Tom Steyer Jumps Into 2026 California Governor Race

Tom Steyer Launches 2026 California Governor Campaign

Billionaire climate activist and former presidential candidate Tom Steyer officially entered the race for California Governor in 2026, shaking up an already crowded field vying to replace term-limited Democratic Gov. Gavin Newsom. Steyer announced his candidacy via a social media video emphasizing affordability and corporate accountability.

Who is Tom Steyer?

After 26 years running hedge fund Farallon Capital, Steyer shifted focus to politics and environmental advocacy. He founded NextGen Climate (now NextGen America) in 2013 to mobilize young voters on climate issues. Steyer gained national prominence during Trump's presidency through his $75 million "Need to Impeach" campaign and ran for president in 2020, spending over $317 million before dropping out before Super Tuesday. He recently invested $12 million in California's Democratic-backed redistricting efforts.

Crowded Field Takes Shape

Steyer joins a competitive Democratic primary featuring:

• Xavier Becerra (former U.S. Health Secretary)
• Katie Porter (former U.S. Representative)
• Antonio Villaraigosa (former Los Angeles Mayor)

Republicans in the race include Riverside County Sheriff Chad Bianco and former Fox News host Steve Hilton. California's nonpartisan primary system means all candidates will appear on the same ballot, with the top two advancing to the general election.

"Sacramento politicians are afraid to change this system. I'm not. They're going to hate this. Bring it on." - Tom Steyer, Campaign Announcement

Platform: Affordability & Corporate Reform

Steyer's campaign centers on California's affordability crisis, with key promises including:

• Largest affordable housing initiative in state history
• Breaking up utility monopolies to lower energy prices
• Forcing corporations to "pay their fair share" in taxes

In his announcement video, Steyer directly attacked wealthy individuals: "They have the notion that they earned everything themselves," while positioning himself as a successful businessman willing to challenge corporate power. "Californians deserve a life they can afford, but the Californians who make this state run are being run over by the cost of living."

What's at Stake

With California facing persistent housing shortages, energy costs, and economic inequality, Steyer's entry brings significant financial resources and a national platform to the race. His ability to self-fund could allow competitive spending despite the crowded field. However, his 2020 presidential bid demonstrated that financial backing doesn't guarantee voter support, and he'll need to translate his wealth into a compelling message for Californians.

The 2026 election will shape California's direction on climate policy, economic recovery, and governance reform. Steyer's focus on corporate accountability may resonate with progressive voters frustrated by Sacramento's inaction, while his business background could appeal to moderate Democrats concerned about economic growth.

What's Next

With over a year until the primary, expect Steyer to leverage his climate activism network and ad-savvy strategy from previous campaigns. His entry may force other candidates to sharpen their own affordability platforms, while Republicans will likely highlight his wealth as contrasting with working-class Californians. The race will intensify as filing deadlines approach, with Steyer's self-funded operation potentially setting the pace for campaign spending.