The Golden State Valkyries are worth $850 million after one season of play, according to Sportico's 2026 WNBA franchise valuations released Thursday. That figure makes them the league's most valuable team and the first to credibly approach $1 billion, a threshold the NBA crossed league-wide in 2014.
The valuation lands 700% above the $50 million expansion fee ownership group led by Warriors controlling owner Joe Lacob paid in 2023. The Valkyries began play in May 2025. For context: the NBA's Warriors—also owned by Lacob's group—are worth $9.14 billion in Sportico's most recent NBA rankings. The Valkyries now represent roughly 9.3% of that figure after twelve months of basketball, a multiple no other women's professional team can claim against its men's counterpart.
The number matters because it resets the price floor for WNBA expansion and establishes what institutional allocators will underwrite. Toronto and Portland expansion franchises are expected to be awarded in Q2 2026, with fees rumored between $75 million and $125 million depending on market strength and facility commitments. If the Valkyries hold $850 million after one season in a shared Chase Center lease, a Portland group with a new downtown arena and Nike hometown proximity can credibly argue for a $100 million-plus entry price. The league office has every incentive to let that number drift higher; commissioner Cathy Engelbert's revenue-sharing model kicks fuller distributions to players at higher team valuations, which smooths the next CBA negotiation in 2027.
Lacob's operational playbook explains much of the premium. The Valkyries launched with a dedicated front-office staff separate from the Warriors, hired former NBA executive Ohemaa Nyanin as president, and built a season-ticket base of 12,400 before the roster was announced. They share Chase Center but control their own sponsorship inventory, which let them close a jersey patch deal with Acrisure in October 2024 worth a reported $6 million annually—double what most WNBA teams earn from their primary sponsor. The team also negotiated a separate local media rights window with NBC Sports Bay Area, bypassing the league's national package for approximately 20 home games, a structure only three other franchises have attempted.
What to watch: Portland and Toronto expansion awards are expected by June 2026, with announcement timing likely pegged to the WNBA draft in April to maximize media value. Lacob's group is reportedly exploring a second women's franchise bid if the league expands to 16 teams by 2028, though that interest hinges on whether the Warriors can secure a second Bay Area venue or a Sacramento partnership. Separately, the Las Vegas Aces—valued at $640 million in the same Sportico report—are rumored to be fielding inquiries from family offices sizing a minority stake before the new 18,000-seat arena opens in 2028.
The Valkyries' figure also creates a reference point for private-equity firms circling women's soccer. If a WNBA team in a shared NBA facility can command $850 million after one season, a National Women's Soccer League franchise with a soccer-specific stadium and international player acquisition rights starts looking structurally cheap at $100 million to $150 million, the range most recent NWSL sales have cleared. Sixth Street, which owns stakes in the San Antonio Spurs and Real Madrid, has been reviewing NWSL opportunities since Q4 2025.