Sacramento's regional airport doesn't offer a shortcut to the Mediterranean, which is precisely why routing strategy matters so much on this itinerary. There is no nonstop option: business class from Sacramento to Valencia always routes through a major gateway, and the smartest connections run via American Airlines and British Airways through London Heathrow, or via Iberia through Madrid. My preference after dozens of these crossings is the Iberia routing—SMF to Madrid via a domestic connection (typically through Dallas or Chicago on American metal), then a short Iberia hop down to Valencia. Madrid-Barajas makes for an easier onward connection than Heathrow's Terminal 5, especially given Iberia's home-turf efficiency there.
The transatlantic long-haul is where the real product decision happens, and American's Flagship Suite, British Airways' Club Suite, and Iberia's A330 business class each deliver a distinct experience. British Airways' Club Suite, with its sliding door and direct aisle access, is the newest hard product and worth routing for if your connection allows a Heathrow layover. American's Flagship Suite on 777-300ERs offers similarly private suites with excellent Flagship Lounge access at Dallas or Chicago before departure. Iberia's business class is comfortable but older-generation on many aircraft, so if you're booking Iberia for the transatlantic leg rather than just the Madrid-Valencia shuttle, check the specific aircraft type before committing miles or cash.
My insider tip: build in extra connection time at Madrid rather than tight minimum-connect windows—Barajas security lines swell unpredictably with intra-European traffic, and missing that Valencia hop means waiting hours for the next Iberia regional flight. April, May, September, and October consistently deliver the best combination of fares and pleasant Valencia weather, avoiding both summer crowds and winter's gray Atlantic turbulence. Because award space and fares on this three-airline corridor shift constantly between Heathrow and Madrid routings, setting up automated fare alerts is the only reliable way to catch the right combination of schedule and price before it disappears.