Steyer's $100 million bet reshapes California governor's race

SAN JOSE, Calif. - Tom Steyer has poured more than $100 million into California's governor's race - a staggering sum that's reshaping the field and helping vault him into the top tier after months of lagging in the polls.

The billionaire philanthropist's investment into his campaign to succeed Gov. Gavin Newsom reached nine digits this year, as he poured nearly $105 million into his campaign in 2026 and $133 million into his bid since entering the race last November.

It's a level of spending only eclipsed by former eBay CEO Meg Whitman, who dumped $144 million of her personal wealth into her 2010 gubernatorial campaign, which she lost to Gov. Jerry Brown.

Steyer's money made up all but $102,000 in contributions to his campaign this year. He spent $106 million and has $4.1 million in campaign cash on hand as of the April 23 filing deadline.

"He's on track to set a record that is unlikely to be matched ever," Sonoma State political science professor David McCuan said.

Steyer's big campaign spend appears to be working.

As of Dec. 31, 2025, he had spent $27.4 million to boost his name but had yet to break through in the polls - a December independent poll from Emerson College placed him at 4%.

But following a flood of television and digital ads that dwarfed his competitors, Steyer seems to be emerging as one of the front-runners, with the most recent Emerson College poll placing him in third behind former Fox News host Steve Hilton and Riverside County Sheriff Chad Bianco, both Republicans.

The California governor's race has fundamentally changed since candidates last reported their campaign finance hauls last year. San Jose Mayor Matt Mahan jumped into the race, Eric Swalwell - the now-former congressman representing the East Bay - dropped out following allegations of sexual misconduct, which he denies, and former state Controller Betty Yee also ended her campaign amid low polling numbers.

Steyer's spending dwarfs every other candidate.

But elsewhere in the race, the connection between money and momentum is far less straightforward.

Mahan raised $13.4 million since joining the race in January, putting him second only to Steyer in campaign cash. His contributions came from donors including Google co-founder Sergey Brin, Palantir co-founder Joe Lonsdale and Y Combinator CEO Garry Tan. His campaign has spent $5.5 million and still has $8.5 million in cash on hand.

Mahan also has the backing of two independent expenditure committees funded largely by tech leaders and other wealthy investors.

While big money is being spent on the San Jose mayor, he's struggled to break through to the front of the crowded field.

McCuan said there's a "drag that's not reflected on the expenditures that are there."

Other candidates are seeing the opposite dynamic: growing traction without comparable fundraising.

McCuan said the latest campaign finance data doesn't yet reflect the polling boost that former U.S. Health Secretary Xavier Becerra saw amid Swalwell's exit.

His campaign saw new momentum that included a packed Los Angeles town hall and key endorsements like Assembly Speaker Robert Rivas, a Salinas Democrat.

The most recent Emerson College poll showed Becerra received a 15-point bump among Democrats, trailing only Steyer.

His campaign, however, raised just more than $1 million since the beginning of the year - placing him sixth in the fundraising race among the eight leading candidates. Becerra spent $4.3 million this year and has roughly $507,000 in cash on hand.

Former Orange County Rep. Katie Porter, another one of the leading Democratic candidates, raised $2.8 million this year and spent $2.4 million. She has the third most cash in her campaign account after Mahan and Steyer, with $3.7 million in cash on hand.

Porter's campaign said that in the five days after allegations about Swalwell emerged, it raised $1 million, mostly from first-time donors. Her campaign said the California Secretary of State's Office had difficulty uploading it to the online portal because her campaign finance report is so long.

Republican candidates, meanwhile, are remaining competitive despite far lower spending.

Hilton raised $4.2 million this year and spent $3.3 million. His campaign said in a news release that $250,000 of that was raised in the days leading up to and immediately after this week's debate. He has $2.8 million in campaign cash still left.

"Californians know something is broken," Hilton said of his haul. "They see it in their bills, their rent, their gas prices, their everyday lives. They want lower costs, safer communities, and a government that actually works for them again."

Bianco raised $1.5 million and spent $2.1 million this year. McCuan said the Republican sheriff is "getting a lot of bang for his buck" since he hasn't raised or spent as much as his competitors but has frequently been one of the top-polling candidates.

"That's a reflection of his appeal to kind of a solid conservative base," McCuan said. "That's a conservative base that doesn't necessarily give big dollars, but he's locked in there."

Bianco has nearly $1.4 million in cash on hand.

Trailing in fundraising among the leading candidates are Los Angeles Mayor Antonio Villaraigosa and state Superintendent of Public Instruction Tony Thurmond.

Villaraigosa raised $780,575 and has $1.1 million in cash on hand, while Thurmond raised $62,384 and has $356,228 in campaign cash.

Neither Thurmond nor Villaraigosa qualified for the latest debate because of their low polling numbers. However, both are expected to appear in next week's debate, and Villaraigosa will also participate in the May 5 CNN debate.

The low fundraising numbers could signal danger for the two campaigns, according to McCuan, who said donors are often strategic with their dollars.

"As we enter into this period where voters are paying closer attention and we're starting to see polling data and results from debates coming in, donors walk away," he said.

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This story was originally published April 24, 2026 at 6:26 PM.