Billionaire activist Tom Steyer is pouring unprecedented personal resources into California’s open gubernatorial race, vastly outspending his opponents in a bid to secure a spot in the general election.

According to data from AdImpact, Steyer has spent or reserved more than $115 million on advertising across broadcast television, cable, radio, and digital platforms, roughly 30 times more than his closest Democratic rival. The spending surge has saturated major media markets, particularly in Los Angeles, where his campaign messages dominate airwaves and online platforms.

Steyer, a former hedge fund manager who has never held elected office, is campaigning on issues such as lowering household costs and opposing federal immigration enforcement actions. His ad campaign also highlights positions like abolishing U.S. Immigration and Customs Enforcement, a stance that has drawn attention in a state at the center of national immigration debates.

Despite the financial advantage, Steyer has yet to break away from a tightly packed field. Polling from the Public Policy Institute of California shows several candidates clustered closely together, suggesting that heavy spending has not translated into a decisive lead.

Among his top Democratic rivals is former Rep. Katie Porter, who has criticized Steyer’s approach, warning that “billionaire money” is attempting to dominate the election. On the Republican side, conservative commentator Steve Hilton. backed by Donald Trump, and Riverside County Sheriff Chad Bianco are competing for a place in the top-two primary system.

The race was further shaken by the departure of former Rep. Eric Swalwell, who exited amid allegations he denies, leaving a fragmented field with no clear frontrunner.

Historical precedent also raises questions about the effectiveness of self-funded campaigns. Businessman Rick Caruso spent more than $100 million in the 2022 Los Angeles mayoral race but lost decisively, while former New York City Mayor Michael Bloomberg spent over $1 billion on his 2020 presidential bid before withdrawing early.

California’s primary system, which advances only the top two vote-getters regardless of party, adds another layer of uncertainty. With multiple Democrats splitting the vote, there is growing concern within the party that Republicans could secure both spots in the general election.

Steyer recently gained a key endorsement from the California Teachers Association, previously aligned with Swalwell, signaling institutional support even as questions persist about whether his financial advantage can overcome voter skepticism.

Mail-in ballots are expected to be distributed in the coming weeks ahead of the June primary, with the outcome likely to test whether massive personal spending can reshape a race that, so far, remains unsettled.