Is This Republican Candidate About to Shock California? Fundraising Numbers Could Change Everything!

In a crowded and uncertain race for the California governorship, Republican candidate Steve Hilton is making headlines with his impressive fundraising efforts. Recently released campaign finance reports reveal that Hilton, a commentator and former Fox News contributor, raised approximately $4.1 million in the latter half of 2025. This places him at the forefront of a fundraising cycle that has been described as lackluster, particularly as candidates gear up for the looming June primary.

Hilton, who previously worked for British Prime Minister David Cameron, took to social media to celebrate his fundraising achievement, declaring it to be “what momentum looks like.” However, despite this strong showing, he has already spent more than half of those funds, starting 2026 with about $2 million cash on hand— a figure that is only marginally higher than that of fellow Republican candidate, Riverside County Sheriff Chad Bianco.

Interestingly, Hilton's fundraising outpaced some notable Democratic contenders. For instance, Bay Area Representative Eric Swalwell, who has received backing from Hollywood celebrities like Jon Hamm and Robert De Niro, raised around $3.1 million since entering the race in November. Former Congresswoman Katie Porter raised $3 million from a base of nearly 12,000 small-dollar donors. Former Health and Human Services Secretary Xavier Becerra, meanwhile, secured $2.6 million, bolstered by funds transferred from previous campaigns.

Nevertheless, Hilton's fundraising success is eclipsed by that of Democratic billionaire Tom Steyer, who has invested a staggering $28 million of his own wealth into the race. Steyer's aggressive campaign strategy has seen him spend around $26 million on statewide television and digital advertisements to enhance his visibility. Despite this financial clout, a recent poll conducted by an environmental organization indicated that Steyer is only garnering about 8% support from likely voters.

As the race stands at the beginning of 2026, Becerra leads the pack with $3.8 million in cash on hand, followed closely by former Los Angeles Mayor Antonio Villaraigosa at $3.4 million, and Porter with $3.2 million. However, political analysts warn that many candidates are not raising funds quickly enough, with just four months left until the primary. Democratic strategist Garry South emphasized that outside of Steyer, “No one will be anywhere close” in terms of fundraising.

The stakes are particularly high in California, where running a statewide campaign can require tens of millions of dollars. The approach is compounded by the state’s expensive media markets. For context, Governor Gavin Newsom's campaign in the 2018 gubernatorial election spent over $30.7 million from January through Election Day, which would equate to more than $40 million in today’s dollars.

The fragmented field of candidates further complicates fundraising dynamics. Political strategists note that the presence of numerous candidates is likely splitting Democratic donor attention. As a result, there is growing concern among Democrats that a Republican could advance to the general election, particularly under the state’s top-two primary system, which allows the two candidates with the most votes to move forward, regardless of party affiliation. Recent polls show both Hilton and Bianco leading with about 15% support each, raising alarms within the Democratic camp.

In response to this potential Republican advance, Porter has intensified her fundraising efforts, urging supporters to unify behind her campaign. “If we don’t consolidate support behind Katie, a Republican has a serious chance of winning this race,” she cautioned, highlighting the urgency of the situation.

The subdued fundraising figures also reflect a broader uncertainty among voters in a race that has not yet generated significant excitement. Many Democratic donors seem to be holding back, waiting for the field to narrow before committing their financial support. “I don’t think we’ve ever had a gubernatorial race like this,” remarked Democratic strategist Andrew Acosta, emphasizing the fluidity and unpredictability of the current political landscape.

As the race progresses, the potential impact of wealthy individual donors like Steyer looms large. Additionally, the recent entry of San Jose Mayor Matt Mahan, who could appeal to affluent Silicon Valley backers, adds another layer of complexity to an already tumultuous primary. With the campaign season heating up, the pressure is mounting for candidates to solidify their positions and garner the financial backing essential for success in one of the nation's most populous states.