Democratic candidate for governor Rob Sand raised about $9.5 million last year, bringing his total fundraising for the 2026 election cycle to about $18 million — an aggressive benchmark for this election year.
It puts Sand in a strong financial position against Republicans, who tallied a combined $7.2 million between them. A hefty war chest will be critical for Sand as he works to offset the substantial leads Republicans hold in voter registration totals in Iowa.
Among the Republican field of governor candidates, U.S. Rep. Randy Feenstra leads with about $4.3 million raised and $3.2 million in cash on hand.
Jan. 20 marked the filing deadline for statewide candidates to disclose their fundraising numbers for the previous year to the state’s Ethics & Campaign Disclosure Board. The fundraising period includes all of 2025, beginning Jan. 1 and running through Dec. 31.
The fundraising numbers are some of the first of the election cycle and provide hard data that help illuminate a crowded Republican primary field and a race that is expected to be among the most closely watched gubernatorial contests in the country.
Nonpartisan election analysts at the Cook Political Report rate the race as one that “leans Republican.”
Matthew Klein, an analyst with Cook who specializes in governor’s races, said Iowa’s Republican bent in recent cycles makes it difficult to rate the race as a pure “toss up” opportunity.
“But I will say, all the signs are pointing to a competitive general election — a very competitive general election,” he said after reviewing the fundraising numbers.
Klein called Sand’s fundraising “huge” in his bid to retake the governor’s mansion for Democrats.
“If this was a Democratic candidate who was strong on paper but not raising a ton of money, I think we would be viewing this with a lot more skepticism,” Klein said. “But he has proven, not just with his in-laws, but also with actual sort of ordinary Iowans, to have a very impressive grassroots fundraising ability.”
Sand’s largest donors during the past year were Kirk Kirkegaard, $400,000; LinkedIn co-founder Reid Hoffman, $250,000; and former Iowa gubernatorial candidate Fred Hubbell, $200,000.
Another notable name: Illinois governor and potential 2028 presidential contender J.B. Pritzker gave Sand $50,000.
Sand’s donor list is most notable this period for who it does not include: his wife or his in-laws.
During the previous filing period, they accounted for about $7 million of his $8.6 million haul, leading some Republicans to argue Sand lacked grassroots support. But they made no donations to Sand’s campaign during the past year.
Sand’s campaign said he tallied more than 115,000 donations from more than 64,000 individual contributors during the last year. His finance report was nearly 6,000 pages long.
“Iowans from every corner of the state and all political stripes are supporting Rob Sand as Iowa’s next governor because they know he will put them first and get to work on day one tackling Iowa’s toughest challenges,” Sand’s deputy campaign manager, Emma O’Brien, said in a statement.
Both Sand and Feenstra are claiming record-setting hauls.
Feenstra’s fundraising is the largest ever for a Republican candidate in the year preceding an election. And Sand’s is the largest-ever off-year haul.
Consultant and political staffer Julie Stauch, reported raising $32,078 with about $12,000 cash on hand. Stauch is the only other Democrat running for governor.
“We’re keeping a very, very close eye on this race,” Klein said. “And if the fundraising patterns sort of continue to go the way we think they will, then I think this is probably going to be one of the most exciting and interesting races of the 2026 cycle.”
Randy Feenstra leads in GOP fundraising, Zach Lahn gives his campaign $2 million boost
Feenstra’s campaign touted his haul as evidence he is the “commanding frontrunner” in the race.
“Our campaign set this record of $4.3 million raised because Iowans believe in our vision to take our state to new heights and advance President Trump’s America First agenda in Iowa,” Feenstra said in a statement. “I’m grateful to everyone who has supported our campaign, and I look forward to earning the vote of every Iowan who wants to see a stronger Iowa.”
Feenstra’s congressional campaign, Feenstra for Congress, gave $100,000 to his gubernatorial effort. And Delivers PAC, which is a leadership PAC associated with Feenstra, according to OpenSecrets.org, also gave $164,200.
His biggest donor was Jeff Broin, the CEO of the biofuels company POET, who gave $250,000.
Behind Feenstra in cash on hand is businessman and former Americans for Prosperity staffer Zach Lahn, who is the most recent entrant into the governor’s race.
Lahn ended the fundraising period with about $2.1 million in his campaign coffers. But the bulk came from a $2 million loan Lahn gave to himself. He raised about $157,000 in cash contributions.
And although Lahn reported about $7,600 in spending, he also noted the campaign has more than $126,000 in unpaid bills that have not been subtracted from his cash on hand.
Klein said that although Feenstra faces a “semi-competitive” primary, he still sees Feenstra as the favorite to win the nomination in the June 2 primaries.
“A lot of Lahn’s money has come from himself, obviously, and so it’s not necessarily the strongest measure of grassroots support,” he said. “Whereas I think Feenstra probably has a little more, and he’s just a better-known commodity having been in Congress now for a couple of terms.”
Other GOP candidates lag in fundraising
Former Department of Administrative Services Director Adam Steen rounded out the top three with about $500,000 raised and a little more than $336,000 in in the bank.
Former state Rep. Brad Sherman, who was the first candidate to enter the race, raised about $200,000 last year and ends with about $85,000 in cash on hand.
Current State Rep. Eddie Andrews trails the pack with just $40,000 raised. He has about $5,00 in cash on hand.
Here’s a look at where all of the gubernatorial candidates stand in fundraising:
Rob Sand, Democrat
Julie Stauch, Democrat
Randy Feenstra, Republican
Zach Lahn, Republican
Adam Steen, Republican
Brad Sherman, Republican
Eddie Andrews, Republican
Brianne Pfannenstiel is the chief politics reporter for the Des Moines Register. She writes about campaigns, elections and the Iowa Caucuses. Reach her at bpfann@dmreg.com or 515-284-8244. Follow her on X at @brianneDMR.
This article originally appeared on Des Moines Register: Democrat holds huge fundraising lead in 2026 Iowa governor’s race
Reporting by Brianne Pfannenstiel, Des Moines Register / Des Moines Register
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