Marin County, buckle up! The race for Governor in 2026 is shaping up to be a whirlwind of campaign spending.
It’s not just across the bridge in San Francisco or down in Silicon Valley—the ripple effects hit right here in our beautiful corner of California. This blog post dives into the wild financial battleground of the 2026 California gubernatorial primary, looking at who’s spending what, why, and what it all means for the candidates fighting for our votes.
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From the sprawling estates of Atherton to the heart of San Jose, and even touching on the concerns of our neighbors in Sonoma and Napa counties, this election is about more than just policy. It’s about the jaw-dropping power of capital in shaping our political future.
The Unprecedented Spending Frenzy: Fueling the 2026 Gubernatorial Primary
This year’s contest for the California governorship is smashing all previous records. It’s now the most expensive primary in the state’s history.
The sheer volume of outside funding is staggering, more than doubling what we saw in the 2018 general election. This tidal wave of cash isn’t just fueling traditional campaign rallies in places like Oakland or Sacramento.
It’s about a sophisticated, multi-pronged approach to influencing public opinion statewide—including right here in Marin County.
The Billionaire Factor: Tom Steyer‘s Dominance
Billionaire Tom Steyer has personally invested a colossal $213 million of his own fortune into his campaign. With that kind of money, he’s managed to saturate our airwaves and digital spaces with paid influencer campaigns.
His message now reaches voters from Sausalito to Tiburon and beyond. This level of self-funded investment is something California hasn’t really seen before in a primary.
The Opposition’s Counter-Offensive: A Coalition Against Steyer
In response to Steyer’s massive spending, a powerful coalition named California Is Not For Sale has jumped into the fray. Funded by heavyweights like the state’s Realtors, the Chamber of Commerce, PG&E, and the electrical workers’ union, they’ve poured $32 million into advertising campaigns aimed squarely at opposing Steyer.
Their efforts are designed to counteract Steyer’s reach and present an alternative vision for California’s leadership. That message seems to resonate with business interests across the state, including many in the North Bay.
Corporate Muscle Behind Becerra and Mahan
Corporate America is flexing its influence in this election. Many of these same business and industry groups have funneled roughly $13 million through Political Action Committees (PACs) to support Xavier Becerra.
Major corporate donors backing these PACs include Chevron, McDonald’s, DaVita, and California Resources Corp. Their endorsements, amplified through PAC spending, aim to shape the narrative and secure Becerra’s spot as a top contender.
Meanwhile, in Silicon Valley, independent committees funded by billionaire tech titans have injected nearly $22 million to boost San Jose Mayor Matt Mahan. Even with that support, strategists say $45 million would have been needed to really launch Mahan as a statewide contender from his South Bay base.
Grassroots vs. Big Money: Contrasting Fundraising Approaches
The contrast in fundraising is pretty stark. Progressive unions like the California Nurses Association and United Domestic Workers have spent a much more modest $1.4 million in support of Steyer.
This highlights a big difference in how campaigns are being financed and the kinds of alliances they’re building.
The Republican Contender and Shifting Donor Landscapes
On the Republican side, outside groups have spent $1.8 million opposing Steve Hilton. Despite that, Hilton boasts the most individual donors in the race—over 20,000, with nearly a quarter coming from outside California.
His campaign got a major boost after former President Trump endorsed him. That endorsement has definitely changed the dynamics for a lot of voters in Sonoma and Napa counties who are watching closely.
After Eric Swalwell left the race due to sexual assault allegations, many of his former funders, including DaVita and various medical and firefighter groups, shifted their support to Becerra. More than 500 of Swalwell’s previous donors have now contributed to Becerra’s campaign, showing just how fluid and interconnected the donor network can get.
Katie Porter‘s Ground Game and Fading Momentum
Katie Porter skips corporate funding and leans hard into grassroots fundraising. She stands out with about 15,000 donors—second-highest in the race.
She also tops the chart for the biggest share of out-of-state supporters. But lately, her fundraising pace has slowed down.
Between April 18 and May 19, she raised less than Matt Mahan. That’s not a great sign for her campaign’s momentum.
Here is the source article for this story: Follow the money: Who’s backing California’s next governor
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