Unrivaled, the women’s 3-on-3 basketball league launched in 2025, raised over $100 million in its latest Series C funding round, boosting its valuation to $650 million. This marks a near doubling from its $340 million valuation just a year prior after Series B. The funding round was led by Ten Pillars Sports Fund, supported by UC Investments, and included reinvestments from sports personalities such as Carmelo Anthony, Geno Auriemma, Trae Young, and Alex Morgan. This valuation situates Unrivaled competitively within women's basketball, considering the Connecticut Sun recently sold for $300 million and the Golden State Valkyries are valued at $1 billion.

A distinctive feature of Unrivaled is its player ownership model, with about 30% of the company valued at nearly $200 million owned by players. Co-founder Alex Bazzell revealed that more than 95% of Unrivaled’s players have equity stakes, with all inaugural season players receiving ownership shares. The league has significantly expanded its player equity pool since launch, up 550%, and offers six-figure salaries, higher than the WNBA minimum. Players' equity stakes vest over four years, with provisions for those who leave early, allowing them to retain vested shares or negotiate buyouts.

Despite its strong valuation and innovative business model, Unrivaled’s TV ratings dipped in its second season. However, the league experienced success in sold-out NBA arena tour stops and is planning about eight tour stops for 2027. The league currently plays most games at Miami’s Sephora Arena but plans to relocate by 2028 to a larger venue seating 2,500 to 4,000 fan, aiming to maintain an intimate fan experience. Bazzell emphasized balancing growth while preserving the league’s unique atmosphere.

Unrivaled faces emerging competition from Project B, a new global women’s basketball league launching concurrently in winter 2027, which has signed several WNBA stars including some former Unrivaled players. Despite this, Bazzell remains confident, highlighting that Unrivaled has secured over 90% of its 2027 player roster and focusing primarily on the domestic market, whereas Project B targets international play. He underscored a belief that the leagues occupy different spaces, minimizing direct competition over players and audience.