The Golden State Valkyries became the first WNBA franchise to reach a $1 billion valuation in 2026, according to CNBC's annual franchise value rankings released Tuesday. The expansion team, which tipped off its inaugural season in May 2025, crossed the ten-figure threshold in under three years from purchase announcement to nine-figure operating status.
The Valkyries' ownership group, led by venture capitalist Joe Lacob and private equity executive Cynt Marshall, paid a $50 million expansion fee to the league in December 2023. CNBC's valuation methodology weights revenue multiples at 65%, asset value at 25%, and market-population dynamics at 10%. The Valkyries' climb reflects $127 million in 2025-26 season revenue—gate, local media, sponsorship—against operating expenses near $68 million. Chase Center co-tenancy delivers embedded margin: no separate arena lease, shared back-of-house staff, Warriors cross-sell on season packages.
The valuation arrives six weeks after the team's late-March announcement of a $340 million jersey patch and court naming deal with Salesforce, spanning eight years. That contract alone—$42.5 million annually—eclipses the total revenue of eleven other WNBA franchises. League sources say four teams still operate below $35 million in yearly top-line, despite the new CBA lifting the salary cap to $1.6 million per roster in 2025. Salesforce CEO Marc Benioff sat courtside for the Valkyries' home opener in a custom jacket featuring both logos. His daughter plays D1 ball at Cal.
The wider franchise table shows expansion premium baked into recent entries. The Toronto Tempo, awarded in January 2025 for a $115 million fee, ranks seventh at $287 million in estimated value despite not yet playing a game. Portland, granted in October 2024 for $125 million, sits fifth at $412 million on projected 2027 tip-off. The gap between old-guard franchises and post-2023 entrants runs wide. New York and Los Angeles—legacy markets with aging local TV deals—hold second and third at $875 million and $640 million respectively. Phoenix, a 1997 charter member, ranks ninth at $198 million.
The Valkyries' first season drew an average announced attendance of 11,200 across eighteen home dates, fourth in the league behind Seattle, New York, and Las Vegas. Actual scanned turnstile averaged 9,850, per building operations data, but sponsorship revenue gets priced on announced. The team went 14-26 in Year One, missing the playoffs by three games. Head coach Natalie Nakase signed a four-year extension in December.
Worth noting: the $1 billion mark took the NBA's Warriors forty years to reach, hitting the threshold in December 2010 under previous ownership before Lacob's group bought the team for $450 million four months later. The Warriors are now valued near $8.2 billion. WNBA teams, operating on compressed timelines with venture-backed ownership and no legacy debt, are running the franchise-value playbook at 3x speed. League-wide average valuation now sits at $285 million, up from $58 million in early 2020.
The Valkyries' front office added a Chief Revenue Officer in late February—Sarah Mensah, formerly Fanatics' VP of partnerships—tasked with locking multi-year deals ahead of the league's next media rights negotiation cycle in 2027. Current national TV contracts with ESPN, CBS, and Amazon expire after the 2026 Finals. The league is targeting $200 million annually, up from $60 million under the current deal. Teams with locked local sponsorship reduce dependency on league-wide revenue share, which still funds 42% of the average franchise's operating budget.
Six WNBA teams changed hands between January 2023 and December 2025, with sale prices averaging 4.2x the prior transaction in the same market. Las Vegas sold for $158 million in May 2024; the previous controlling stake moved in 2021 at $38 million. Atlanta is fielding inquiries at an expected $310 million ask, per two people with knowledge of preliminary conversations. The seller, a real estate consortium, wants to close before the 2027 CBA talks begin.
The Valkyries open their 2026 home slate on May 16 against Connecticut. The team's second jersey patch—right shoulder, smaller footprint—remains unsigned. Three tech platforms and one airline have term sheets under review. Decision expected before late-April training camp.