The Golden State Valkyries are now worth $1 billion, according to CNBC's 2026 franchise valuation report released this week. The team began play in 2024. No other women's sports franchise has reached ten figures in enterprise value.

The number sits roughly 40% above the Las Vegas Aces' $715 million valuation in the same report and more than double the $450 million expansion fee the Valkyries' ownership group paid in 2023. The franchise operates out of Chase Center in San Francisco, shares infrastructure with the Warriors, and sold out its inaugural home opener in 4.7 minutes. Season-ticket renewal rate for year two: 94%. The league average is 68%.

The valuation reflects three structural advantages other WNBA teams cannot replicate quickly. First, the Valkyries inherited the Warriors' corporate sponsorship machinery. Before the team played a game, they had closed deals with Google, Apple, and JPMorgan Chase—each multi-year, eight figures minimum. Second, the Bay Area offers the league's wealthiest season-ticket base. Median household income in the Valkyries' premium-seat zip codes exceeds $180,000. Third, Chase Center itself. The building cost $1.4 billion to construct and runs at 97% capacity utilization across all events. The Valkyries pay rent to the Warriors, but they also avoid the capital expense that weighs on most WNBA franchises. No other team in the league plays in a venue built after 2010 and shared with an NBA tenant that handles all facilities management.

The timing matters for two reasons. First, the WNBA's next media rights negotiation begins in earnest this summer. The current deal pays the league roughly $60 million annually across ESPN and CBS. Early market whispers put the next package north of $200 million per year, and the Valkyries' valuation gives the league a clean comp to show media buyers. Second, three more expansion franchises are expected by 2028. The going rate was $450 million in 2023. It will not be $450 million in 2026. Toronto and Portland ownership groups are already in quiet conversations with the league office. Both cities have NBA arenas and both are looking at the Valkyries' numbers.

The franchise's on-court performance was fine but not dominant. They finished 18-22 in the regular season and missed the playoffs by one game. The roster includes two All-Stars, no MVPs, and a rookie class that underperformed expectations. Attendance averaged 14,200 per game, third in the league behind Las Vegas and New York. The business model does not require playoff revenue to work. That is the entire thesis.

The valuation methodology CNBC used includes revenue multiples, adjusted EBITDA, and comparable sales. The report does not break out the Valkyries' specific financials, but league sources estimate the team generated $65 million in revenue during year one, with operating expenses around $48 million. Sponsorship revenue alone exceeded $30 million, more than half the total and roughly four times the league average. The Warriors' ownership group, led by Joe Lacob and Peter Guber, owns the Valkyries outright. No outside investors. No debt.

Watch the Portland expansion talks. The city has been on the league's radar since 2022, and the Trail Blazers' ownership group submitted preliminary paperwork last fall. If the expansion fee clears $600 million, it confirms the Valkyries reset the entire league's pricing architecture. Also watch the Valkyries' first kit redesign, expected before the 2027 season. Nike holds the league's uniform contract, and the team's initial designs sold $12 million in merchandise during year one, second only to New York. A refresh with input from Bay Area designers could push that number past $20 million and further justify the valuation.

The franchise hits year two with a new head coach, a renovated practice facility in Oakland, and a waitlist for season tickets that now exceeds 8,000 names. The number to remember is not the billion. It is the 94% renewal rate.