Follow the Money: Who is Really Funding California’s Governor Race?

In politics, campaign promises tell you what a candidate wants you to believe. Campaign donations tell you what they will actually do in office.

We have spent weeks following the money in California’s 2026 governor’s race. What we found is eye-opening — and in some cases, deeply troubling.

Here is who is funding each major candidate, and what it might mean for you if they win.

The Golden Rule of Politics

There is an old saying in politics: He who has the gold makes the rules.

California’s governor race is a perfect illustration. With over $168 million raised across all candidates, this is one of the most expensive gubernatorial races in American history. But it is not just the amount of money that is shocking — it is where it is coming from.

When you follow the money, the campaign promises start to look very different.

Tom Steyer — The $133 Million Man

Let us start with the biggest story in this race.

Tom Steyer has spent over $133 million of his own money on this campaign — the second largest self-funded campaign spend in California history. He presents himself as a champion of working people, a climate activist, and a fighter against corporate greed.

But here is what his own financial records show:

While running his hedge fund Farallon Capital, Steyer purchased nearly $90 million of stock in Corrections Corporation of America — private prisons that are now being used as ICE detention centers to hold immigrants. He also held significant investments in the fossil fuel industry while publicly attacking the Keystone Pipeline.

It gets more complicated. During his 2020 presidential campaign, Steyer ran ads specifically opposing Bernie Sanders’ single-payer healthcare plan. He called it too expensive and unrealistic. Fast forward to December 2025 — Steyer reversed course completely, declaring “Bernie Sanders was right.”

And there is one more thing worth examining. In his most recent tax filing, Steyer and his wife reported $39 million in income and paid $5.9 million in taxes — an effective rate of approximately 15%. The top federal marginal tax rate for someone in his income bracket is 37%. Now he is running on a platform of making corporations and the wealthy “pay their fair share.”

The question UnsilencedTruth.com has to ask: Is Tom Steyer a changed man who has genuinely evolved on these issues? Or is he saying whatever he thinks California voters want to hear?

The Chevron Democrats

A story that has not gotten nearly enough attention:

Two Democratic candidates in this race — Xavier Becerra and Antonio Villaraigosa — have both accepted significant donations from Chevron, one of the world’s largest oil companies.

Let us think about that for a minute.

Becerra spent years as California’s Attorney General suing oil companies and fighting for environmental protections. Villaraigosa talks regularly about protecting California’s communities from corporate interests. Yet both have their hands out for Chevron money.

What does Chevron expect in return? That is the question every California voter should be asking.

Villaraigosa has taken notably moderate positions on climate compared to other Democrats — he supports continuing to use oil and gas as a “transition fuel” and wants a moratorium on new climate regulations. Those happen to be positions that benefit Chevron directly. The question voters should ask: did those positions come first, or did the Chevron donations?

Becerra, meanwhile, is running on his record of fighting corporations as Attorney General. It is worth asking how aggressively he will fight oil companies as governor when they are helping fund his campaign.

Breaking development: The most current polling shows Becerra has surged to tie Hilton at the top of the race with 18% each — jumping 15 points since March. That surge makes the Chevron connection even more important for California voters to understand.

Matt Mahan — Silicon Valley’s Candidate

Matt Mahan presents himself as the pragmatic moderate who gets things done. And he has raised an impressive amount of money to prove it — $13 million from individual donors plus $25 million raised by independent pro-Mahan PACs.

Who is writing those checks?

Mahan’s backers include Google co-founder Sergey Brin, Palantir co-founder Joe Lonsdale, Roblox CEO David Baszucki, and Y Combinator CEO Garry Tan — a who’s-who of Silicon Valley billionaires.

These are the same companies and individuals who are building AI data centers across California — facilities that consume massive amounts of electricity and water, driving up utility bills for every California family.

And here is the connection that ties it all together: Mahan opposes the proposed one-time 5% tax on California billionaires, as do the billionaires funding his campaign. Newsom opposes it as well.

That is not a coincidence. That is a conflict of interest.

As Tom Steyer’s campaign put it — Mahan is funded by people “who profit off your data, crush competition, attack unions, and pour money into surveillance and defense contractors.”

