California Governor Race: Fundraising Heats Up as 2026 Election Approaches

The California governor's race is shaping up to be a high-stakes battle, with fundraising playing a crucial role. Steve Hilton's fundraising success highlights the potential for a Republican candidate to gain traction in California. At the same time, Tom Steyer's massive spending underscores the importance of personal wealth in modern campaigns. The Democratic field, with candidates like Eric Swalwell and Katie Porter, face the challenge of consolidating support and resources. The state's top-two primary system adds complexity, potentially allowing two Republicans to advance to the general election if Democrats split the vote. The recent entry of San Jose Mayor Matt Mahan introduces another dynamic, as he seeks to tap into Silicon Valley's financial resources.

California's large and expensive media markets require significant funds for candidates to reach voters effectively.

The top-two system allows the two candidates with the most votes in the primary to advance to the general election, regardless of party affiliation. This can lead to scenarios where two candidates from the same party compete in the general election, or where one party is shut out entirely.

Gov. Gavin Newsom’s campaign spent $30.7 million between January and Election Day in 2018, the equivalent of more than $40 million in 2026.

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