After joining the WNBA as an expansion team in 2008, it took the Atlanta Dream three seasons to make the WNBA Finals. The Golden State Valkyries, who debuted in 2025, reached the Finals in their second season.

One of them will become a first-time WNBA champion before the end of the month. The best-of-seven WNBA Finals open Saturday (3:30 p.m. ET) at Chase Center in San Francisco.

The No. 2 seed Valkyries — who will host Games 1, 2 and, if necessary, 5 and 7 — are coming off a semifinals sweep of the defending champion Las Vegas Aces, while the No. 4 Dream swept the New York Liberty. Both those series ended Oct. 9, giving Golden State and Atlanta plenty of prep time ahead of Game 1.

Expect defense to dominate the Finals, as the Valkyries and Dream were rated Nos. 1 and 2 in defense this season. While the Valkyries appear to be healthy, Dream guard Allisha Gray — limited to 11 minutes in Game 1 of the semifinals because of an injury on her shooting hand (left) — has said she is day-to-day after undergoing a recent procedure.

The Dream enter the Finals on a 10-game winning streak. Golden State won the regular-season series 3-0, but their last meeting was July 4.

Atlanta is making its fourth WNBA Finals appearance, but was swept in 2010, 2011 and 2013. Now the Dream will attempt to turn that disappointing history into an October celebration. And the Valkyries will try to join their NBA brethren Golden State Warriors as a league champion.

ESPN breaks down how the teams match up and predicts which team will hoist the trophy.

Jump to: GS | ATL | Key questions | Picks

How Golden State got here

The Valkyries are the first team in league history to make the WNBA Finals within the first two years of its franchise launch. They beat the Dallas Wings in three games in the best-of-three first-round series and then swept Las Vegas in the semifinals. Golden State is 5-1 this postseason, with the lone loss being Game 2 on the road against the Wings, when Wings guard Arike Ogunbowale had 45 points.

The Valkyries have looked unflappable since then. In the first game of the semifinals, they held the Aces to a season-low 60 points and were plus-27 on the boards (grabbing a franchise-record 52 rebounds, including 17 offensive). In Game 3, the Valkyries rallied from their first double-digit deficit of the series to win in overtime. Gabby Williams has continued her breakout season and is the leading scorer remaining this postseason, averaging 22.7 points. Kiah Stokes is the series’ leading rebounder with 9.5 per game. — Kendra Andrews

Golden State’s projected starters

G Veronica Burton (9.5 PPG)
F Kayla Thornton (10.8 PPG)
F Gabby Williams (22.7 PPG)
F Cecilia Zandalasini (8.5 PP)
C Kiah Stokes (9.5 RPG)

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Valkyries sweep reigning champs to reach franchise’s first Finals

What we’re hearing about the Valkyries

After becoming the first expansion team to make the playoffs in its inaugural season, the Valkyries were primed for greater success in Year 2 — and aren’t surprised to be here. “This is unimaginable, but for us it’s so realistic,” Burton said after the Valkyries swept the Aces. “It’s what we expected and what we’ve worked for. It’s what we believed in the entire year.”

The players developed an immediate bond and chemistry. Part of that they credit to a clear game plan and vision from the top of the organization down, but also to the roster being made up of many players unwanted by their previous clubs.

“A lot of us bounced around, and that’s what makes it special,” Thornton said. “A lot of us have been denied. … When you bring this group together, we create something big. We do it for each other because we know what we’ve been through.”

But as a group, the Valkyries don’t have championship experience. Only four players on the roster have competed for a WNBA title: Thornton (2024), Tiffany Hayes (2023), Zandalasini (2024) and Stokes (2022, 2023, 2025). Coach Natalie Nakase was an assistant on Las Vegas’ first two title teams.

“We have other WNBA champs, we have other Olympians,” Williams said. “We all know how to get it done, we just now have to get it done together.” — Andrews

Why the Valkyries can win the title

Golden State’s depth will be its superpower in this series. After having the best second unit in the WNBA throughout the regular season, the Valkyries’ bench is scoring a league-best 32.3 points in the playoffs. The Dream’s starting lineup has been the best scoring group in the postseason, but their bench averages 16.2 points. One of the biggest luxuries the Valkyries have is never knowing exactly who will go off from game to game — but always knowing someone will.

