Billionaire climate activist Tom Steyer has officially entered the 2026 California governor’s race, launching a campaign after spending over $252 million of his own fortune on a failed bid for the Democratic presidential nomination in 2020.
Steyer, who announced his candidacy via social media and a campaign ad, is once again poised to invest heavily in his political ambitions, this time pledging to overhaul the state’s cost of living, energy market, and housing supply.
In his launch video posted to X, Steyer declared, “Californians deserve a life they can afford. Sacramento politicians are afraid to change this system. I’m not.” He is partnering with Fight Agency, the same political advertising firm used by left-wing figures such as New York City Mayor Elect Zohran Mamdani, Maine U.S. Senate candidate Graham Platner, Arizona Senator Ruben Gallego, and Vermont Senator Bernie Sanders,
In the ad, Steyer casts himself as a disruptor intent on breaking corporate influence over California’s government: “This is about disrupting the way people think so we can get a completely different and much better outcome for the people of California.” He also emphasized his history of activism and business success, stating, “I’m Tom Steyer. I wanted to build a business here. Now it’s worth billions of dollars, and I walked away from it because I wanted to give back to California.”
Steyer’s ad promises an aggressive slate of proposals, including launching “the largest drive to build homes that you can afford in the history of California,” breaking up utility monopolies to “drop our sky high energy prices,” and making “corporations pay their fair share again.” He also claims credit for confronting major industries: “I’ve taken on the out of state corporations that refuse to pay their California taxes. I’ve taken on the oil companies. I’ve taken on the tobacco companies.”
His gubernatorial campaign follows a long history of political engagement and financial contributions to Democrat causes. Steyer previously funded the Need to Impeach movement, targeted at President Donald Trump, and poured millions into climate change campaigns through his super PAC, NextGen America. Despite branding himself as an environmental crusader, Steyer has drawn scrutiny for past fossil fuel investments via his hedge fund, Farallon Capital.
During the 2020 presidential primary, Steyer heavily invested in early primary states, especially South Carolina and Nevada, but failed to gain traction among voters, including a critical rejection by the state’s black electorate. He exited the race after placing third in South Carolina with just over 11 percent of the vote and earning no delegates.
In the aftermath of his presidential bid, Steyer directed funding to various Democrat initiatives. Most recently, he contributed $12 million to support California Gov. Gavin Newsom’s gerrymandering effort, Proposition 50, joining other prominent donors including George Soros. The campaign’s theme, “Stick It to Trump,” reignited speculation about Steyer’s political aspirations in California.
