As the 2028 presidential race looms, a growing number of potential Democratic candidates are intensifying efforts to secure early financial backing, underscoring the escalating costs and competitiveness expected in the upcoming primaries. Governors, senators, and other prominent Democrats are quietly reaching out to wealthy donors, laying the foundations for campaigns that have not yet been formally announced.
Democratic figures including California Governor Gavin Newsom, Maryland Governor Wes Moore, Pennsylvania Governor Josh Shapiro, Kentucky Governor Andy Beshear, and Illinois Governor JB Pritzker are among those actively cultivating support. These efforts have involved private meetings, fundraisers, and donor events in affluent locales such as Aspen, Nantucket, and Martha’s Vineyard. Fundraising consultants and party insiders describe the process as a race to secure substantial resources well ahead of the official campaign launches anticipated late this year.
The urgency to fundraise early reflects the reality of an increasingly expensive primary environment, where candidates may require upwards of $100 million to remain competitive. The Democratic National Committee is already capitalizing on this momentum, offering early access to debate engagements through high-priced fundraising opportunities.
While some party leaders vocally oppose the influence of large donors and super PACs, the practicalities of mounting a viable campaign have driven most candidates’ teams to embrace these funding mechanisms. Multiple potential contenders are reportedly preparing to establish personal super PACs or related nonprofit groups designed to attract significant outside expenditures, despite internal party debates over the role of big money.
Newsom, leveraging California’s concentration of billionaires, appears the furthest along in assembling a high-dollar operation, with key megadonors like Netflix co-founder Reed Hastings and crypto investor Chris Larsen signaling support. Larsen, who has contributed to more than one candidate, notably gave $1 million to Shapiro’s recent re-election campaign.
Other contenders have sought to tap into California’s affluent donor network through visits to San Francisco and Los Angeles. Beshear has combined his role as chairman of the Democratic Governors Association with fundraising efforts, working to identify figures who could lead his national finance committee. Meanwhile, Pritzker—who previously relied heavily on personal wealth—has begun enlisting outside donors and hired a top Democratic finance veteran, signaling a potential shift toward broader fundraising.
Federal officeholders such as Senators Mark Kelly, Ruben Gallego, Cory Booker, Chris Murphy, and Representative Ro Khanna have also been active in courting donors, with Khanna notably convening a national finance committee meeting attended by high-profile figures like White House Chief of Staff Ron Klain. These candidates may have an advantage due to the ability to transfer campaign funds from their current political efforts.
Former Transportation Secretary Pete Buttigieg and ex-Chicago Mayor Rahm Emanuel have similarly engaged with wealthy backers, with Emanuel receiving public encouragement from his brother, Hollywood agent Ari Emanuel. In contrast, some top prospects, including former Vice President Kamala Harris and Representative Alexandria Ocasio-Cortez, have remained more low-key in their donor outreach; Ocasio-Cortez may rely more on small-dollar contributions.
Major Democratic donors are playing a strategic role in shaping the early contours of the race. Figures such as Tom Steyer, Michael Bloomberg, and members of the Soros family have expressed interest in or provided funding to multiple candidates. For instance, Bloomberg has donated millions to Shapiro’s campaign, while Reid Hoffman recently contributed $1 million to a super PAC supporting Ossoff.
Despite the breadth of activity, many high-dollar supporters remain cautious, reluctant to commit to any single contender at this stage. With a broad field of potential candidates, early donor conversations are characterized more by evaluation and exploration than firm endorsements.
The early fundraising push by Democrats reflects broader concerns about the financial demands of modern presidential primaries, where preparation and substantial resources are viewed as essential to viability. As the 2028 race begins to take shape behind the scenes, the influence of major donors and fundraising infrastructure will likely remain a central factor in determining the party’s eventual nominee.