The Seattle Kraken franchise valuation jumped to $1.9B, a 16% gain from the prior record. That puts the Kraken firmly in the middle tier of NHL valuations—ahead of Ottawa ($1.15B) and San Jose ($1.05B), but well below the Rangers ($2.55B) and Maple Leafs ($2.65B). The jump signals that an NHL expansion franchise entering its fourth season is now a legitimate institutional asset, not a speculative entry. Bonderman's ownership group has built something that attracts capital. The gain reflects three drivers: stabilized operations post-opening losses, a new TV rights environment lifting all NHL valuations, and Seattle's market density finally translating into local revenue. The Kraken still trade at a discount to Original Six franchises and southern US markets, but the trajectory is clear. For investors watching expansion valuations as a lens into league health, this is the signal that expansion works—at least when the ownership has capital and patience.