Reddit founder Alexis Ohanian kept receipts from trolls who mocked his bet on women’s sports: ‘Every time we hit another revenue milestone, I tag them and thank them for the motivation’

Alexis Ohanian, Reddit co-founder, has significantly invested in women's sports since 2020, asserting its status as a massively undervalued asset with Silicon Valley-style growth potential. He points to a 150x increase in NWSL expansion fees, from $1 million in 2020 to $150 million recently, as evidence of rapid valuation appreciation. With women's sports revenue projected to reach a record $2.35 billion this year, a 25% year-over-year increase, Ohanian suggests the market is still largely untapped, presenting substantial investment opportunities.

Analysis

Alexis Ohanian, co-founder of Reddit, has demonstrably validated his investment thesis that women's sports represent a "massively undervalued asset" through significant capital deployment since 2020. His portfolio now encompasses control ownership in Angel City FC and Los Angeles Golf Club, alongside minority stakes in Chelsea FC and professional women's volleyball, signaling a strong conviction in the sector's long-term viability and growth. This strategic positioning aligns with an "extremely positive" sentiment surrounding the industry's trajectory.

The sector is exhibiting Silicon Valley-esque growth dynamics, exemplified by the NWSL expansion fees surging from $1 million in 2020 to $150 million for a new group within four to five years, a remarkable 150x increase. This rapid appreciation in asset valuation is further supported by projected women's sports revenue reaching a record $2.35 billion this year, reflecting a robust 25% year-over-year increase, according to a 2025 Deloitte report.

Despite this accelerated growth, the current $2.35 billion revenue figure constitutes less than 3% of the total $80 billion generated by both men's and women's sports combined. This substantial disparity underscores the significant untapped market potential, suggesting ample room for continued expansion and valuation upside for early and strategic investors in this burgeoning asset class.

Key Decisions for Investors

• Investors should evaluate the women's sports sector as a high-growth, potentially undervalued asset class, particularly within private markets and venture capital strategies.
• Monitor key financial indicators such as league expansion fees and overall revenue growth, as these metrics are demonstrating rapid valuation appreciation and market maturation.
• Consider opportunities across the sports ecosystem, including media rights, team ownership, and related consumer demand sectors, given the significant untapped market potential highlighted by current revenue disparities.