CALIFORNIA — Tom Steyer has spent more than $132 million on his California gubernatorial campaign through mid-April 2026, outspending his opponents by twenty to thirty times. Steyer personally contributed $105 million to his campaign between January and April 18, 2026.

Steyer's wealth is derived from a hedge fund where he previously invested in fossil fuels and private prisons before turning to liberal activism. His campaign spending has exceeded the amount Gavin Newsom's political committee spent to pass Proposition 50, and surpassed the $73 million Newsom's campaign spent fighting the 2021 recall election. By comparison, Meg Whitman spent $159 million on her unsuccessful 2010 gubernatorial campaign.

Among the other candidates, San Jose Mayor Matt Mahan raised $13 million between January and April 18, 2026. Independent political spending committees supporting Mahan raised $25 million and spent $19 million on ads through April 18.

Katie Porter raised $2.8 million during the same period and had $3.7 million in campaign funds on hand entering the most expensive stage of the race. Xavier Becerra raised $1 million, with his campaign spending four times its contributions and ending with $507,000 on hand. Antonio Villaraigosa raised $707,000, and Tony Thurmond raised $62,000.

Television commentator Steve Hilton raised $4.4 million for his gubernatorial campaign, and Riverside County Sheriff Chad Bianco raised $1.5 million. Both figures cover the January through April 18, 2026 reporting period.

A group funded by state realtors, the construction industry, the electrical workers' union and Pacific Gas & Electric spent $14 million on ads attacking Steyer's prior investments. PG&E and the California Chamber of Commerce spent an additional $7 million on ads in a separate campaign expenditure.

The California Nurses Association and the political action committee Our Revolution endorsed Steyer's campaign. Representative Eric Swalwell dropped out of the gubernatorial race following sexual assault and misconduct allegations from multiple women.