Silicon Valley Donors Offer $35 Million Lifeline to Struggling California Governor Candidate

Moderate Democrat Matt Mahan's campaign launches unusual 'all or nothing' fundraising effort to stay competitive in crowded primary race.

Apr. 8, 2026 at 1:27am

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A vibrant, abstract painting featuring a fragmented and overlapping image of a political podium, conveying a sense of motion and energy around the high-stakes fundraising effort for the California governor's race.Silicon Valley's high-stakes gamble to boost a struggling California governor candidateSan Jose Today

Matt Mahan, the mayor of San Jose and a moderate Democratic candidate for California governor, has struggled to gain traction among voters despite early backing from Silicon Valley billionaires. Now, Mahan's supporters have launched an unusual 'all or nothing' fundraising effort, seeking to raise $35 million by April 17 with the promise of refunding donations if the target is not met. The campaign is being organized by influential political fixer David Crane, and has attracted support from tech leaders like Sergey Brin and Michael Moritz. However, tensions have flared between Mahan's inner circle and some of his Silicon Valley donors, who have grown impatient with his lackluster polling numbers.

Why it matters

This story highlights the outsized influence that Silicon Valley's wealthy elite can wield in state-level political races, as well as the challenges facing lesser-known candidates trying to break through in a crowded field. The 'all or nothing' fundraising approach is an unusual tactic that reflects the sense of desperation around Mahan's campaign, and raises questions about transparency in campaign finance.

The details

Mahan, the mayor of San Jose and a former start-up executive, quickly raised millions from Silicon Valley donors after entering the California governor's race. However, he has struggled to gain traction among voters and now trails several other Democratic candidates in the polls. Mahan's supporters, led by political fixer David Crane, have launched an 'all or nothing' fundraising effort to raise $35 million by April 17, with the promise of refunding donations if the target is not met. The campaign has attracted support from tech leaders like Sergey Brin and Michael Moritz, but has also faced tensions between Mahan's inner circle and some of his donors, who have grown impatient with his lackluster polling numbers.

  • Mahan entered the California governor's race two months ago.
  • The $35 million fundraising target must be met by April 17.
  • The June primary election is fast approaching.

The players

Matt Mahan

The mayor of San Jose, California, and a moderate Democratic candidate for governor. A former start-up executive, Mahan has struggled to gain traction among voters despite early backing from Silicon Valley billionaires.

David Crane

An influential California political fixer whose advocacy group, Govern for California, is popular among tech executives. Crane is organizing the $35 million fundraising effort for Mahan's campaign.

Sergey Brin

The co-founder of Google, who has contributed to Mahan's campaign.

Michael Moritz

A billionaire venture capitalist and one of Mahan's biggest supporters, who is co-signing the $35 million fundraising pitch.

Blake Byers

A tech executive and investor who is co-signing the $35 million fundraising pitch.

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What they’re saying

“We believe this is the amount that can secure the win for Matt and we believe this fundraise is mission-critical.”

— Noelle Moseley, Supporter of Matt Mahan

“It's an ice cube until you hit a certain boiling point — and then it's water.”

— Jessica Levinson, Expert on California campaign finance

What’s next

The campaign has until April 17 to reach its $35 million fundraising goal. If successful, the funds will be released to a pro-Mahan outside group. If the target is not met, all donations will be refunded.

The takeaway

Mahan's struggle to gain traction despite Silicon Valley's backing highlights the challenges facing lesser-known candidates in California's crowded and expensive political landscape. The 'all or nothing' fundraising approach is a desperate attempt to stay competitive, but also raises concerns about transparency in campaign finance.