The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 franchise valuations released this week. The expansion team launched in 2025. No other WNBA franchise is within $400 million of that figure.
The valuation reflects control of Chase Center dates, sharing infrastructure with the Warriors' $7.7 billion NBA operation, and Bay Area corporate sponsorship density. The Valkyries play in the same building as Golden State's men's team, splitting venue costs and tapping the same luxury suite holders who already commit $300,000 annually for NBA packages. The franchise sold season tickets at a $12,000 average, roughly triple the WNBA median. Founding sponsor deals with Salesforce, Visa, and Google closed before the first game, each running seven figures annually.
Joe Lacob and Peter Guber paid an estimated $50 million expansion fee in 2023. That purchase now carries a 20x return on paper in under three years. The team went 18-22 in year one, missing the playoffs, but averaged 11,400 fans per home game—second in the league behind Las Vegas. Chase Center holds 18,064 for basketball; the Valkyries configure it at 14,500 for most games, leaving room to expand inventory if demand holds. It has held.
The gap to the second-most-valuable franchise—likely the New York Liberty at an estimated $600 million—illustrates what happens when an expansion team inherits NBA-grade operations from day one. The Valkyries launched with a dedicated GM, a 22-person front office, and access to the Warriors' analytics staff. Most WNBA teams still operate with single-digit front offices. The Las Vegas Aces, owned separately from the NBA's absent Vegas franchise, are valued near $550 million despite winning two championships. The Aces lease Michelob Ultra Arena from MGM and split operational resources with the AFL's Vegas Knight Hawks.
WNBA expansion fees are now expected to reset. Portland's franchise, awarded in December 2024 for $125 million, will debut in 2026. Toronto and Philadelphia are bidding for the next two slots, and league sources expect the ask to land near $200 million after CNBC's report circulates. Commissioner Cathy Engelbert has said she wants 16 teams by 2028. The math now suggests $2.4 billion in expansion fees alone if valuations hold and the league completes its next wave.
The Valkyries' cap sheet remains clean. WNBA salary caps sit at $1.46 million per team in 2026, rising to $1.63 million in 2027 under the new CBA. Golden State paid roughly $180,000 to first-round pick guard Jacy Sheldon and operates well under the luxury threshold. The team loses money operationally—most WNBA franchises do—but the valuation reflects control of media rights, Chase Center co-tenancy, and the embedded option on women's basketball growth. Lacob has publicly called the Valkyries "underpriced at entry." The market agrees.
The valuation arrives as Apple and Amazon bid for the WNBA's next media package, which opens for negotiation in 2027. The current deal with ESPN, CBS, and Amazon pays the league roughly $200 million annually through 2027. Early whispers suggest the next contract could approach $350 million per year, with at least one bidder exploring a full exclusivity package. If that closes, franchise values reset again. The Valkyries would benefit disproportionately—Chase Center's local media deal already runs separately, and the team controls digital inventory the Warriors' RSN doesn't touch.
Watch whether Lacob moves to acquire a second WNBA franchise. He tried to buy the Aces in 2021 before Vegas's ownership group priced him out. Portland, Philadelphia, and Toronto ownership groups are still forming. If the Valkyries' valuation holds, expect at least two NBA ownership groups to bid for the next expansion slot, and expect those bids to reference this CNBC figure in their pitch decks.
The Warriors' next investor call is mid-March. The Valkyries will appear as a separate line item for the first time.
The takeaway
Golden State's WNBA team is worth **$1 billion** after one season, resetting expansion fees and proving shared NBA infrastructure compresses the franchise ramp.
wnbafranchise valuationgolden state valkyrieswomen's sportsexpansionjoe lacob
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