Katie Porter — The Outlier

Here is something remarkable in a race drowning in special interest money.

Katie Porter has refused every single dollar of corporate PAC money in this race — a pledge verified by campaign finance records filed with the Federal Election Commission. Every cent of her $2.8 million raised has come from individual donors — including endorsements from the Teamsters, United Auto Workers, Senator Elizabeth Warren and EMILYs List.

Porter is the only major candidate in this race who owes nothing to corporations, billionaires or special interests.

Does that mean she is the right candidate for California? That is for you to decide. But it does mean that if she wins, she will walk into the governor’s office without owing any favors to the people who funded her campaign.

In a race where everyone else is taking money from oil companies, private prison investors and Silicon Valley billionaires — that is worth noting.

Chad Bianco — Running on Empty

Here is something that tells you everything about the power of anti-establishment anger right now.

Chad Bianco has raised just $1.5 million — the least of any major candidate in the race. He has no major national endorsements. President Trump chose Steve Hilton over him. His own party could not unite behind him at their state convention.

And yet he is polling between 12-13% — still a significant factor in the race.

Bianco is running almost entirely on name recognition and voter frustration, much like our current President did. His message — that California’s Democratic establishment has failed — is resonating with a significant chunk of voters even without money or endorsements to back it up.

What does it say about the state of California politics when a candidate with almost no money, no major endorsements, and a deeply controversial record as sheriff, is still a serious contender for governor?

Tony Thurmond — Why Is He Still Running?

Tony Thurmond raised just $62,000 in the most recent reporting period. He is polling at 2%.

With the June 2nd primary just weeks away and mail ballots already arriving in voters’ mailboxes, Thurmond has no realistic path to the top two.

Every vote Thurmond receives is a vote that could go to another Democratic candidate — potentially the difference between two Democrats advancing to the general election or two Republicans.

California Democratic Party leaders have been quietly urging low-polling candidates to drop out for exactly this reason. Thurmond has refused.

Steve Hilton — Small Donors and a Big Endorsement

Steve Hilton has raised $4.4 million — more than Bianco and Becerra — with the majority coming from over 18,000 individual small donors.

He also has something no other candidate has: Donald Trump’s full endorsement.

In deep-blue California, Trump’s endorsement is a double-edged sword. It energizes Republican base voters but could be toxic in the general election if Hilton makes it through the primary.

Interestingly, Hilton has been careful to keep Trump at arm’s length in public appearances and debates — suggesting even he knows the endorsement could hurt him with the independent and moderate voters he needs to win in November.

Where the Race Stands Now

With less than a month until the June 2nd primary, the latest polling shows a dramatically shifting race:

• Steve Hilton (R) — 18-20%
• Xavier Becerra (D) — 18% (surging — up 15 points since March)
• Tom Steyer (D) — 15-18%
• Chad Bianco (R) — 12-13%
• Katie Porter (D) — 8-9%
• Matt Mahan (D) — 6%
• Tony Thurmond (D) — 2%

The most striking development: Becerra has rocketed from 3% in March to tie Hilton at the top — almost certainly picking up votes from Eric Swalwell’s former supporters after his withdrawal. Meanwhile Porter has dropped from her earlier frontrunner status to fifth place.

With mail ballots already arriving in California mailboxes, the time to pay attention is now.

The Bottom Line

Here is what following the money in California’s governor race tells us:

A billionaire who made millions in private prisons and fossil fuels is running as the champion of working people.

Two Democrats who claim to fight Big Oil are cashing Chevron’s checks — and one of them just surged to the top of the polls.

A Silicon Valley-backed candidate funded by billionaires is opposing a tax on billionaires.

One candidate has refused every dollar of corporate money — and is being largely ignored by the mainstream media as a result.

The money trail does not tell you who to vote for. But it does tell you who each candidate will be listening to once they are in office.

Follow the money. Then decide.

Coming Next

We have covered who is running and who is funding them. Now it is time to take a deeper look at each candidate — their records, their promises, and the questions they still have not answered.

UnsilencedTruth.com — Back soon with Part 4.