos, and RedBird have all met with league officials in the past six months. The Valkyries are the obvious anchor for a pooled-vehicle pitch.
The Warriors host the Sparks on June 14. The Valkyries' second-year season tips May 16 against Seattle. Chase Center will run 44 home dates across both leagues this summer, more than any building in basketball. Local ad inventory is already 78% sold for 2026-27, per team sources. The Valkyries are evaluating a jersey-patch deal that could set a new league high; the current mark is $4.5 million annually, held by the Liberty.
One year in, the Valkyries are worth more than eleven NHL franchises. The next expansion window opens in fourteen months.
The takeaway
Valkyries reach **$1B** in year one, setting new comp for **$125M** expansion bids and creating first WNBA target for institutional capital.
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