Political Ad Spending Nears $4 Billion As California Governor’s Race Sets Record.

With political action in several big states ramping up in recent weeks, total political spending for the 2026 political cycle is closing in on $4 billion. The tracking firm AdImpact says spending is tracking 47% above four years ago, with political ad buys through the end of May totaling $3.9 billion. Based on current data, the firm expects to revise its forecast. It earlier projected $10.8 billion would be spent this cycle. If accurate, that will make it the most expensive midterm election in U.S. history.

Helping to add to the pile of money being spent is the upcoming California gubernatorial primary. It has become most expensive governor’s race in American history according to AdImpact, which says spending and reservations have topped $315 million. It is also the fifth-most expensive non-presidential race on record. “This year’s California gubernatorial primary has had over 30 unique advertisers,” AdImpact says in blog post.

The bulk of spending targeting the primary landed in the Los Angeles market, followed by San Francisco. Sacramento and San Diego. The result is top two markets with the biggest political tallies in May nationwide were L.A., where $72.4 million was spent, and San Francisco, where $31.2 million of political buys were recorded — with local races like the hotly contested L.A. mayoral election adding to the gubernatorial ad frenzy.

The data shows a single candidate is driving a majority of California’s activity. AdImpact says billionaire Tom Steyer’s gubernatorial campaign has spent $201.4 million — or roughly two-thirds of the race’s total. Steyer has released ads not only in English and Spanish, but also Mandarin, as he targets the state’s Asian community.

San Jose Mayor Matt Mahan is a distant second, having spent $35.1 million through the end of May. He is followed by former Secretary of Health and Human Services Xavier Becerra, who has spent roughly $24.4 million.

With the primary set for tomorrow (June 2), AdImpact’s analysis shows the content of the ads in the race has become much more negative in recent weeks — with a third of ads carrying a message that is considered either negative or contrasting an opponent.

Spending has been much lighter on the Republican side where just $3.8 million has been invested on advertising — or roughly 1% of the overall total. Riverside County Sherrif Chad Bianco has spent $2.7 million, while political commentator Steve Hilton has spent $1.1 million on ads.

Elsewhere, AdImpact has seen political spending tick higher in New York where $53.5 million in ad spending and reservations has now been recorded in the state. The biggest number has been for a congressional seat in New York City where $14.8 million has been spent in the contest to succeed retiring Rep. Jerrold Nadler (D-NY). It has become the second-most expensive House primary in state history.

The Atlanta market saw the third-highest total for political ads of any market in May, with spending of $30.4 million. Across Georgia, $58.6 million was spent. Those tallies are sure to climb as last month’s gubernatorial primary has led to a runoff between Republicans Rick Jackson and Burt Jones. AdImpact says $18.1 million has already been bought or reserved for the runoff election on June 16.

The Texas runoffs last week resulted in $57.2 million being spent on races in the state during May. But there’s a limit to the power of money. AdImpact notes that GOP hopeful Ken Paxton defeated incumbent Senator John Cornyn despite Cornyn holding an $81 million ad support advantage between the primary and runoff thanks to a late endorsement from President Trump.