The Golden Knights are now worth $2.2B, up 19% from the prior valuation record. That's a $400M swing in five years for a franchise that didn't exist before 2017. The NHL median sits around $1.9B — Vegas is already trading above it, a signal that expansion-market risk premiums have compressed as the team proved sustainable on both the ice and the business side. What's driving this: market maturity. Vegas went from NHL curiosity to perennial playoff contender to Stanley Cup winner. The market absorbed the team, T-Mobile Arena became a revenue machine, and the market cap followed. For NHL investors watching Seattle's entry in 2024 and potential future expansions, the Vegas playbook is now the benchmark — prove you can fill a building and build a winner, and institutional money shows up.