The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 franchise valuations released May 4, making them the first women's professional sports team to reach that mark. The franchise began play in 2025.
The valuation reflects 18 months from announcement to unicorn status. Joe Lacob and Peter Guber paid a reported $50 million expansion fee in late 2023. The Valkyries share Chase Center with the Warriors, eliminating facility capex and splitting arena operating costs across 82 NBA dates and 20-plus WNBA dates. Corporate sponsorship inventory that was undersold on Warriors baseline signage now carries women's audience demographics that CPG and financial services buyers specifically requested. The team secured a jersey patch deal with a Fortune 100 tech company in December 2024 at a reported eight-figure annual value, higher than six existing NBA team patches.
The math works because the Valkyries operate as a line item inside a $9 billion NBA franchise, not a standalone P&L. Shared ticketing infrastructure, broadcast production, and sales teams mean marginal cost per Valkyries game is a fraction of what a single-venue WNBA team carries. Season ticket deposits exceeded 10,000 within 48 hours of going on sale in March 2024. Sellout crowds for home openers pulled a $285 average ticket price, triple the WNBA median. Luxury suite contracts that include both Warriors and Valkyries inventory are moving at a 12% premium over Warriors-only deals, per two people familiar with Chase Center sales who requested anonymity.
The valuation also captures what happens when expansion franchises enter markets where the NBA team already has naming rights, pouring rights, and category exclusivity locked. New sponsors can't buy Warriors inventory at any price, but Valkyries patch, court, and in-arena placements remain available. A Bay Area family office that considered a minority Warriors stake in 2022 is now circling a Valkyries equity slice, according to a person briefed on the discussions. The ticket is smaller, the governance is cleaner, and the cultural argument writes itself.
Other expansion candidates are watching. The WNBA awarded franchises to Portland and Toronto in December 2025, both markets with NBA co-tenancy. Portland's ownership group includes Jody Allen, who controls the Trail Blazers. Toronto's group is led by Larry Tanenbaum, Maple Leaf Sports & Entertainment chairman. Both will open play in 2027. Neither has disclosed their expansion fee, but two league sources say the number approached $75 million per team, a 50% increase over the Valkyries' entry price 24 months earlier.
Watch whether Lacob and Guber take minority investment before the end of 2026. A 10% stake at the CNBC valuation would price at $100 million, double their all-in cost for the entire franchise. Also watch Portland and Toronto's first jersey patch announcements, expected by September. If either clears $12 million annually, the Valkyries' corporate pricing starts to look conservative.