Michael Bennet, Phil Weiser duel for cash in campaign finance race

Attorney General Phil Weiser and U.S. Sen. Michael Bennet ended 2025 with a combined $5 million in the bank in their contest to win the Democratic nomination for Colorado governor — though an independent expenditure committee associated with the senator is picking up steam.

Rocky Mountain Way, which supports Bennet’s campaign but cannot coordinate with it, has now reported raising more money — nearly $3.6 million — than his campaign itself, which has reported total direct fundraising of about $3.5 million. Statewide candidates’ year-end finance reports were due Thursday night, and the leading Democrats’ fundraising dwarfed that of Republicans.

Most of the cash supporting Weiser, who’s term-limited in his current position, continues to go directly to his campaign, which has raised almost $4.6 million. Fighting for Colorado, an independent committee supporting Weiser, has raised another $563,000.

Independent committees can raise unlimited amounts of money from donors, while those who give to campaigns face strict fundraising limits.

With the cash flows combined, Bennet and his backers continue to have a distinct fundraising advantage heading into the final five months of the nominating campaign, at about $7 million raised between the two committees. Weiser and the committee supporting him have combined for about $5.1 million.

The primary elections in statewide races are set for June 30. The latest reports cover Oct. 1 through Dec. 31. Bennet’s campaign ended the year with about $1.6 million in the bank to Weiser’s nearly $3.5 million.

Bennet’s campaign has started spending at a far higher rate than Weiser’s. In the last quarter, Bennet reported spending nearly $790,000, while raising about $800,000. Weiser, comparatively, raised about $840,000 directly during that period and spent only about $310,000.

On the outside committee side, the independent committee supporting Bennet ended the year with about $3.3 million in its bank account, while the Weiser-supporting committee had about $527,000.

In statements touting their latest fundraising, Weiser and Bennet each argued the totals reflected their grassroots bona fides.

“Michael is running for governor to protect Colorado from (President) Donald Trump’s chaos and deliver a stronger, more affordable future for our state — and his robust grassroots support shows that Coloradans are behind him,” Bennet’s campaign manager, Nellie Moran, said in a statement.

“We are building a historic people-powered movement, and I am proud to be the grassroots candidate in Colorado’s governor’s race,” Weiser said in a statement. “We don’t have out-of-state billionaires behind us; we have the people of Colorado powering our campaign and responding to our commitment to fight for Colorado and to always show up, listen and deliver results.”

Former New York City Mayor Michael Bloomberg donated $750,000 in the last quarter to the independent committee supporting Bennet — more than half of its total fundraising, $1.4 million, in that period. Another $150,000 came from Brighter Future For Colorado, a nonprofit group that does not disclose its donors. Jeff Shell, an executive at Paramount, donated $50,000 to the committee.

The biggest donors to the independent committee supporting Weiser include Tom Ray, who previously led a data center company and a private equity firm, and Arthur Reimers, a self-described “social impact and growth capital investor.” Each contribued $50,000. Bow River Capital’s Blair Richardson, who backed Bennet’s 2016 Senate campaign, Trump’s 2024 presidential campaign and the LGBTQ Victory Fund, contributed $25,000 to the independent committee backing Weiser.

Two candidates dominate GOP race

The Republican field for governor, nominally numbering more than 20 candidates, has appeared to narrow to three, at least when it comes to major fundraising.

Victor Marx, a Colorado Springs minister and podcast host who won an early endorsement from U.S. Rep. Lauren Boebert, has reported raising nearly $620,000 in his bid for the Republican nomination.

State Sen. Barb Kirkmeyer, of Brighton, has reported raising more than $381,000 so far. State Rep. Scott Bottoms, of Colorado Springs, is the only other candidate to have raised more than $100,000 total, with $110,000 reported so far.

“I am truly grateful for the overwhelming support we’ve received,” Marx said in a statement. “Everywhere we go, people are yearning for change. They want safer communities, greater affordability, and a return to common sense in Colorado. This campaign is about uniting Coloradans who are tired of the extremes of both political parties.”

Democrats break out in other races

In most of the remaining statewide primary races, the financial contest has clear leaders.

Term-limited Secretary of State Jena Griswold, who is seeking the Democratic nomination for attorney general, has raised almost twice what the next-nearest candidate has, with nearly $1.5 million to Hetal Doshi’s $751,000. Griswold had more than $1 million in the bank as of Dec. 31.

Attorney David Seligman has raised about $690,000, while Boulder County District Attorney Michael Dougherty has raised about $580,000.

No Republican has reported raising any money in the attorney general’s race. The sole current GOP candidate, Colorado Springs District Attorney Michael Allen, just declared his candidacy this month.