California gubernatorial race sees record-breaking campaign spending

The 2026 California gubernatorial race has officially shattered records, marking a new era of high-stakes political financing.

At the center of this spending spree is billionaire activist Tom Steyer, who has personally invested over $132 million into his campaign.

This massive influx of capital has saturated California’s expensive media markets with constant advertising, creating what many call the "Steyer Effect."

Campaign spending is reaching these historic levels due to the state's massive size and its unique "top-two" primary system, which forces candidates to spend aggressively early on to secure a spot in the general election.

While some candidates like San Jose Mayor Matt Mahan rely on tech industry networks, others struggle to keep pace with the billionaire's war chest.

Despite the immense financial pressure, polling indicates that money does not guarantee victory.

As voters grapple with the state's affordability crisis, this "arms race" of funds highlights a recurring question in California politics: can massive wealth actually sway the outcome of an election, or will grassroots momentum prevail?