The Golden State Valkyries just hit $1 billion in CNBC's 2026 WNBA team valuations. No women's professional sports team in any league has ever been valued that high.
CNBC pegs the WNBA's 15 teams at an average of $460 million. Run that against the $250 million expansion fee that Cleveland, Detroit, and Philadelphia agreed to pay for franchises beginning play between 2028 and 2030, and the average team is already worth 84% more than the price of admission. The 13 teams that played in 2025 averaged $31 million in revenue.
Consider the Valkyries' arc. Joe Lacob and Peter Guber paid the league $50 million in 2023 to land an expansion franchise in San Francisco. Two years and one season in, CNBC values the team at 20 times what they paid.
The Golden State Valkyries are the WNBA’s first $1 Billion franchise, per @CNBC. They are the first women’s professional sports franchise to reach that valuation!!
— Ballislife.com (@Ballislife) May 4, 2026
The Valkyries generated $78 million in revenue in their inaugural 2025 season.
The WNBA is growing 📈 pic.twitter.com/yU6akyzzYT
Where the Wings Rank
Bill Cameron's Dallas Wings are valued at $370 million, according to CNBC. They generated $20 million in revenue during the 2025 season at College Park Center, a 7,000-seat building tied for the second-smallest in the WNBA.
Knock it down Azzi 🪣 pic.twitter.com/laWKAmmtV5
— Dallas Wings (@DallasWings) May 4, 2026
That puts Dallas ahead of Washington ($335 million), Atlanta ($330 million), and incoming expansion club Toronto ($325 million). It also puts the Wings in a different conversation than the contenders at the top of the rankings — for now. Dallas selected Azzi Fudd No. 1 overall in the 2026 WNBA Draft. She joins 2025 No. 1 pick Paige Bueckers in the backcourt.
What Is Driving the Surge
Expansion fees. The Portland Fire, who begin play this season, paid $75 million to enter the league, sources told CNBC. CNBC pegs the Fire at $380 million. First-year revenue is projected to approach $50 million, a number that would already rank near the top of the league.
Media rights. The WNBA has signed new deals with Disney, Amazon, NBCUniversal, Versant (CNBC's parent company), Paramount Skydance, and E.W. Scripps since July 2024. The combined annual average: $281 million. That is roughly 6½ times what the previous slate of media rights agreements paid out. Some of the new contracts run as long as 11 years.
Sponsors. League-level sponsorship climbed roughly 40% heading into the 2026 season, growing to about 30 partners.
Fans. The 2025 season averaged 11,148 fans per game, the highest mark in WNBA history. Caitlin Clark missed more than half of the Indiana Fever's schedule with injuries, and the league still set its all-time attendance record. Television numbers came in at 969,000 viewers per regular-season game, the strongest since 1998, according to Sports Media Watch.
The Houston Move
The Mohegan Tribal Gaming Authority bought the Connecticut Sun for $10 million in 2003. In March, it announced a $300 million sale of the team to Houston Rockets owner Tilman Fertitta, pending league approval. Fertitta wants the team in Toyota Center starting in the 2027 season under a new name: the Houston Comets.
Toyota Center seats roughly twice as many people as the Mohegan Sun Arena. CNBC values the Sun at $400 million in part because Fertitta's NBA infrastructure can cross-sell tickets, premium seats, hospitality, and sponsorships in a way the Connecticut market never could.
NBA Owners Win Twice
Teams that share an owner and a building with an NBA franchise dominate the top of CNBC's rankings. The Valkyries are the obvious ones. Lacob and Guber also own the Warriors. Both teams play at the Chase Center.
Start of 4Q @valkyries
— Debbie Antonelli (@debbieantonelli) June 20, 2025
Place was sold out! A great crowd!
From the tv booth…. pic.twitter.com/TqIoBECU5Y
What that produces, in numbers: $78 million in revenue last season, a league high. Average attendance of 18,064. Twelve thousand season tickets sold entering 2026, the first time any WNBA team has crossed that mark.
Non-NBA Affiliated Franchises Rise
The Las Vegas Aces sit fourth at $500 million despite playing in a 12,000-seat building. They have sold out all 8,700 season-ticket memberships for three consecutive years, another league first. Renewals: 92%. Waiting list: 6,000. Mark Davis, who owns the Las Vegas Raiders, paid $2 million for the Aces in 2021.
🎟️ 𝐓𝐇𝐑𝐄𝐄 𝐎𝐅 𝐀 𝐊𝐈𝐍𝐃 🎟️
— Las Vegas Aces (@LVAces) March 30, 2026
For the third consecutive year, the Las Vegas Aces have sold out of season ticket memberships for the 2026 season. pic.twitter.com/NmYflJvSeo
The Atlanta Dream, valued at $330 million, is projected to double its revenue in 2026 from $17 million last season. Local sponsorship revenue is expected to climb 50% into eight figures. Atlanta is expanding seating at Gateway Center Arena from 3,500 to 4,000 and will play at least five home games at State Farm Arena. Last month's trade for two-time All-Star Angel Reese immediately moved jerseys. A group led by Larry Gottesdiener paid $5 million for the Dream in 2021.
Labor Peace
The WNBA and the WNBPA ratified a new collective bargaining agreement on March 24. With the deal in place, owners are no longer valuing teams against the risk of a work stoppage. Add in the new media rights, the wave of fresh sponsors, and the attendance record, and the league is on the most stable economic footing in its 30-year history.
A potential investor told CNBC in mid-April that well-run WNBA teams will be worth $1 billion within five years. The Valkyries got there in two.
