Billionaire Tom Steyer Surpasses Gubernatorial Rivals in Campaign Spending
Tom Steyer, a billionaire entrepreneur and activist, is making headlines in California’s gubernatorial race. He has positioned himself as a leading candidate in the Democratic primary, focusing on affordability and accountability. On January 7, 2026, he addressed the media in Sacramento, commemorating the anniversary of the devastating Los Angeles wildfires. He emphasized the need for utilities to be held responsible for past negligence and for community safety.
Campaign Spending Analysis
Steyer’s campaign spending is significantly higher than that of his opponents. He has invested over $27 million since entering the race in the fall of 2025. In contrast, the second-highest spender, Republican Steve Hilton, has only spent $3.8 million. Among Democratic candidates, Katie Porter follows Steyer closely with under $3 million in expenditures.
Financial Standing of Other Candidates
Other notable candidates include:
- Eric Swalwell: spent less than $700,000, with $2.6 million on hand.
- Katie Porter: around $3.2 million available.
- Antonio Villaraigosa: reported $3.6 million.
- Xavier Becerra: held $3.8 million.
Political strategist Garry South remarked on the unexpectedly low fundraising figures for this high-stakes campaign. He noted that outside Steyer, the other candidates are raising funds at rates typical for state senate races.
The Challenge of Fundraising
As California has over 23 million registered voters, reaching them through advertising is a costly endeavor. Despite his extensive spending, Steyer hasn’t consistently led in the polls. By the end of 2025, he had reduced his campaign fund to $1.9 million but remains capable of self-funding. In November, he even donated an additional $20 million to his campaign.
Political consultant Steve Maviglio pointed out that other candidates may hesitate to fundraise due to Steyer’s overwhelming advantage in spending. He mentioned how this financial dominance is “chilling” fundraising efforts.
Political Action Committees
Political action committees have yet to significantly engage in independent expenditures for any candidates, as they usually ramp up activity closer to election day, set for June 2 in California. Recently, prominent politicians like former Vice President Kamala Harris and California Attorney General Rob Bonta withdrew from the race, leaving potential donors uncertain about which candidate to support.
New Entrant: Mayor Matt Mahan
Another entrant, San Jose Mayor Matt Mahan, joined the race recently and hasn’t disclosed any campaign finance reports yet. Supported by wealthy tech executives, including Los Angeles billionaire Rick Caruso, Mahan may inject new spending into the campaign landscape. However, insiders believe he must rely on political action committees for substantial funding.
Steyer’s Campaign Messaging
Steyer has developed a series of advertisements outlining his policies, notably advocating for a ban on corporate campaign contributions. He also seeks to regulate utility companies to help reduce California’s cost of living. His campaign positions him as an outsider believe to challenge the established interests in Sacramento.
