Steyer’s $132 million blitz has basically swallowed the governor’s race — and now everybody else has to answer the same question: how do you get heard over that?
This is California Governor’s Race. Today, we’re following the money, the debate fallout, and where the 2026 field goes from here.
Yeah. Let’s get into it.
First up: the billionaire-sized campaign that’s forcing everyone else to adjust.
From CalMatters:
Billionaire environmental activist and progressive candidate Tom Steyer is set to run the most expensive gubernatorial campaign in California history, spending over $132 million. Nearly all of the money came from Steyer himself, with $105 million of this being poured into the campaign from January through April 18.
And on Reddit, u/r/California framed the pro-Steyer case like this:
Do I love that Steyer is a billionaire? No.
Is it more important that his policies are good? Yes absolutely. He would be a great pick.
Our biggest issue is housing, and his platform is very strong.
Left-NIMBYS will be mocked in my replies. We cannot subsidize our way out of a shortage. If you do not support market rate housing, go away.
He's pro-upzoning, pro-streamlining, pro-enforcement against…
That’s probably the strongest pro-Steyer argument right now: don’t just stare at the word “billionaire” — look at the housing plan. If he’s really serious about upzoning, streamlining, and enforcement, that matters in California. But, come on, $132 million changes the rules of the race in a way no policy PDF can fully smooth over.
Another r/California commenter went even more tactical:
Rejecting Steyer's help in the fight for progressive policies just because he's a billionaire is a ridiculous own goal for the left. Like it or not, but we live in a system where money translates easily to power. If you want to change that, you should use every tool at your disposal, including honest class traitors like Steyer.
“Honest class traitor” is extremely online — but the strategy isn’t hard to understand. Politics runs on the tools available, not the tools reformers wish they had. The risk is, once the left gets comfortable relying on benevolent billionaires, “benevolent” starts carrying a lot of weight.
And then one more r/California commenter asked the question hanging over all of this:
When a billionaire spends that much money, it's pretty much guaranteed he's expecting a return on that investment.
So, what is he trying to buy?
That’s the blunt question every self-funded campaign walks straight into. Maybe the return isn’t a contract or a tax break. Maybe it’s power, legacy, control over the agenda. But voters get to ask what $132 million is buying besides ad time.
Now, to the debate. From KQED:
The leading candidates for California governor squared off this week in the first televised debate since East Bay Congressman Eric Swalwell exited the race. Broadcast statewide on Nexstar stations, the showdown featured sharp attacks on the leading Democratic candidates, former U.S. Health and Human Services Secretary Xavier Becerra and billionaire investor Tom Steyer.
This was the first real reset after Swalwell got out, and you can hear the calculation: if biography isn’t enough to break through, start throwing elbows at the front-runners.
You’ll find links to all the stories we covered today in the show notes. If one caught your ear, take a minute and read more there.
That’s California Governor’s Race for today. This is a Lantern Podcast.