Janelle Salaun won Sixth Player of the Year but has experienced a quiet postseason. Instead, Hayes has provided a massive spark off of the bench (13.3 PPG in the playoffs vs. 9.0 in the regular season), while Kaitlyn Chen and Kaila Charles have had momentum-swinging spurts. In Game 3 of the first round, Burton was benched after air-balling consecutive shots, but the Valkyries didn’t miss a beat, a luxury many teams don’t have.

If the Dream are without Gray, it shrinks Atlanta’s depth and gives the Valkyries’ already dominant depth more of an advantage. — Andrews

If they win, the Finals MVP will be…

This might be the easiest question in this preview. The addition of Williams took the Valkyries from a playoff team to a championship contender. She finished No. 2 in Defensive Player of the Year voting and made a defense that was already elite in 2025 (ranked No. 3 with a 99.8 defensive rating) even better (No. 1 with a 99.1 rating, with no other club being better than 103.0). During the first two rounds, she averaged 22.7 points (No. 5 of all players in the postseason), 4.8 rebounds, 4.0 assists (No. 9) and 1.7 steals (No. 6). All of those metrics have increased from the regular season, including more than 8.0 points per game. She’s shooting 40.5% from behind the arc and her 2.8 3-pointers per game ranks No. 4 in the playoffs and is the highest among those still playing.

Williams is one of the most well-rounded players in the league, and her addition gave the Valkyries a starter who could consistently create her own shot in one-on-one situations, something that was missing with Golden State. She has been the biggest difference in this 2026 Valkyries squad to the point that owner Joe Lacob, after an incredible Game 1 of the semifinals, declared Williams the best player in the world. — Kareem Copeland

If they lose, it will be because …

The Dream find cracks in the Valkyries’ defense. Golden State has allowed more than 81 points just once in the playoffs. In the five victories, opponents averaged 74.2 points. The Valkyries aren’t just an offensive juggernaut but are four wins from holding the trophy due to a stifling defense that feeds the offense. If Dream coach Karl Smesko can figure out a way to get clean looks for Rhyne Howard, Gray (if available), Jordin Canada and DeWanna Bonner, and if Angel Reese can be successful against Stokes, that’s a significant advantage. Golden State isn’t exactly built for shootouts, and Atlanta has averaged 92.6 points this postseason. — Copeland

Player ready for Finals spotlight

Stokes is familiar with the Finals, less so with the spotlight. But she deserves her time to shine. Stokes started just seven games at UConn but won three NCAA titles. The No. 11 draft pick in 2015 by New York, she stayed with the Liberty until being waived in June 2021. Two days later, Las Vegas signed her. She won three WNBA championships with the Aces. Now she’s a key part of the Valkyries, starting all season for them.

Stokes’ commitment to doing whatever a team needs has made her a valuable veteran, and it can be easy for her to get lost in the shuffle because she doesn’t score a lot (3.6 PPG in the regular season, 3.2 in playoffs). But the screens she sets, the passes she makes, plus the defense and rebounding are so big toward Golden State’s success. She’s coming off one of her best games of the season, with 11 points, 10 rebounds, three blocks, three assists and two steals in Golden State’s 87-77 Game 3 win over the Aces. — Michael Voepel

How Atlanta got here

The Dream have been the most dominant team in the postseason, winning five consecutive games and sweeping the Washington Mystics and New York. They defeated the Mystics by an average of 16.5 points before things became a bit more challenging against the 2024 WNBA champs. Despite losing leading scorer Gray (19.0 PPG in regular season) in Game 1 of the semis, Atlanta still won by 10. Overtime was required in Game 2, and the Dream won Games 2 and 3 by a combined five points.

