Big Bucks, big stakes: Virginia candidates raise over $20 Million as 2025 election season heats up
Virginia governor candidates Abigail Spanberger (left) and Winsome Earle-Sears. (Spanberger photo by Markus Schmidt/Virginia Mercury, Earle-Sears photo by Parker Michels-Boyce for the Virginia Mercury)
With three statewide offices and all 100 House of Delegates seats up for grabs, Virginia Department of Elections campaign finance reports show candidates across the commonwealth pulled in a staggering $20.4 million between Jan. 1 and March 31, underscoring the intensity and razor-sharp competition ahead.
In the marquee governor's race, Democratic nominee Abigail Spanberger has soared to an early financial lead, raising $6.7 million to Republican Lt. Gov. Winsome Earle-Sears' $3.1 million. Spanberger enters the heart of campaign season with $11 million cash on hand — nearly three times more than her GOP opponent.
Earle-Sears' total, however, comes despite a significant fundraising constraint: as a sitting legislator, she was prohibited from soliciting donations during much of the General Assembly session.
'I think it's important to note that that funding gap will narrow now that the legislative session is over,' said Stephen Farnsworth, a political scientist at the University of Mary Washington. 'Now that the lieutenant governor is a Republican nominee, I imagine some Republicans were waiting for a resolution of the nomination process before weighing in with donations.'
Fundraising is more than just a vanity metric — it's often a key indicator of campaign strength and viability. The flow of early money offers a roadmap for where parties and donors see the biggest opportunities or threats.
DLCC pours money into Virginia races, citing 'All eyes on 2025'
In the crowded race for lieutenant governor, 12 contenders reported a combined $2.4 million. Republican Pat Herrity leads with $540,000, followed closely by Democrat Levar Stoney, the former Richmond mayor, at $429,000. Democrats Aaron Rouse and Babur Lateef are virtually tied at just under $400,000, while Sen. Ghazala Hashmi, D-Richmond, trails at $306,000.
Farnsworth said that Stoney's strong showing is likely helped by a familiar fundraising machine – former Virginia Gov. Terry McAuliffe, who endorsed Stoney's bid early on.
'McAuliffe's greatest skill as a politician has always been fundraising. And that pipeline will be very useful to the former mayor,' he said.
The race for attorney general has also attracted big money early. Incumbent Jason Miyares, a Republican, raised $1.5 million in the first quarter, while former Del. Jay Jones of Norfolk, aiming for a comeback after his 2021 primary loss, followed with $931,000. Democrat Shannon Taylor, the Henrico Commonwealth's Attorney, pulled in $534,000.
Meanwhile, the 286 candidates running for the House of Delegates brought in $5.2 million altogether. Speaker Don Scott, D-Portsmouth, sits atop the pile with $813,000. But it's a Democratic challenger from Southwest Virginia who may be drawing the most attention — and dollars.
Lily Franklin, who narrowly lost to Republican Chris Obenshain in 2023 by just 183 votes, is leading all battleground Democrats this quarter with over $190,000 raised. She has collected more than $245,000 this cycle, putting her in a strong position to flip House District 41.
'We're seeing big investments in Southwest Virginia — and they're coming from everyday people,' Franklin said. 'With nearly 2,000 donations and a median gift of just $25, this is a community-led movement fueled by our neighbors.'
Obenshain, who reported $50,000 raised this quarter, dismissed the fundraising numbers as political theater.
'It's no surprise that my opponent has used her career as a political operative to raise money from left-wing special interest groups that care more about Washington, D.C. than Southwest Virginia,' he said, touting his legislative record on tax cuts, childcare, electric bills and public safety.
Farnsworth, the political scientist, noted the strategic importance of Franklin's campaign.
'Early political money especially is going to be targeted to the greatest opportunities for the party, and the closeness of the last election in this district and the money Democrats are raising suggest that this may be one of the top priorities for Democrats this cycle,' he said.
Republicans in swing districts unite in 'Purple Caucus' ahead of Va. House races
That trend is especially visible in Virginia's so-called Purple Caucus — a group of about one dozen House Republicans in vulnerable suburban and swing districts.
One of its leaders, Del. Amanda Batten, R-James City County, appears financially underwater, raising just over $15,000 in Q1. Her Democratic challenger, Jessica Anderson, brought in more than $116,000 from over 1,300 small-dollar donors.
'There's no doubt about it,' Farnsworth said, 'if you're in the Purple Caucus, you're potentially vulnerable, and the fundraising game may be a key part of trying to keep that seat.'
Another GOP incumbent facing pressure is Del. Carrie Coyner, R-Chesterfield, who is trying to fend off a three-way Democratic primary. Coyner raised $131,000 last quarter, making her the highest-earning Republican in the House. Dustin Wade leads the Democratic field with $69,000, followed by Lindsey Daugherty and Stephen Miller-Pitts.
Elsewhere, House Minority Leader Todd Gilbert, who is eyeing a federal appointment as U.S. Attorney, has raised $119,000. His Democratic challenger, Catherine Elizabeth Rec, has pulled in just $1,400 since launching her campaign in February.
And in the only Republican House primary so far, Del. Terry Austin, R-Botetourt, has dramatically outraised challenger Austen Schwend with $30,000 to just under $3,000.
With more than six months until Election Day, the cash race is just getting started. But in Virginia politics, early dollars often spell early momentum — and that's something no candidate can afford to ignore.
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