The Golden State Valkyries are worth $1 billion, per CNBC's franchise valuation survey published Thursday. The team played its first game in May 2025.
No other WNBA franchise breaks $900 million. The New York Liberty sit second at $850 million, followed by Los Angeles at $780 million. The league's median valuation is $385 million, up 41% year-over-year. The Valkyries' number reflects Chase Center co-tenancy, Oracle Park exhibition rights, and a corporate season-ticket base that includes 23 Fortune 500 companies within a 12-mile radius of the arena. Sponsorship inventory sold out in March 2025, four weeks before opening night. The team drew an average of 14,200 fans per home game in year one, second in the league behind New York's 15,100.
The valuation matters because it sets the floor for the next wave of expansion bids. WNBA commissioner Cathy Engelbert has confirmed the league will add two franchises by 2028, with 16 ownership groups circling. Houston and Philadelphia are considered front-runners. Valkyries ownership—led by Joe Lacob, who also controls the Warriors—paid an estimated $50 million expansion fee in 2023. That multiple implies new entrants will pay north of $100 million to join. The league is negotiating a national media deal that closes this summer; early whispers suggest a $200 million annual rights fee, up from $60 million under the current contract. A ten-figure franchise valuation strengthens the league's hand in those talks.
The Valkyries' roster construction also signals franchise ambition. They signed college standout Jacy Sheldon to a supermax contract in February 2025, then added former MVP Breanna Stewart on a mid-season trade. The team finished 22-18, missed the playoffs by one game, and still posted $47 million in revenue, according to CNBC's estimates. Merchandise sales alone cleared $8 million, the highest first-year figure in league history. The team's creative director, formerly at Nike's Jordan Brand, oversaw a kit launch that moved 12,000 units in the first 72 hours. Resale prices on primary jerseys hit $340 on StockX by June.
Next moves to watch: the Valkyries are hiring a general manager after firing interim GM Sarah Chen in March; six candidates are in process, including Houston Rockets assistant GM Eli Witus. The team's stadium lease at Chase Center runs through 2035 but includes an opt-out in 2029 if Oracle Park completes planned renovations for dual-use basketball. Lacob met with San Francisco mayor Daniel Lurie twice in April to discuss public transit upgrades. Expansion bid deadlines for Houston and Philadelphia close in September; the winning bids will reference Valkyries comps in their financial models.
The WNBA has 12 teams. It had eight in 2020.