Unrivaled has been gaining in popularity as a fun yet challenging league for WNBA players during the league’s off-season since its inaugural season in 2025. Instead of waiting around for the WNBA season to start, some of basketball’s biggest stars hone their skill in a unique 3-on-3 format. Now, that popularity has attracted more money than even Unrivaled would generate. Following their Series C fundraising round, Unrivaled announced on Tuesday that they had exceeded their $100 million target.

Unrivaled’s current valuation is now at $650 million, almost double what it was last September, when the league closed its Series B funding round and stood at $340 million. While it is obviously noteworthy news for co-founders Breanna Stewart and Napheesa Collier, other stars like Angel Reese and Paige Bueckers will also reap huge benefits, as 95% of Unrivaled players have equity in the league, co-founder Alex Bazzell told Front Office Sports.

“I think this is a testament to how quickly the space is evolving and growing, but also to the incredible foundation that we’ve built,” Unrivaled co-founder and Collier’s husband Alex Bazzell told Front Office Sports.

“This raise is fueling the next stage of Unrivaled’s growth and expanding our impact across the women’s basketball ecosystem… Unrivaled was built by players and for players, and their ownership, leadership and ambition continue to drive the league forward and define a new model for the sport.” Bazzell said in Unrivaled’s original announcement.

In Unrivaled, the players own around 30% of the company. In addition to the increase in valuation, Unrivaled announced that the portion of the company owned by players is now valued at nearly $200 million, with the player equity pool increasing by 550% since the league’s inception.

Talking about the league’s inception, Unrivaled has always positioned itself as player-driven. At a time when the WNBA’s minimum guarantee was under $70,000, Unrivaled offered six-figure salaries to all players and offered equity stakes in the league.

While Bazzell did not share the exact number of players with equity in the league, he said that all 36 players who signed in the first season received an ownership stake.

“At least 95% of our players are a part of this in at least some way, shape, or form. Some still value cash a little bit more than equity—there’s always that exchange between agents.”

“But I’m really proud of the fact that these players get to learn what it means to be an owner and inevitably make money during their sleep and when they’re in their offseason, or when they’re with the WNBA.”

Unrivaled currently has a total of 48 WNBA players competing across eight 3-on-3 teams this season.

Ten Pillars Sports Fund, backed by UC Investments, led the Series C funding. Moreover, Unrivaled also saw reinvestments from high-profile sports figures like NBA legend Carmelo Anthony, Washington Wizards’ Trae Young, UConn Huskies head coach Geno Auriemma, and former soccer stars Alex Morgan and Servando Carrasco’s venture capital firm, Trybe Ventures.

If we compare Unrivaled’s current valuation to WNBA franchises, it leads every team except the Golden State Valkyries, who are the highest-valued team in the WNBA at $1 billion, according to CNBC projections released in May. The Connecticut Sun was the most recently sold franchise in the WNBA, purchased for $300 million by Houston Rockets owner Tilman Fertitta.

However, Unrivaled saw a dip in its second year after a successful first season. According to ESPN, viewership was roughly 14% down for the championship game, averaging 314,000 viewers across TNT and TruTV, down from 364,000 in 2025. The overall playoff viewership also saw a 9% dip, with league officials attributing the decline to heavy competition from the 2026 Winter Olympics, NFL, and College Football playoffs.

The Series C fundraise has also proved that investors have plenty of faith in the future of the league. In fact, after seeing growth from two sold-out stops, the league aims to cater to a larger live audience pool.

Unrivaled to add more touring for larger-sized arenas

Unrivaled’s second season saw them move out of the 1000-seater Sephora Arena in Miami for the first time. The league played in Philadelphia and marked a women’s basketball attendance record for Xfinity Mobile Arena. They also hosted semi-final playoff games at the Barclays Center in Brooklyn.

Next season, the league is planning around eight tour stops. This ties with what Bazzell said about the league moving out of the Sephora Arena by 2028, as he believes they have “outgrown” the venue. While Bazzell guaranteed they would move to a larger place, he wants to continue providing an “intimate” experience for the fans, as he told ESPN.

“I’m a big believer in staying ahead of the curve, staying aggressive, and nothing is off the table. Whether that’s format, cities, where we go next, or who we sign. We want to make sure we are making sound, long-term decisions.”

With Unrivaled making so many changes to improve the product and increase player satisfaction for next season, one cannot help but wonder if it’s because of competition arriving. Unrivaled will not be the only women’s professional basketball league next January.

Project B, a new global basketball league Meta and Google executive Grady Burnett and Skype co-founder Geoff Prentice and led by former WNBA star Alana Beard, is planning to launch in January 2027. Moreover, it is scheduled to run around the same time as Unrivaled, with WNBA stars like Nneka Ogwumike, Jonquel Jones, and Sophie Cunningham signed for the league alongside former Unrivaled players Kelsey Mitchell and Alana Smith.

However, Bazzell said he doesn’t “put a lot of focus” into Project B, despite acknowledging that they have signed a “few solid players.” This is because Unrivaled has filled up its roster for the next two seasons at the very least. And with the recent addition of Gabby Williams and projected Rookie of the Year, who is also a contender for MVP, Olivia Miles, you can say Bazzell and co. have the upper hand in terms of star power.

“I don’t think we’re at the point of maybe jockeying for positions as much as people would think.”

Bazzell believes Unrivaled’s competition is more domestic, while Project B is focused more on international play.

Regardless, with the hype around Project B and Unrivaled’s viewership drop this season, it will be interesting to see who takes the ratings cake and whether Bazzell and co.’s projected plans for its third season will be the difference maker between the two leagues.