The Golden State Valkyries are worth $1.0 billion, according to CNBC's 2026 WNBA franchise valuation report released this week. The team began play in May 2025. No expansion franchise in NBA, NFL, NHL, or MLS history has crossed ten figures in its debut season.
The Warriors ownership group paid a $50 million expansion fee in January 2023. The franchise played its inaugural season at Chase Center, sharing the building with the NBA club, and finished 16-24. Season-ticket deposits opened in October 2024 and sold 12,400 seats in eight days, the fastest pace in WNBA history. The valuation reflects Chase Center infrastructure, Bay Area corporate density, and the option value embedded in a league whose average franchise price has risen 340% since 2020.
The Valkyries' path to $1.0B matters because it sets the floor for Portland and Toronto, both entering in 2027 at $115 million expansion fees. Those checks now look structurally mispriced. The league negotiated its national media deal in early 2025—$200 million annually from ESPN, Amazon, and NBC through 2036—but that contract closed before the Valkyries played a game. The next CBA cycle begins in 2027, and player reps already reference Golden State's number in salary-cap conversations. If one team is worth $1.0 billion after twelve months, the 50-50 revenue split currently in the agreement becomes a pressure point.
Sponsorship explains half the Valkyries' premium. The team signed $14 million in founding partnerships before tipoff, led by Rakuten's jersey deal and Google Cloud's practice-facility naming rights. Salesforce, headquartered six blocks from Chase Center, took courtside and in-arena signage. The Warriors' corporate infrastructure allowed the Valkyries to skip the prospecting phase most WNBA teams require: sixty of the eighty sponsors who bought NBA inventory also bought WNBA inventory in year one. That velocity does not exist in markets without an incumbent NBA anchor.
Ticket revenue contributed $11 million in season one, per team filings. Chase Center holds 18,064 for basketball; the Valkyries averaged 14,121 paid attendance, third in the league behind Las Vegas and Seattle. Pricing sat 22% below Warriors' lowest NBA tier, but still 60% above the WNBA median. The team sold 940 suites and club seats per game at an average $340 per seat, margins no other WNBA franchise approaches. Las Vegas, valued at $780 million in the same report, plays in a 12,000-seat arena and lacks club infrastructure.
The valuation also prices optionality. CNBC's methodology weights franchise value on revenue, profit, and "growth prospects," which includes media upside and future expansion scenarios. The WNBA is negotiating international exhibition windows for 2027, and Golden State's ownership has indicated interest in Tokyo and Manila stops. The league office is also exploring a second media window—midweek streaming packages sold separately from the national deal—and the Valkyries' local market ranks second in WNBA digital engagement after New York. None of this generates revenue today, but it layers into the ten-figure number.
Portland and Toronto ownership groups are watching. Both paid $115 million in expansion fees eighteen months ago, betting that WNBA franchises would track NBA multiples as the media deal grew. Golden State's valuation suggests they underpriced by half. League sources expect both teams to explore partial sales or minority stakes within two years of launch, using the Valkyries' number as comp. That puts pressure on the Seattle Storm, currently valued at $640 million despite playing in a newer building and drawing larger crowds. Seattle ownership has been quiet on sale rumors since 2024, but a $1.0 billion comp in the same conference changes the math.
The next franchise valuation report drops in April 2027, three weeks after Portland and Toronto finish their first seasons. The Valkyries will have two years of revenue data by then, and the player salary cap will reset. Watch whether Golden State ownership sells a minority stake before that report; a transaction at $1.1 billion or higher would force the league to recalibrate expansion fees for the next cycle.
The takeaway
Golden State hit **$1.0B** in twelve months, making Portland and Toronto's **$115M** entry fees look structurally cheap before either team plays a game.
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