Angel Reese is playing the best basketball of her career after being named Defensive Player of the Year. She is averaging 18.0 points, 8.4 rebounds, 2.2 blocks, 2.0 assists and 1.6 steals in the playoffs. Bonner has stepped into the starting lineup without Gray, whose status remains unknown for the Finals. Bonner, a veteran with 103 games of playoff experience, has been a perfect late-season addition. (Atlanta signed her in late August.) Canada has continued to be a defensive pest with 2.2 steals per game, which ties Howard for a 2026 postseason high, and she has increased her scoring average from 11.6 points in the regular season to 19.2 in the playoffs. — Copeland

Atlanta’s projected starters

G Jordin Canada (19.2 PPG)
G Rhyne Howard (19.2 PPG)
F Angel Reese (18.0 PPG)
F Naz Hillmon (5.2 PPG)
F DeWanna Bonner (13.2 PPG)

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Dream hold off Liberty’s rally to reach first Finals since 2013

What we’re hearing about the Dream

The Dream’s 10 consecutive victories match the 2017 Sparks for the league’s longest win streak entering the WNBA Finals. They are also a league-best 22-4 since a 10-point loss at home to the Portland Fire on July 11, which was their sixth loss in seven games.

The Dream credit a confluence of factors for allowing them to play their best basketball when it matters most. “I thought we had a really good [FIBA] break where we got to focus on some things,” Smesko said Friday. “We had some players that got to play in the World Cup, and they all did really well. So I think they came back with a lot of confidence, and obviously adding [Bonner] added another dimension to our team.

“I just think we’ve been improving steadily through the season, and everybody’s had a good attitude about getting better, and we’ve been able to play really well for a nice stretch here.”

Reese and Canada have played some of the best basketball in their careers recently, but the group also attributes its hot streak to strong chemistry, something that has stood out to Bonner. “We are a really close group,” she said. “I feel like I’ve been here since the beginning. I don’t think there’s a day that we don’t want to come in here and come to work with each other and step on this court for each other.”

With two titles apiece, Bonner and Canada are the only regular contributors who have won WNBA championships, Bonner with the Phoenix Mercury and Canada with the Seattle Storm. For Canada, those Storm championship teams boasted an off-court chemistry that translated onto the court.

“We’ve hung out, had team dinners, doing anything that we can to build bonds. And I think that means a lot more when you get to know a group on a deeper level outside of basketball and knowing who they are as people and what makes them go,” Canada said. “Then in moments like this, when you’re in such a heated moment or a heated series, you want to fight and you want to battle for the girl on the left and right of you.” — Alexa Philippou

Why the Dream can win the title

Even without Gray, Atlanta is the more offensively blessed team in this Finals matchup. Howard (17.7 PPG in the regular season) and Gray (19.0 PPG) are the two best offensive threats in this series and can win games on their own. Both ranked in the top 11 in scoring this season. Reese has continued to develop her offensive game, and the Dream have no problem running things through her, whether she’s initiating it on the perimeter or catching it in the post. Canada’s increased production adds another wrinkle into the Dream scheme while making up for the loss of Gray. Bonner, 39, is simply one of the best scorers in the history of the league, and she still has bursts that can bury an opponent.

Atlanta also loves to get out in transition off its aggressive defense that led the league in steals (9.1 per game). In the semifinals, the Dream scored 60 points off 38 turnovers in the first two games. The biggest question, which the Valkyries have answered in each round, is if the league’s top defense can continue to contain some of the best offenses? — Copeland

If they win, the Finals MVP will be…

Reese or Canada. Reese has been the motor of this squad throughout the season. She outdueled Jonquel Jones in the Liberty series, averaging 20.7 points, 7.7 rebounds, 2.3 blocks and 2.0 steals. She plays with a tenacity and toughness that reverberate through the rest of the Dream. Per Elias, her 18.0 PPG in the postseason are on pace to be the fifth-highest average in WNBA history for a player making the Finals in their first playoff run.

Canada has been referred to as the head of the snake in Atlanta and has been its X factor this postseason: Her 19.2 points per game in the playoffs are well above her regular-season average (11.6 points) and are tied with Howard for best on the team. She’s achieving that with stellar efficiency — 51.6% from the field (33-of-64), 50% from 3-point range (12-of-24) and at the free throw line (18-of-18) — all while quarterbacking the offense (8.8 assists) and defense (2.2 steals per game). — Phillipou

If they lose, it will be because …

Atlanta can’t generate offense off Golden State turnovers and gets hurt by its lack of depth. The Dream’s defensive pressure makes them elite at forcing turnovers and turning them into points: They were No. 1 in the league in steals per game (9.1) and points off turnovers in the regular season (18.1), and No. 2 in fast-break points (11.9). But Golden State excels in taking care of the ball: During the regular season, the Valkyries’ 11.5 turnovers per game were fewest in the league, and in the playoffs that number is even lower (10.3, second to Dream’s 9.0).

