The Golden State Valkyries are worth $1 billion after a single season of WNBA play, according to valuations released Thursday. The franchise generated $78 million in revenue during its 2025 debut, more than triple the league's previous single-season record and roughly four times the WNBA's $20 million per-team average.
The Valkyries entered the league in May 2025 as the WNBA's fourteenth franchise, backed by a Bay Area ownership group that paid an estimated $50 million expansion fee. Twelve months later, the team's enterprise value marks a 1,900% return and establishes the first ten-figure women's professional sports franchise globally. Forbes previously pegged the valuation at $780 million in April; the $1 billion figure reflects updated projections including postseason revenue and a finalized Chase Center arena-sharing agreement with the NBA Warriors that runs through 2035.
The revenue breakdown matters more than the headline number. The Valkyries sold 18,064 season tickets before tipoff, exhausting their Chase Center allotment and forcing a waitlist that now exceeds 12,000 names. Ticket revenue alone crossed $42 million, per league sources, driven by average resale prices of $187 for regular-season games—higher than eleven NBA teams and both Bay Area MLS clubs. Sponsorship deals with Oracle, Salesforce, and Visa contributed another $24 million, with jersey patch and court naming rights still unmonetized heading into year two. Merchandise sales accounted for the remaining $12 million, led by a Klay Thompson-designed alternate kit that moved 47,000 units in its first weekend.
The valuation reset arrives as the WNBA negotiates its next media rights package, with current deals expiring after the 2027 season. League projections shared with prospective broadcast partners in March estimated a $200 million annual rights fee, up from the current $60 million split between ESPN and CBS. The Valkyries' revenue performance—particularly the $187 resale price and 92% average capacity—gives negotiators a concrete premium-market comp. Two people familiar with the talks said NBC Sports has offered $225 million annually for exclusive rights, contingent on expansion to sixteen teams by 2028. Amazon is circling a streaming-only package worth $180 million.
That expansion timeline matters because the WNBA has already banked $150 million in expansion fees from three incoming franchises: Portland (entering 2026, fee $55 million), Philadelphia (2027, $60 million), and a not-yet-named Toronto group (2028, $65 million). The Valkyries' valuation suggests the league left roughly $950 million on the table by pricing those slots before Golden State proved the model. Team presidents in Portland and Philadelphia are already revising revenue projections upward; one told his investors last month to expect $50 million in year-one revenue if they hit 85% of the Valkyries' sponsorship and ticketing benchmarks.
The Houston development adds texture. The Connecticut Sun's approved relocation—announced the same week as these valuations—comes with a reported $85 million sale price to a Houston-based investment group. The Sun generated $16 million in revenue last season playing in a 10,000-seat arena in Uncasville. Houston offers a 18,500-seat downtown venue, a market twice the size, and no NBA competition from October through April. If the Valkyries' model exports, Houston's new ownership could see $45 million in revenue by year two, validating an implied $500 million valuation and making the $85 million purchase look cheap within 24 months.
Family offices and PE shops are circling accordingly. Three people tracking WNBA deal flow said at least seven groups have contacted league offices about future expansion or existing franchise acquisitions since the Valkyries' numbers leaked in April. The Chicago Sky, Minnesota Lynx, and Phoenix Mercury are all carrying acquisition advisors, though none have formally entered sale processes. Arctos Sports Partners, which holds minority stakes in the NBA's Kings and MLB's Dodgers, met with WNBA commissioner Cathy Engelbert twice in March about a league-wide minority investment vehicle similar to its $4 billion fund targeting European soccer clubs.
The Valkyries' year-two revenue is the number to watch. Las Vegas broke $38 million in its second season after entering at $22 million, suggesting a 70% sophomore bump is achievable. Golden State has already added a helmet sponsor (Applied Materials, $6 million annually) and locked a $14 million per-year court naming deal with Google Cloud that starts opening night 2026. Season ticket renewals closed at 96%, and the waitlist conversion could add another 2,400 seats if the team secures Chase Center's upper bowl for 12 games. A conservative year-two projection lands near $95 million. An aggressive one, assuming six home playoff games, clears $110 million.
The media rights window opens for serious bidding in September. By then, the Valkyries will have played 46 home games across two seasons, all but three sold out, with an average resale price that leads 60% of NBA franchises. That's the data set that prices the next deal.