Next year’s race to take over after Colorado Gov. Jared Polis faces term limits is shaping up to be a head-to-head contest between his fellow Democrats U.S. Sen. Michael Bennet and Attorney General Phil Weiser, who each raised more than four times as much campaign cash as the best fundraiser among a crowded field of Republican hopefuls in the most recent quarter.

Between them, Bennet and Weiser finished the three-month period that ended Sept. 30 with more than $4.6 million on hand, with Weiser holding the lead at just under $3 million in the bank.

Bennet led the pair in contributions for the quarter, with about $948,000 in receipts to Weiser’s roughly $847,000, though the three-term senator spent more than twice as much as his primary rival during the period. Bennet reported about $721,000 in expenditures, while Weiser shelled out about $341,000 over the stretch.

Weiser boasts the lead in total fundraising since announcing his run in early January, with more than $3.7 million in contributions — a record for funds raised by a Colorado gubernatorial candidate in the year before the election. Weiser’s campaign said he’s received donations from more than 10,000 contributors.

Bennet, who didn’t get in the race until mid-April, has reported raising nearly $2.7 million from more than 11,000 individual donors.

Republican state Sen. Barb Kirkmeyer, R-Brighton, a former congressional nominee who launched her campaign for governor three weeks before the end of the quarter, sailed past more than a dozen of her fellow Republican gubernatorial candidates. Kirkmeyer raised about $189,000 for the period, reported spending just under $9,000 and finished the quarter with almost $180,000 on hand.

None of the 18 other GOP candidates cracked six figures in fundraising for the quarter. Former U.S. Rep. Greg Lopez raised about $23,000 and finished with just over $7,500 in the bank. State Rep. Scott Bottoms, R-Colorado Springs, raised a little over $38,000 and reported less than $2,500 left to spend. State Sen. Mark Baisley, R-Woodland Park, brought in close to $13,000 and had a little over $3,500 on hand.

Candidates for state positions in the 2026 election were required to file campaign finance reports with the Colorado Secretary of State’s Office by midnight Oct. 15.

Weiser said in a statement that his campaign’s record-breaking fundraising demonstrates his pole position in the race.

“We’re building a campaign powered by Coloradans, fighting for Coloradans, and pushing forward a bold vision for Colorado’s future,” Weiser said. “Coloradans are ready for leadership that will fight for our democracy, protect our freedoms, take action to address our affordability challenges and show up for local communities. This strong showing of support from Colorado means everything, and it’s just the beginning.”

The Bennet camp, meanwhile, made similar claims in a statement issued by campaign manager Ben Waldon.

“We’re honored to have the support of hardworking Coloradans from every corner of the state,” Waldon said. “Michael has been fighting for Colorado his entire career — cutting child poverty in half, protecting our public lands, and standing up against Donald Trump’s destructive agenda. Coloradans know that Michael is the only candidate in this race who has a bold vision to make Colorado more affordable, protect our democracy, and build a brighter future for all of us.”

Colorado voters last faced an open race for governor in 2018, when Polis, a former five-term congressman from Boulder, won election to the first of his two terms. He was reelected four years later by a nearly 20-point margin over GOP nominee Heidi Ganahl, a former University of Colorado regent at-large and the last Republican to hold statewide office.

The last Republican elected governor of Colorado was Bill Owens, who won two terms in 1998 and 2002, respectively, and stands as the state’s only GOP governor in more than 50 years. Nonpartisan election forecasters rank the office as solid for the Democrats in 2026.