The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 WNBA franchise valuations released Thursday. The team played its first season in 2025.
The New York Liberty rank second at $700 million. No other WNBA franchise exceeds $500 million. The league's average franchise value is $385 million, up 48% from 2024. The Valkyries' $1 billion mark makes them the first women's sports franchise to reach ten figures in any public valuation model.
The number reflects what private equity and family offices already priced in during the Valkyries' 2023 formation. Joe Lacob and Peter Guber, who own the NBA's Golden State Warriors, paid the WNBA an expansion fee reported at $50 million. The franchise now trades at a 20x multiple on that entry price. The Warriors themselves are valued at $8.28 billion in Forbes' latest NBA rankings, meaning the Valkyries represent roughly 12% of the parent organization's worth after one season of play. That ratio exceeds every other dual-franchise ownership structure in American sports. The Seattle Storm, owned by a group including Seattle Seahawks and Sounders ownership, is valued at $450 million against the Seahawks' $5.6 billion—an 8% ratio.
The Valkyries played at Chase Center, the Warriors' 18,064-seat arena in San Francisco. The team averaged 16,200 fans per game in 2025, the highest in WNBA history and 97% of stated capacity. Season tickets sold out within 48 hours of going on sale in June 2024. The waitlist exceeded 25,000 names by opening night. Courtside seats carried a $12,000 price tag for the season, triple the WNBA's prior high-water mark. Rakuten, the Warriors' jersey patch sponsor since 2017 at $20 million annually, signed a separate $8 million annual deal for Valkyries patch rights. That figure is 4x the WNBA's previous record for a jersey sponsor.
The gap between the Valkyries and the rest of the league is structural, not sentimental. The Liberty play at Barclays Center, a 17,732-seat arena they share with the NBA's Brooklyn Nets. Their owner, Joe Tsai, also owns the Nets, valued at $4.65 billion. But the Liberty averaged 9,400 fans per game in 2025, and their jersey sponsor, Coinbase, pays an estimated $3 million annually. The Los Angeles Sparks, ranked third at $480 million, play at Crypto.com Arena but averaged 7,800 fans. The Dallas Wings, at $320 million, share an arena with an NBA team but lack the Chase Center's luxury-box economics. Golden State sold $42 million in suite revenue tied to the Valkyries' first season, more than the Storm, Sparks, and Wings combined.
The Valkyries went 18-22 in 2025 and missed the playoffs. Natalie Nakase, the team's head coach, is returning for 2026. The roster's highest-paid player, a restricted free agent, is negotiating a max contract that would pay $241,984 under the WNBA's 2026 salary cap—0.02% of the franchise's stated valuation. That delta explains why private equity continues circling. Sixth Street Partners, Apollo Global Management, and Ares Management have each visited Chase Center suites this offseason, according to two people familiar with the meetings. The WNBA allows institutional investors to own up to 10% of a franchise. Sixth Street already owns stakes in the San Antonio Spurs and FC Barcelona.
Watch the Valkyries' jersey sponsor renewal cycle. Rakuten's $8 million deal expires in 2027. Comps are thin, but Coinbase's $3 million Liberty deal and AT&T's $2.5 million Dallas Wings patch suggest the Valkyries could command $12 million to $15 million on the open market. That would push the team's sponsorship revenue above $30 million, closer to mid-tier NBA franchises than WNBA peers. The league's media rights deal with Disney, Amazon, and NBC runs through 2036 and pays $2.2 billion over 11 years, or $200 million annually. Each team receives roughly $16 million per season. The Valkyries' local media rights, however, are bundled with the Warriors' in a deal with NBC Sports Bay Area that pays an estimated $40 million annually for both teams. The allocation is not public.
The WNBA expands to Portland in 2026. The expansion fee is $125 million, up from the $50 million the Valkyries paid in 2023. The Portland franchise, owned by RAJ Sports, has not yet been valued by CNBC. Its first game is May 16.