California – California Gov. Gavin Newsom has not formally entered the 2028 presidential race, but the machinery around a possible campaign is beginning to look less theoretical and more real.
The latest sign came from San Francisco billionaire Chris Larsen, the Ripple co-founder and one of the Democratic Party’s wealthiest tech donors, who told POLITICO that he is ready to help Newsom if the governor moves toward a White House run.
Larsen’s message was clear, early and unmistakably public: “I do think that he is going to be the candidate. His instincts are incredible. It’s super early, but we’re already supporting him any way we can.”
That kind of statement does not make a campaign official. It does, however, show that important Democratic money in California is already looking toward 2028, and Newsom is increasingly being treated as one of the party’s most likely contenders.
Newsom has said he will seriously consider a 2028 presidential bid after the 2026 midterm elections, according to reporting from the Associated Press.
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He is term-limited as governor and cannot run for another term in California, leaving his political future wide open after January 2027. That timing has only fueled speculation that the governor is carefully building a national profile while keeping his options open.
Larsen framed his support around Newsom’s relationship with the technology industry, especially at a time when artificial intelligence, cryptocurrency and automation are forcing politicians to think harder about regulation.
“I’m a big believer in Gavin. He gets it right — he gets the balance right between tech and the broader community, which with AI is just going to get increasingly complicated and complex.”
For Larsen and other tech-aligned donors, that balance appears to be central. Newsom has often presented himself as a Democrat who can defend progressive priorities without treating business as an enemy.
He has also resisted some measures viewed by the tech world as harmful, including certain AI rules, proposed restrictions on self-driving trucks and a billionaire wealth tax that he warned could push wealth and talent out of California.
That record helps explain why Newsom’s name is drawing early interest in Silicon Valley at a moment when parts of the tech industry have shifted rightward.
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Some donors who remain aligned with Democrats appear to see Newsom as a familiar and useful figure: liberal enough to challenge Trump-style politics, but business-friendly enough to protect the industry that powers a large part of California’s economy.
Y Combinator CEO Garry Tan, another major Democratic donor, has also praised Newsom’s approach, saying the governor has shown he can be a “moderate leader” who understands the value of the tech sector.
Tan stopped short of a formal endorsement, but his comments pointed in the same direction. “Right now, people want to eat the goose. I’m like, ‘Hey, how about we just enjoy the eggs?’”
Newsom’s ties to the industry are not new. Over years in California politics, he has built relationships with major figures such as Salesforce CEO Marc Benioff, Reid Hoffman and Ron Conway.
He has raised or helped raise large sums for his campaigns, his recall defense and other political efforts. Those networks now matter because a presidential campaign would require enormous financial strength long before the first votes are cast.
Larsen’s involvement also shows how the donor landscape itself is changing. Crypto and AI money are likely to play a larger role in 2028 than in past Democratic contests.
Larsen has already become a major Democratic fundraiser and recently put $3.5 million into a New York House race. He has also been active in California fights over tax policy, including opposition to certain progressive tax proposals.
Still, Newsom’s path is not guaranteed.
The Democratic field could be crowded. Kamala Harris, Pete Buttigieg, Rep. Ro Khanna, Maryland Gov. Wes Moore, Illinois Gov. JB Pritzker and Kentucky Gov. Andy Beshear are among the names discussed as possible 2028 contenders.
Many major donors are likely to wait before fully committing, especially if they believe another Democrat has a better chance against the Republican nominee.
Even in California, Newsom does not control every lane of tech support. Some Bay Area money has already moved toward possible successors in the 2026 governor’s race, including San Jose Mayor Matt Mahan, who has often criticized Newsom.
But Larsen’s early signal matters because presidential campaigns often begin long before they are announced.
For Newsom, the road to 2028 is still unofficial. Yet with wealthy allies speaking openly, tech donors circling and national attention rising, the possibility of a Newsom presidential run now looks less like a rumor and more like a campaign waiting for its moment.
