Valencia decimated Real Madrid on the road (77-93) and earned their second straight win to remain undefeated in the EuroLeague.
Bojan Dubljevic led the winners with 24 points, Mike Tobey contributed 14 and Nikola Kalinic scored 10 for Valencia.
Walter Tavares had 15 points for Real Madrid, while Facundo Campazzo added 14. Rudy Fernandez and Trey Thompkins each posted 12 points for the hosts.
Valencia were in front by five at halftime (39-44) and took over in the second half. Playing excellent on both ends, they led by as many as 25 in the contest (55-80) and cruised to an easy victory.
Valencia improved to 2-0, whereas Real Madrid dropped to 0-2.