On Feb. 10, 2026, San Jose Mayor Matt Mahan announced that his campaign had raised more than $7 million in political donations shortly after entering the California governor’s race. The fundraising total places him ahead of most Democratic rivals and has drawn attention to the influence of Silicon Valley tech leaders in his campaign.
The influx of funds highlights the significance of financial backing in a crowded field and underscores the interest from technology industry figures seeking a candidate opposed to a proposed wealth tax. Political action committees supporting Mahan have also received substantial contributions, with at least $3.3 million coming from tech executives, according to Politico.
Mahan’s campaign has not yet filed detailed fundraising reports but said it plans to do so later this week in accordance with state disclosure requirements. Campaign spokesperson Adrian Rafizadeh said support is coming from across California and cited Mahan’s record on housing, homelessness, and crime. Mahan himself is a former tech executive with connections to prominent Silicon Valley figures such as Sean Parker and Marc Benioff.
The rapid fundraising has prompted responses from other candidates. Tom Steyer, a self-funded billionaire candidate, criticized Mahan for receiving support from “wealthy tech elites,” stating in an email to supporters that “this isn’t charity — it’s an investment so they get richer while everyone else gets priced out of California.” The Mahan campaign responded by emphasizing the mayor’s intention to win support from those who want a governor willing to address state issues.
According to Sacramento political consultant Steven Maviglio, the surge in donations suggests that Mahan could run “a very aggressive and well-funded campaign” despite his late entry into the race. A recent poll conducted before Mahan entered showed Republicans Chad Bianco and Steve Hilton leading among candidates, with Democrats Eric Swalwell and Katie Porter following closely behind.
California’s election system advances the top two vote-getters from the June primary to the November general election regardless of party affiliation. Some Democrats have expressed concern about splitting votes among multiple candidates, potentially allowing two Republicans to advance.
