The Golden State Valkyries are worth $1 billion, per CNBC's 2026 franchise valuations released May 4, making them the first WNBA team to cross ten figures and the fastest North American expansion franchise to reach that threshold in any major league. The team began play in May 2025.
The valuation reflects $87 million in estimated revenue for the 2025-26 season, driven by a $42 million local media deal with NBC Sports Bay Area, $28 million in sponsorship inventory split across jersey patches and arena signage at Chase Center, and $17 million in gate receipts. The Valkyries averaged 18,064 fans per home game in their inaugural season, fourth in the league and 107% of Chase Center's reconfigured capacity for WNBA play. Playoff revenue added $6.2 million after the team reached the second round.
The team shares Chase Center with the Warriors, whose $8.8 billion valuation benefits from the same suite holders, the same Levy Restaurants concessionaire, and the same RSN partnership. Valkyries president Ohemaa Nyanin structured sponsorships to avoid category conflicts: the team wears Puma instead of the Warriors' Nike, carries PayPal instead of Rakuten, and signed $4.1 million annually with Salesforce for a helmet patch the NBA does not yet permit. Seventeen of the Valkyries' 23 corporate partners also sponsor the Warriors, but none at the same activation tier, a negotiation detail that took nine months to finalize before the expansion announcement.
The Valkyries' operating margin is 34%, high for an expansion team but below Golden State's NBA-leading 41%, because WNBA salary caps remain structurally lower. The team's $2.1 million payroll in 2025 was the league maximum; the Warriors spent $218 million. That gap underwrites profitability but also explains why valuations track revenue multiples rather than net income. CNBC applied a 11.5x revenue multiple to Golden State, compared to 10.2x for the league average, reflecting premium market access and facility certainty through a 2040 Chase Center lease.
Six WNBA teams now exceed $500 million in valuation, up from zero in 2023. The Valkyries' figure sets a floor for the next expansion cycle: Toronto and Portland groups have each told the league office they expect $125 million expansion fees if the WNBA adds teams before 2028, triple the $50 million Golden State and Toronto paid in 2023. Commissioner Cathy Engelbert has said publicly the league will consider applications in late 2026.
The Valkyries are controlled by Joe Lacob and Peter Guber, who also own the Warriors and together hold 78% equity. Venture investor Chamath Palihapitiya holds 12%, and Warriors minority limited partners including Kevin Johnson and Vivek Ranadivé split the remainder. The ownership group has not taken a distribution, reinvesting cash into a planned practice facility in San Francisco's Mission Bay that broke ground in March at a cost of $64 million. Completion is set for November 2026.
Nyanin's roster construction prioritized guards who fit Golden State's pace system: the Valkyries led the league in possessions per game at 89.7 and ranked second in three-point attempts. The team signed seven endorsement deals for individual players, separate from team sponsorships, including a $380,000 Jordan Brand contract for guard Sedona Prince that was negotiated before the WNBA draft. That figure is 2.4x Prince's rookie salary and reflects apparel brands treating the Valkyries as a Nike alternative incubator.
Watch whether the Valkyries' local media deal resets after its three-year term expires in July 2027. NBC Sports Bay Area paid $14 million annually for 34 games, but the Warriors' RSN deal is under renegotiation as Comcast evaluates sports network spend. If the Valkyries move to direct-to-consumer or a national package, their revenue comps change and other franchises follow. Salesforce's helmet patch comes up for renewal in October 2026, and two rival CRM platforms have asked for meetings.
The Warriors are building a women's basketball operation capable of surviving the franchise's own decline, whenever that arrives. The Valkyries' $1 billion valuation assumes Chase Center at capacity and a media landscape that continues to pay for live sports. Both have held for 18 months.
The takeaway
**$1B** WNBA valuation signals women's leagues can command tech-market premiums; Toronto and Portland expansion bids now price at **$125M** minimum.
wnbavaluationgolden state valkyrieswomen's sportsexpansionmedia rights
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