Recent state campaign finance reports indicate that Silicon Valley billionaires, venture capitalists, and real estate moguls are leading the charge as early backers for Matt Mahan’s 2026 gubernatorial bid, with contributions totaling millions.
Mahan, the Mayor of San Jose, has seen significant donations surpassing $2.1 million, and earlier this month, he revealed his campaign had exceeded a $7 million fundraising target.
Key contributors, each donating $39,200 for the primary and the runoff, feature prominent names like Google co-founder Sergey Brin (estimated net worth around $25 trillion), Los Angeles developer Rick Caruso, conservative venture capitalist Joe Lonsdale, and Gary Tan, CEO of Y Combinator, a startup accelerator based in San Francisco.
The significant backing of Mahan highlights his appeal among tech and business elites, especially in areas like the Bay Area and Los Angeles.
A separate independent committee backing Mahan’s campaign, California Back to Basics, is also reported to have garnered substantial support. They reportedly spent $1.5 million on a Super Bowl advertisement promoting Mahan’s qualifications to take over from Gov. Gavin Newsom.
According to Matthew Rodriguez, a spokesperson for the committee, “The Super Bowl ad allowed us to introduce Mayor Mahan to a broader audience as a problem solver who stands out in today’s divisive political climate and is the only candidate actively addressing the issues Californians care about.”
While candidates are generally prohibited from collaborating with independent committees, Mahan seemed to align with this messaging in a recent tweet that highlighted his fundraising achievements.
In his message, he stated, “Californians are engaging in a back-to-basics initiative to build necessary housing, tackle street homelessness, and compel Sacramento to improve before asking for more from us.”
Other notable donors who contributed $78,400 each to Mahan include Roblox CEO David Baszucki and venture capitalists Jeremy Liew and Steve Jurvetson.
Rep. Ash Kalra (D-San Jose) remarked, “He talks about going back to basics, but it really seems like he’s just catering to billionaires.”
Progressive billionaire Tom Steyer, who has invested over $38 million in his own gubernatorial campaign, criticized Mahan for appearing to align with wealthy conservatives, pointing out connections with Lonsdale’s ties to tech defense firm Palantir and the interests of Elon Musk’s circle.
Steyer added, “Mahan’s campaign is bankrolled by tech moguls and corporate insiders who profit from data, suppress competition, undermine labor unions, and benefit the surveillance and defense sectors. Californians deserve leadership that stands against corporate power.”
Adrian Rafizadeh, Mahan’s campaign manager, shared that the campaign focuses more on results than competition with others. He claimed that confidence in local governance has surged nearly 40% since Mahan took office, crediting this to Mahan’s accomplishments and decisiveness against special interests.
“We believe voters across California want the same proactive and results-driven leadership,” Rafizadeh concluded.
