Republican Steve Hilton is pulling in more campaign cash than nearly all other candidates in a tepid fundraising cycle for California governor in a wide-open race with no clear frontrunners, campaign finance reports filed Monday show.
Hilton, a commentator and former Fox News contributor who previously worked for conservative British Prime Minister David Cameron, brought in about $4.1 million in donations in the second half of 2025, according to campaign finance reports. He took a victory lap on social media over the figure, calling it “what momentum looks like.” But he also spent more than half that already, and started off 2026 with about $2 million on hand, only a little more than fellow Republican candidate, Riverside County sheriff Chad Bianco.
Still, his haul was higher than that of several prominent Democrats. Bay Area Rep. Eric Swalwell, boosted by donations from Hollywood entertainers like Jon Hamm, Robert De Niro and Sean Penn, raised about $3.1 million since jumping in the race in November. That’s more than the $3 million that former Rep. Katie Porter raised from nearly 12,000 mostly small-dollar donors from July to December. Former Health and Human Services Secretary Xavier Becerra brought in $2.6 million, in part by transferring money from prior campaign accounts for other offices.
Hilton was second bringing in campaign cash only to Democratic billionaire and self-funding candidate Tom Steyer, who has poured $28 million of his own money into the race since declaring he was running in November.
Steyer has already spent the vast majority of that money — $26 million — blanketing the state in TV and digital ads to become more recognizable. He’s far outspent his competitors, most of whom are not expected to spend big until the final weeks of the June primary race, but a poll released last week by an environmental group showed he’s garnering only about 8% of likely voters’ support.
Starting 2026, Becerra had the most cash on hand, about $3.8 million. Former Los Angeles Mayor Antonio Villaraigosa and Porter had $3.4 million and $3.2 million, respectively.
Political strategists say most of the candidates aren’t raising money quickly enough to be competitive with just four months left.
“No one but Steyer will be anywhere close,” Democratic strategist Garry South said.
It takes tens of millions of dollars to run a statewide campaign in California in large part because the state is home to several of the most expensive media and advertising markets in the country. In the 2018 gubernatorial election, which he won handily, Gov. Gavin Newsom’s campaign spent $30.7 million between January and Election Day, the equivalent of more than $40 million in 2026. That doesn’t include money from outside interest groups that spent to help elect him.
The reports show Villaraigosa raised about $2 million in the second half of last year; former Controller Betty Yee pulled in about $342,000, and Superintendent of Public Instruction Tony Thurmond raised $181,000 — less than some campaigns for state Assembly. Both Yee and Thurmond also spent more than they raised.
Having so many candidates still in the race is likely dividing Democratic donors attention, and weak fundraising could further exacerbate Democrats’ fears that a Republican has a shot of winning the race because of the state’s top-two primary system, in which the top two vote-getters advance to the November election regardless of party. Hilton and Bianco, who raised $2 million from July to December, have led some recent polls with about 15% of support each.
Porter has leaned particularly hard on the possibility of a Republican victory, following up on a flurry of weekend fundraising pleas with another message for supporters Monday: “If we don’t consolidate support behind Katie, a Republican has a serious chance of winning this race.”
The lukewarm fundraising figures candidates reported on Monday reflect voter uncertainty in an unusually quiet race for governor. Some donors, Democratic strategist Andrew Acosta said, haven’t narrowed down their candidate of choice yet and may be withholding support until it’s clear who will remain in the race.
“I don’t think we’ve ever had a gubernatorial race like this,” Acosta said. “The race is in flux and there’s a lot of people who are struggling to see how this is all going to end.”
Acosta pointed out that the uncertainty has made the race particularly susceptible to be shaped by wealthy spenders, like Steyer’s entrance into the race or the recent entry of San Jose Mayor Matt Mahan, a moderate who could command sizable support from deep-pocketed Silicon Valley donors. Mahan has not reported any donations yet since he declared his run last week.
“There’s going to be a bunch of hand-wringing from Democrats soon that someone’s gotta get out,” Acosta said. “It’s February. People have got to get moving.”