October 16, 2025 10:30 AM UTC

UPDATED: Who Raised What in Q3?

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• by: Colorado Pols

THURSDAY UPDATE: Wednesday was the deadline for most campaigns to submit Q3 (July – September) fundraising reports.

The last fundraising quarter of the year is often much weaker for candidates because of the holiday season, so Q3 numbers can offer the best look at a campaign’s finances until early next year. We’ll run down the most notable Q3 numbers below and keep this list updated as more information becomes available. Some newer campaigns won’t report anything for Q3; Republican gubernatorial candidate Victor Marx, for example, didn’t officially file his candidate paperwork until Oct. 1.

Note: We are prioritizing cash-on-hand (COH) numbers because some campaigns report big fundraising totals but have a high burn rate — generally from pump-and-dump online fundraising consultants — that effectively negates the reported contribution amounts.

CO-01

Two Democrats are hoping to oust incumbent Rep. Diana DeGette, but their Q3 numbers aren’t going to get them far. DeGette raised $198k; spent $97k; and now has $413k in the bank. Wanda James raised $101k; spent $4k; and has $97k in the bank. Milat Kiros should probably rethink this entire effort after raising $126k but spending $80k to leave her with $46k COH.

CO-03

This is the only Congressional race in Colorado with realistic challengers on both sides of the aisle.

Incumbent Jeff Hurd had an uninspiring fundraising quarter that looks better when compared with his opponents:

RAISED: $442k

SPENT: $197k

COH: $1.4 million

Republican Hope Scheppelman didn’t impress with her Q3 numbers but has been disciplined with her burn rate:

RAISED: $131k

SPENT: $23k

COH: $139k

Democrat Alex Kelloff has regressed after a strong Q2. If he can’t control this burn rate, he’s going to be running in place in six months.

RAISED: $252k

SPENT: $182k

COH: $425k

CO-04

If you wondered whether incumbent Rep. Lauren Boebert would be concerned about re-election in the most heavily-Republican district in the state, her fundraising numbers tell the story:

RAISED: $110k

SPENT: $100k

COH: $184k

These are the sort of fundraising numbers we used to see from former Rep. Doug Lamborn in CO-05, where he never had to worry about being re-elected. Boebert has traditionally been a much better fundraiser than this, so we’re assuming she just isn’t all that concerned thus far.

On the Democratic side, the main story is (again) about burn rates:

Eileen Laubacher: $2.5 million; $1.6 million; $2 million

Trisha Calvarese: $504k; $250k; $349k

John Padora: $24k; $26k; $14k

Padora should probably throw in the towel unless his only goal is to get 15% through the Democratic caucus route next spring.

CO-05

Here’s a fun fact: Every Republican-held Congressional seat in Colorado in 2026 is occupied by someone in their first term serving the district (Boebert, remember, moved across the state and changed districts in 2024). One of the main storylines for 2026 will be finding out which one of the “Jeffs” is in the most trouble.

Incumbent Republican Rep. Jeff Crank did about what he should have done in Q3:

RAISED: $502k

SPENT: $149k

COH: $779k

Democrat Jessica Killin did much better and has about the same amount in the bank after only one quarter of fundraising:

RAISED: $1.04 million

SPENT: $271k

COH: $773k

U.S. Senate

Incumbent Democrat John Hickenlooper raised $1.7 million, spent $834k, and now has $3.6 million in the bank. Republican Janak Joshi raised $148k in his first fundraising quarter; spent $35k, and has $112k in the bank. We didn’t expect much from Joshi and were not disappointed.

Democrats in CO-08

We discussed the numbers for incumbent Republican Rep. Gabe Evans below, so here’s the other side of the coin.

Again, we’ll break this one out a little differently for the sake of space; the numbers below are listed by RAISED/SPENT/COH:

Manny Rutinel: $493k; $298k; $1.06 million

Shannon Bird: $387k; $200k; $560k

Evan Munsing: $261k; $86k; $174k

Amie Baca-Oehlert: $72k; $51k; $51k

Dave Young: $89k; $100k; $61k

The common thread among all of these candidates is a questionable burn rate. Manny Rutinel continues to lead the pack in COH, but this is the third consecutive quarter in which his focus on “churn-and-burn” online fundraising means he has spent at least half of what he has raised. Rutinel and Shannon Bird are pulling away from the rest of the field in terms of finances. Evan Munsing produced decent numbers in his first fundraising quarter, but he has a LOT of ground to make up. Amie-Baca Oehlert and Dave Young are running out of gas.

