Colorado Democrats raised $14.4 million for the 2026 statewide elections in 2025—12 times more than Republicans’ $1.16 million—according to campaign finance reports filed January 15 with the Secretary of State. These figures cover state and local races only. Federal races governed by FEC reporting requirements aren’t yet due, and preliminary data suggests those disparities may prove larger.
Beyond direct candidates, Democratic-aligned independent expenditure committees raised $4 million while Republicans had zero IE support. Democratic party committees raised $1.05 million versus Republicans’ $350,000. The numbers reveal civil war within Democratic ranks. Democrats spent nearly $10 million fighting each other in primaries while Republicans conserved resources.
Governor’s Race: $6.74 Million Democratic Civil War
Attorney General Phil Weiser entered 2026 with $3.47 million cash on hand after raising $3.83 million. His Democratic rival, U.S. Senator Michael Bennet, has $1.59 million—$1.88 million behind despite raising $2.69 million. Weiser benefits from $216,025 in IE support from Fighting for Colorado, funded by tech investors James Kelley and Jason Mendelson at $50,000 each. Bennet has no IE support.
Victor Marx, the GOP frontrunner, raised $620,963 in 2025—95% in fourth quarter alone—and has $348,021 cash on hand. State Senator Barbara Kirkmeyer raised $188,669 with $272,971 remaining. Combined, Marx and Kirkmeyer hold $621,000—less than 20% of Weiser’s war chest.
Attorney General: Griswold Dominates Five-Way Democratic Battle
Secretary of State Jena Griswold leads with $1.06 million cash, double her nearest competitor. Former federal prosecutor Hetal Doshi has $565,429, worker rights attorney David Seligman has $333,828, and Boulder County DA Michael Dougherty trails with $261,374. The Democratic AG primary consumed $2.83 million. No Republican filed Q4 reports.
Independent Expenditure Committees: $4 Million for Democrats, $0 for Republicans
IE committees favored education. Better Leaders, Stronger Schools raised $1.47 million and Students Deserve Better raised $873,182—both charter school focused. Colorado Education Association Victory Fund raised $300,000. Progressive groups All Together Colorado and Colorado Way Forward added $469,710 and $296,040. No Republican IE committees filed significant contributions.
Large Donors: 29-to-1 Democratic Advantage
Democratic candidates collected $4.6 million from donors giving $1,000 or more—56.3% of their total. Republicans received $158,795 from large donors—83.4% of their total. Democrats captured 29 times more in absolute terms. The 3,206 large Democratic contributions averaged $1,435. The 93 Republican contributions averaged $1,707.
Top donors include Denver attorneys. William Price of Price Family Properties gave $4,350, as did Richard Baer of Fennemore and Sundeep Addy of Bartlit Beck. Most listed law, real estate, finance, or described themselves as retired or not employed.
Out-of-State Money: 557-to-1 Democratic Advantage
Coastal donors sent $2.76 million to Democratic candidates—33.8% of their total. Republicans received $4,955—2.6% of their total. Ratio: 557 to 1. New York sent $513,000, California $505,000, Washington D.C. $293,000, Maryland $200,000. The 13 Republican out-of-state contributions came from scattered individuals, not coordinated networks.
Where’s the Oversight?
When $2.76 million flows from coastal states at 557 times the Republican rate, questions about influence demand investigation. State law requires donors list names, addresses, and employers. But no Colorado agency investigates whether “not employed” or “retired” accurately describes donors writing $4,350 checks, or whether coastal money coordinates through obscure networks.
The Secretary of State maintains the TRACER database but conducts minimal verification beyond accepting reported information. No agency cross-references donor lists against property records, business registrations, or public databases. When 33.8% of Democratic money comes from outside Colorado versus 2.6% for Republicans, the disparity suggests organized coastal infrastructure. No investigation examines how those networks operate or comply with coordination rules.
Burn Rates: Who’s Building War Chests vs. Burning Cash
Weiser spent 38% of Q4 fundraising, banking $508,349. Bennet spent 100%—every dollar went out. Marx spent 44%, Kirkmeyer 52%. Dougherty spent 125%—$159,698 against $128,146 raised. Doshi ran most efficiently at 30%.
Modern Fundraising Without Party Infrastructure
Modern platforms enabled Marx to raise $619,365 in Q4 alone without party infrastructure. But platforms amplify advantages. Democrats raised 12 times more overall, pulled 29 times more from large donors, attracted 557 times more out-of-state money. Platforms that enable rapid fundraising also enable rapid spending. Bennet’s 100% burn rate and Dougherty’s 125% burn rate show campaigns keeping pace with donations but failing to build reserves.
The Bottom Line: 12-to-1 Odds
Democrats enter 2026 with massive cash but divided parties. Weiser and Bennet supporters must unite. Five AG candidates mean four will end disappointed. Republicans enter with unity but empty pockets. Marx’s $348,021 looks strong until measured against Weiser’s $3.47 million.
In Vegas, 12-to-1 odds make you a massive underdog. Democrats raised 12 times more overall, 29 times more from large donors, 557 times more from out-of-state. Colorado’s 2026 statewide races will be decided in Democratic primaries, not November elections. Republicans watch Democrats spend millions fighting each other, collecting opposition research, hoping the winner emerges too damaged to defend.
Whether that strategy overcomes 12-to-1 odds—29-to-1 with big donors, 557-to-1 from coastal money—remains Colorado’s biggest gamble. These figures cover only state races. When FEC reports on federal races arrive, the full scope of coastal money may prove even more eye-opening.
Sources: Campaign finance data from Colorado Secretary of State TRACER system covering state and local races. Federal race data governed by separate FEC reporting. All figures reflect contributions through December 31, 2025, filed January 15, 2026. Complete datasets at sos.colorado.gov.
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