Golden State Valkyries president Jess Smith believes her team’s projected billion-dollar valuation is true.
In an interview with Front Office Sports, Smith said that the Valkyries “definitely think it’s accurate” that they are worth 10 figures. Though team valuations typically aren’t confirmed until they are sold, Smith says that women’s sports teams’ valuations are especially on people’s radar as they continue to grow.
“People have been eyeing the moment that there would be a billion-dollar organization come to fruition. And for us, we feel really proud to be part of that,” Smith said. “If you’re looking forward, there’s even more upside to be excited about.”
CNBC first projected the Valkyries’ billion-dollar valuation, which would make it the first WNBA team to be worth 10 figures, on May 4. Just three days prior, Sportico estimated the franchise’s valuation to be $850 million.
Earlier this year, the Connecticut Sun were sold to Houston Rockets owner Tilman Fertitta for $300 million. Meanwhile, the New York Liberty added several new investors in a deal that valued the team at $450 million — a record for a women’s sports franchise. The NBA’s most recent transaction came when Paul Allen sold the Trail Blazers to Tom Dundon—who also owns the NHL’s Hurricanes—for $4.25 billion.
Smith believes that eventually, a WNBA team could “absolutely” be worth as much as an NFL or an NBA team. According to NBC, the average valuation of an NBA team is $5.52 billion (with the lowest being the Grizzlies at $3.75 billion), while the average value of an NFL team is $7.65 billion (the Cardinals being the lowest at $5.9 billion).
“When you look to 2027, what you’re gonna see is more hypergrowth,” Smith said, citing more games under the new CBA, increasing international talent, and the new $3.1 billion TV deal as reasons for growth. “You can start to see that pathway toward these teams being more valuable than some of the men’s teams or leagues at some point in time.”
The Valkyries garnered considerable success in their inaugural WNBA season, making the 2025 playoffs and leading the league in average attendance. They also generated $78 million in total revenue. Though a concrete valuation for the team likely won’t be made public anytime soon, a $1 billion figure wouldn’t be unforeseen — Ariel Investments, an investor in the NWSL’s Denver Summit and League One Volleyball, told FOS on May 1 that a pro women’s sports team achieving a $1 billion valuation would happen in the next five years.
Golden State kicked off its 2026 season with an eyebrow-raising decision, trading its top pick in Flau’jae Johnson on draft night in the name of cap flexibility for a player it later waived (Smith says she “[gets] to be a fan like everyone else” when it comes to her team’s roster construction). But the team also made major additions, including All-Star Gabby Williams, and has kicked off the 2026 season with a 2-1 record.