Gabe Evans Produces a “Meh” Quarter

The freshman Congressman from Ft. Lupton (CO-08) is widely considered to be the most vulnerable Republican incumbent in the country in 2026, so fundraising shouldn’t be much of a challenge. Nevertheless, it took some last-minute PAC transfers to boost Evans from an otherwise average Q3.

RAISED: $615,033 (but really $401,264)

SPENT: $174,378

COH: $1,919,163

Evans’ Q3 haul of $615k is a bit misleading. It includes $173,773 in transfers from other committees, including hefty amounts from leadership PACs such as “Emmer Majority Builders” and “Grow the Majority”; as well as $62k from the “Evans Victory Committee” transferred in two amounts on the last day of the quarter. Evans’ totals also include a $33k partial refund for unaired 2024 campaign advertisements.

If you don’t count the PAC transfers, Evans actually “raised” only $401,264, which would be a very weak quarter for a campaign that is a top priority for both political parties in 2026. His cash-on-hand numbers are about where they should be at this point in the cycle.

Attorney General

This is another statewide race with no serious Republican candidate and no shortage of Democrats. We’ll break this one out a little differently for the sake of space; the numbers below are listed by RAISED/SPENT/COH:

Jena Griswold: $402k; $173k; $908k

Hetal Doshi: $234k; $120k; $453k

Michael Dougherty: $180k; $74k; $293k

David Seligman: $160k; $146k; $320k

Griswold is using strong name ID to continue her fundraising lead on the rest of the field, while Boulder DA Michael Dougherty keeps plugging along with good spending discipline. Lesser-known candidates Hetal Doshi and David Seligman have come back to earth after strong Q2 numbers by posting questionable burn rates in the last three months. These numbers should be a flashing red light for Seligman, whose fundraising ability appears to be limited by the “churn-and-burn” online donation routine.

Secretary of State

There’s still no viable Republican in this race. On the Democratic side, things are trending heavily toward State Sen. Jessie Danielson (pictured) as Jeffco Clerk and Recorder Amanda Gonzalez stalls out. Danielson raised $95k in her first fundraising quarter; she spent $43k and has $52k in the bank. Gonzalez, meanwhile, raised $14k but spent $16k; her COH amount of $32k provides little cushion to survive another negative fundraising quarter.

State Treasurer (Updated)

Fremont County Commissioner Kevin Grantham, who is thus far the only recognizable Republican running for a statewide office other than Governor, did not report a particularly impressive Q3.

RAISED: $34,986

SPENT: $6,924

COH: $28,061

It’s important to note that Grantham didn’t officially file as a candidate until September 15, though we would have expected him to have lined up more potential donors for his first filing. It probably would have made more sense for Grantham to wait until Oct. 1 to file as a candidate and skip the Q3 reporting altogether.

Here are the numbers on the Democratic side, starting with Jeff Bridges:

RAISED: $71k

SPENT: $33k

COH: $192k

And here’s Brianna Titone:

RAISED: $28k

SPENT: $42k

COH: $48k

This is a difficult race for fundraising because the office of State Treasurer generates very little attention in general, but Bridges has jumped out to a substantial COH advantage after Titone spent significantly more money than she raised in Q3. The other Democrat in the race, Jeffco Treasurer Jerry DiTullio, raised $9k and spent $4.5k; the only reason he has any COH at all is because of a sizable loan he made to himself early in his campaign. You can stick (another) fork in DiTullio.

Governor

With Republicans (still) getting their shit together, the big numbers here are for the Democrats — both of whom continue to raise impressive sums of money…

Michael Bennet:

RAISED: $948k

SPENT: $721k

COH: $1.6 million

Bennet had a good fundraising quarter, but that burn rate is concerning.

Phil Weiser:

RAISED: $847k

SPENT: $341k

COH: $2.96 million

Weiser’s has now raised more than $3.8 million this year, which his campaign says is a record for a statewide race in Colorado at this point in a cycle.

On the Republican side, “Both Ways” Barb Kirkmeyer had a fairly pedestrian first fundraising quarter but was able to keep her spending to a minimum:

RAISED: $189k

SPENT: $8,800

COH: $180k

The rest of the Republican candidates raised bupkis, with Rep. Scott “There is No” Bottoms “leading” the way at $38k raised. Our favorite report is from some guy named Joshua Griffin who reported raising $4.50 in Q3. You read that correctly — four dollars and fifty cents.