Election 2026 California Governor

Win or lose, billionaire Democrat Tom Steyer will leave a mark in the history books in his bid to become California’s next governor. He’s running the most expensive political advertising campaign in the country this year. Data from ad tracker AdImpact shows Steyer has spent or booked over $195 million in ads for broadcast TV, cable and radio, with the tally still growing. The lavish spending has lifted the former hedge fund manager turned liberal activist into contention in the crowded race. But he’s not breaking away from the field. Still, the cash advantage could give him an edge in the race's final days.