Democrats are leading the way in early fundraising in the Maine governor’s race, with the top candidates all raising around a half million dollars since kicking off their campaigns.

Former Maine House Speaker Hannah Pingree tops the list, having pulled in $542,588 during the fundraising period that ended June 30, followed closely by Secretary of State Shenna Bellows, who raised $529,044.

Angus King III and former Maine Senate President Troy Jackson raised $434,359 and $400,409, respectively.

The numbers, included in filings that were due to the state Tuesday, provide a glimpse of how the 2026 governor’s race is shaping up so far, with the four Democrats at the top of the slate of more than a dozen candidates in terms of money raised.

Republican Bobby Charles has raised just under $260,000 — not including a $70,000 loan to his own campaign — making him the top Republican candidate, while Rick Bennett, a state senator and former Republican party chair who unenrolled to run as an independent, has raised $202,900.

The candidates are vying to replace Democrat Gov. Janet Mills, who is prevented from seeking reelection due to term limits.

Overall, the fundraising numbers are not surprising given that the Democratic field “is more or less set” while the Republican race has been slower to take shape and is likely to see additional candidates enter, said Mark Brewer, a professor and chair of the political science department at the University of Maine.

“What would have been interesting is if one candidate had significantly outraised the others, or if one of them had really struggled to raise money, which was not the case,” Brewer said of the Democrats. “What we’re seeing is that the money kind of bears out that we have four candidates here who are relatively strong and certainly viable, and their fundraising numbers so far support that.”

A CLOSER LOOK

Pingree is a former state lawmaker and director of the Governor’s Office of Policy Innovation and the Future. The daughter of U.S. Rep. Chellie Pingree, D-1st District, she is also leading the pack in terms of cash on hand, with $503,392 unspent. Bellows, who has served as Maine’s secretary of state since 2021 and is a former state senator, has spent the most to date, $187,397.

Jackson is a fifth-generation logger from Allagash and four-term senator, while King is a renewable energy entrepreneur and businessman. He is the son of U.S. Sen. Angus King.

King also donated $45,000 in in-kind donations to his campaign, not counted in the $434,359 in contributions.

Bennett, the independent who raised over $200,000, launched his campaign June 24, less than a week before the reporting period closed on June 30.

As an unenrolled candidate, he faces additional fundraising challenges without the backing of a major party to help make connections and solicit donations, though he is also well known in Maine — an advantage that not all independent candidates have, Brewer said.

Bennett is also at a disadvantage under current fundraising laws, which allow party candidates in the governor’s race to collect up to $2,075 from individual donors for both the primary and general election, while unenrolled candidates can only collect that sum once, for the general election.

A law passed this past legislative session that is scheduled to take effect Sept. 24 will change that to allow unenrolled candidates to receive contributions in equal amounts.

REPUBLICAN FIELD ‘MURKIER’

On the Republican side, Brewer said things are “a little murkier” as additional candidates are almost certain to enter the race. Rep. Laurel Libby, R-Auburn, a prolific fundraiser who has been in the spotlight lately for her opposition to allowing transgender athletes compete in girls sports, has said she is “actively exploring” a run for governor.

“If she does decide to run, I think those numbers would be eye-popping, largely due to what she’s been able to do with her PAC and her profile at the moment, but that’s still to be determined,” Brewer said.

Charles, the top Republican, is a Leeds resident and lawyer who served as an assistant secretary of state under President George W. Bush. He was followed by Owen McCarthy, a Republican and medical technology entrepreneur from Gorham who raised $192,167.

But the Republican field also features the only candidates in the race who are utilizing Maine’s clean elections system, which provides limited public financing to candidates who agree not to accept private contributions and to run their campaigns almost entirely with the public funds.

James Libby, a state senator and Thomas College professor from Standish, and Ken Capron, a retired accountant and engineer from Portland, are the two clean elections candidates in the race so far.

Clean elections candidates can receive an initial payment of $530,125 for a contested gubernatorial primary by turning in a minimum number of qualifying contributions, and may be eligible for additional funding if they submit more qualifying contributions. Candidates are also eligible for initial funding of $795,175 for the general election and total funding of nearly $4 million for the primary and general election combined in the governor’s race.

Brewer noted Wednesday that it’s not always the candidate with the most money who wins.

“In a lot of instances, the person with the most money doesn’t win,” he said. “Having the most money doesn’t necessarily tell us anything. What is important is whether or not a candidate is having success and raising money.

“Are they able to raise what they need? Do they have enough cash on hand? Are they able to staff up and do what they need to do? Right now, among the top Democrats, they all appear to be doing that.”