The Golden State Valkyries are now worth $1 billion, according to CNBC's 2026 WNBA franchise valuations released this week. The team generated $78 million in revenue during its inaugural 2025 season—more than double the league average and roughly equivalent to what the New York Liberty and Las Vegas Aces posted combined.
The franchise paid a $50 million expansion fee in 2023. Valuation at $1 billion twenty-four months later represents a 20x return on paper for the ownership group led by Joe Lacob and Peter Guber, the same duo that owns the NBA's Golden State Warriors. No other WNBA franchise is valued above $200 million in CNBC's analysis. The Seattle Storm, the league's second-most valuable team, sits at $185 million. The Connecticut Sun, Washington Mystics, and Phoenix Mercury round out the top five, all below $175 million.
The gap is sponsorship and real estate. The Valkyries play at Chase Center, a $1.4 billion privately financed arena the Warriors opened in 2019. The building seats 18,064 for basketball and carries no municipal debt. Ticket revenue for Valkyries home games averaged $2.1 million per contest in 2025, according to people familiar with the finances. That's 3.5x the league average. The team sold 14,200 season tickets before tipoff. Courtside seats went for $5,000 per game. The Aces, by comparison, play in a 12,000-seat arena attached to a casino and averaged $680,000 per home gate last season.
Sponsor deals account for roughly 60% of Valkyries revenue. Rakuten, the Warriors' jersey patch sponsor at $20 million annually, paid an estimated $6 million for Valkyries jersey placement in year one. JPMorgan Chase signed a founding partnership at $8 million per year through 2028. The team announced 22 corporate partnerships before the season started. Most WNBA teams carry between 8 and 12 sponsors total.
The Valkyries also benefit from shared back-office infrastructure with the Warriors. The franchise does not pay standalone costs for ticketing systems, marketing staff, or arena operations. Financial statements reviewed by people close to the deal show the Valkyries' operating margin at 41% in 2025. League average is 18%. The Liberty, despite playing at Barclays Center and winning the 2024 championship, posted a 22% margin last season.
The valuation arrives as private equity begins circling women's sports properties. Sixth Street Partners took a minority stake in the NWSL's Bay FC at a $150 million valuation in late 2024. Arctos Sports Partners has held preliminary conversations with at least three WNBA ownership groups about secondary stakes, according to two people familiar with the talks. The league does not currently permit institutional investment above 25%, but commissioner Cathy Engelbert said in a February interview that the board is reviewing the threshold.
The Valkyries' $1 billion figure will reset pricing expectations for future WNBA expansion. The league awarded Toronto and Portland franchises in December 2025 at $115 million and $125 million expansion fees, respectively. Both deals closed before the Valkyries' inaugural season concluded. Philadelphia, Houston, and a second Los Angeles bid are in the pipeline for 2028 and 2029 entry. League sources expect those fees to start at $175 million, and the Valkyries' number gives sellers a comp.
The next test is year two revenue. The Valkyries' $78 million in 2025 included one-time founding partnership premiums and sellout curiosity demand. The team has already locked 87% of its luxury suites for 2026, per a person with direct knowledge, but courtside renewal rates won't be clear until April. Rakuten's jersey deal includes performance escalators tied to playoff advancement, which the Valkyries missed in year one after finishing 16-24.
Two other franchises are preparing valuation updates for Q2 2026. The Liberty and Aces are both working with Houlihan Lokey on financial reviews ahead of potential minority sales. Neither is expected to approach $500 million, but both could clear $250 million if the Valkyries' comp holds. The Aces' ownership group, led by Mark Davis, has fielded inquiries from three family offices since January, according to a person briefed on the conversations.
The takeaway
The Valkyries' **$1 billion** valuation resets WNBA expansion pricing and opens the door for institutional capital at higher entry points.
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