At least 25 billionaires have supported Mahan, contributing a combined $8.6 million or more as of midweek. That level of financial backing could give Mahan, who is lagging in the polls, a meaningful boost as he works to stand out in a crowded June 2 primary election. Republican contender and former Fox News host Steve Hilton ranks second, with seven billionaire donors.

Among the high-profile contributors backing Mahan are Bay Area real estate magnate John Sobrato and venture capitalist Michael Moritz. Like many others identified in the analysis, both gave directly to his campaign. State campaign finance rules cap donations to candidate committees at $39,200 per election — meaning individuals can contribute up to $78,400 across the primary and general elections combined.

Even so, the available fundraising data remains incomplete. Large contributions above $5,000 must be disclosed quickly, but detailed statewide records for 2026 are still being released, and committees are not required to report smaller donations until later in the spring. Mahan only entered the race earlier this year, further limiting the current snapshot.

Supporters have already steered at least $24 million toward Mahan’s candidacy since his launch in late January — more than any rival except billionaire Tom Steyer, who largely funds his own campaign.

A small number of ultra-wealthy donors have hedged their bets.

Google co-founder Sergey Brin, along with Ripple Labs co-founder Chris Larsen and Palantir Technologies co-founder Joe Lonsdale, have each given to both Mahan and Hilton.

Brin, 52, has largely stayed out of politics until this year. He made headlines after leaving California for Nevada. Hilton’s wife, Rachel Whetsone, worked at Google from 2005 to 2015, running its communications and public policy efforts.

Despite the financial advantage, Mahan has yet to see a major payoff in the polls. A recent Berkeley IGS survey found him drawing just 4% support among likely Democratic primary voters, tied for seventh place with former Los Angeles Mayor Antonio Villaraigosa. He trails several better-known Democrats, including Rep. Eric Swalwell (D-CA) and former Rep. Katie Porter, while 16% of voters remain undecided. Under California’s primary system, the top two finishers in June, regardless of party, advance to the November general election.

Mahan’s appeal to billionaire donors is tied in part to his policy positions. He has strongly opposed a proposed ballot measure that would impose a one-time wealth tax on billionaires and has taken tougher stances on low-level crime and homelessness, priorities that resonate with some in the tech and business communities.

Mahan’s rise has not gone unnoticed by critics like Ludovic Blain, CEO of the California Donor Table, which focuses on electing progressive candidates. He told the San Francisco Chronicle that many of the same billionaires backing Mahan built fortunes in ways that disproportionately impacted working-class people and are now investing politically to protect their interests.

“And now these billionaires are investing political money in order to keep their taxes low and to make government work even more for them, at the expense of all the rest of us,” said Blain, whose group supports Steyer.

Labor groups have also raised concerns about the growing influence of tech wealth in the race. The California Labor Federation recently endorsed a slate of Democrats, including Steyer, Swalwell, Villaraigosa, and Porter, while warning about candidates they view as aligned with Silicon Valley interests.

Mahan has defended his support from tech leaders, arguing that overregulating emerging industries like artificial intelligence could push innovation elsewhere. During a recent appearance on the Daily Show, he said the goal should be to shape the industry in a way that benefits the public rather than stifles it.

CALIFORNIA GOP ORGANIZES PURGE OF WHITE NATIONALIST ‘GROYPERS’

Some of Mahan’s billionaire backers also have ties to prominent conservative donor Peter Thiel, co-founder of Palantir. Others include developer Rick Caruso, Snap co-founder Evan Spiegel, Coinbase’s Brian Armstrong, tech investor Vinod Khosla, and longtime donor Bill Oberndorf, a growing group that underscores just how much of Silicon Valley’s financial firepower is now behind Mahan’s bid.

The Washington Examiner‘s calls and emails to the Mahan and Hilton campaigns seeking comment on criticism suggesting that some donors may expect policy influence if they are elected governor were not returned.