Billionaire Techies Bet Big on San Jose Mayor's California Governor Run

Matt Mahan's late entry into the race has been fueled by an influx of cash from Silicon Valley donors, raising concerns about the influence of wealth on state politics.

Published on Feb. 15, 2026

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San Jose Mayor Matt Mahan's late entry into the California governor's race has been marked by an unprecedented influx of cash, largely from billionaires and tech moguls. This surge in funding, as reported by San José Spotlight and other news outlets, raises critical questions about the influence of wealth on California politics and what this trend could mean for the future of the state.

Why it matters

The financial support highlights a growing pattern of tech industry leaders directly investing in political candidates who align with their interests. Billionaires are responding to Mahan's stated opposition to a proposed billionaire tax, further solidifying the connection between financial contributions and policy positions. This concentration of wealth and influence raises concerns about whether candidates are truly representing the interests of their constituents or are beholden to their donors.

The details

Mahan's campaign has quickly gained traction, fueled by donations from individuals with strong ties to Silicon Valley, including those connected to Peter Thiel. The connections between Mahan's donors and figures like Peter Thiel are particularly noteworthy, with donors linked to Thiel's companies and organizations. This network suggests a coordinated effort to support candidates who champion specific conservative and libertarian policies.

  • Mahan's late entry into the California governor's race was in 2026.
  • The primary election is scheduled for June 2, 2026.
  • The general election is scheduled for November 3, 2026.

The players

Matt Mahan

The current mayor of San Jose, California, who has entered the race for California governor.

Peter Thiel

A billionaire tech mogul and investor who has connections to some of Mahan's donors.

Mindy Romero

A political sociologist who notes the significant level of fundraising for Mahan's late-entry campaign.

Ross Fubini

The founder of XYZ Venture Capital, with ties to both Anduril and Palantir employees, who has donated to Mahan's campaign.

Tom Steyer

The current fundraising leader in the California governor's race, with $38 million raised as of February 3rd.

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What they’re saying

“If he keeps this pace up, then he could potentially surpass…other candidates in a very short amount of time.”

— Mindy Romero, Political Sociologist (San José Spotlight)

What’s next

The June 2 primary will determine which two candidates advance to the November 3 election. The outcome will likely depend on a combination of fundraising, media coverage, and voter turnout.

The takeaway

The influx of tech money into the California governor's race is part of a larger trend of increasing financial influence in politics, which can lead to increased polarization, policy bias, and reduced voter trust in the political process.