San Francisco billionaire and climate activist Tom Steyer is throwing his hat into the 2026 California gubernatorial race, bringing a unique blend of progressive vision and business savvy to the political arena.

Steyer, known for his extensive work with NextGen America and previous presidential campaign, is positioning himself as a candidate who can simultaneously champion corporate innovation and address California’s skyrocketing cost of living. In his campaign launch video, he emphasizes the state’s reputation as a global hub for business and technological advancement while promising to make corporations pay “their fair share”.

With at least six other Democrats competing to succeed termed-out Governor Gavin Newsom, Steyer is differentiating himself by focusing intensely on affordability. He’s pledging to launch the state’s largest affordable housing initiative and tackle high energy prices that are crushing working-class families.

His background is as unconventional as his campaign promises. After founding Farallon Capital, a hedge fund managing $42 billion in assets, Steyer transitioned into progressive activism. He’s been a vocal opponent of Donald Trump and has invested millions in environmental causes, ballot measures supporting healthcare funding, and renewable energy initiatives.

While some might view a billionaire businessman as disconnected from everyday struggles, Steyer is directly addressing the concerns most Californians share. “The Californians who make this state run are being run over by the cost of living,” he states in his campaign video, signaling a commitment to economic justice.

The race is heating up with prominent candidates like Katie Porter, Xavier Becerra, and Antonio Villaraigosa also seeking the governorship. Steyer’s entry adds another dynamic layer to an already competitive field, promising a campaign that challenges traditional political narratives.

As California continues to be a bellwether for progressive policy and economic innovation, Steyer’s candidacy represents a bold attempt to reimagine state governance through a lens of social responsibility and economic opportunity.