The Dream not nearly as deep as the Valkyries. Golden State’s bench averaged 35.9 points in the regular season versus Atlanta’s 17.9 PPG, one of the lowest marks in the league — and that will be exacerbated even more if Gray cannot play. Golden State’s litany of options could prove to be too much for an Atlanta squad that relies significantly on its starting five and could be without its top scorer. — Phillipou

Player ready for Finals spotlight

Bonner left the Mercury to try to win a championship in what could be the final season of her career, and she’s now four wins away. Most of the Dream players are relatively inexperienced on this stage. But Bonner — who holds the league record for playoff games — is not, and her leadership will be crucial for Atlanta to navigate the ups and downs of a seven-game series. Her offensive firepower (13.2 PPG in the playoffs) will be even more necessary for Atlanta if Gray can’t play. — Phillipou

Four key questions

How do the teams match up?

Atlanta has been great at forcing turnovers (17.2 per game) in its first two playoff series and converting those into points. That will be harder against Golden State, which has averaged just 9.2 turnovers in the playoffs. The Valkyries and the Dream (8.4) are the only two teams to average fewer than 10 turnovers in this postseason. Like so many things in this series, this is a strength vs. strength matchup.

That leads us to how the teams guard each other. Reese was the Defensive Player of the Year but A’ja Wilson is one of the best defensive players in WNBA history, and the Valkyries still figured out ways to get shots they wanted against her and the Aces in the semifinals — and then convert enough of them.

The Valkyries’ first two playoff opponents have been good preparation for facing the Dream in terms of how much Dallas and Las Vegas were able to challenge Golden State’s defense. The Valkyries rose to that challenge. But neither the Wings nor the Aces presented as good of a defense as Atlanta brings.

So that should end up being the biggest key: Will the Valkyries find enough offensive success to win the championship? — Voepel

What is the series X factor?

It could be health. Gray is one of the best players in the league. Even though the Dream won the semifinals with her playing only briefly before her Game 1 injury, she is a big absence. The Valkyries would have a different challenge guarding the Dream with Gray on the floor. Adding to her offensive repertoire, she’s a very good defender and one of the most experienced players on the court. Gray is used to stepping up in big moments. If there is any way she can return to the Dream with some effectiveness, it could make a difference in this series. If not, the Valkyries’ depth edge remains a key factor. — Voepel

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Ballhalla will boast 18,000-plus fans. The Dream aren’t playing at their usual home arena. How much will home-court advantage be a factor?

As someone who has spent the better part of the past six months watching games in Ballhalla, there are very few home-court advantages such as what the Valkyries have at Chase Center. It isn’t just that they have a raucous crowd or they’ve sold out every home game the past two seasons. The energy — the rowdiness, the joy, the party — makes it feel almost like a basketball utopia. Golden State went a league-best 17-5 at home during the regular season and it has yet to lose a game in San Francisco during these playoffs. The noise inside Chase Center is deafening, and it’ll only get louder in the Finals. The Bay Area is built for playoff — and championship — basketball.

This isn’t to say that Atlanta’s home court won’t be rocking. Adjusting the schedule to allow the Dream to play at State Farm Arena (which seats up to 17,000) rather than the 3,500-seat Gateway Arena was critical for the team and the league. While this isn’t the Dream’s usual home court, it’s not unfamiliar. They played six regular-season games at State Farm and played all three postseason home contests there. There’s a reason this was the only alternate venue the Dream wanted to play Finals games in. But for the Dream to win the Finals, they have to win at least one game on the road. That has been difficult in Ballhalla. — Andrews

Will Atlanta’s 0-3 record against Golden State in the regular season matter? What did we learn from those meetings?

Teams sometimes downplay prior results for a presumed strategic or motivational advantage. In this case, those games were so long ago, they don’t have much bearing on what we’re about to see.