As one of only two states holding a governor’s race this fall, Virginia is drawing heightened interest from Washington insiders eager to get a read on the electorate’s mood—one year into Donald Trump’s presidency and with the 2026 midterms on the horizon.
The increased political stakes in the race—pitting Republican Lt. Governor Winsome Earle-Sears against former Democratic Rep. Abigail Spanberger—are expected to draw total spending upwards of $100 million. Much of that will likely come from super PACs and billionaire donors deploying the same dark money tactics that Democrats once denounced—but that now increasingly benefit their own candidates and causes.
For years, Democrats and their allies have railed against the influence of dark money in politics, blaming it for tilting elections in favor of Republicans and corporate interests. Democrats point to the U.S. Supreme Court’s Citizens United decision as the moment that gave free reign to super PACS – and mega wealthy donors -- to funnel unlimited sums of money in races without disclosing where it came from.
But if Citizens United opened the floodgates for this kind of campaign money, Democrats rode the wave, because progressive groups—particularly those backing environmental causes—are becoming major sources of dark money both nationally and here in Virginia. For example, in July of 2024 alone, the LCV Victory Fund, NRDC Action Votes, EDF Action Votes, and Climate Power Action (all green super PACs) doubled the fundraising amount from the same month four years prior—raising over $11 million.
In many instances, these green groups work to block development projects that could bring jobs and economic growth to local communities, all while shielding their donors from public view.
Along with the rise of dark money, billionaire spending on elections has reached record highs. In 2024, just 100 ultra-wealthy families poured $2.6 billion into campaigns—more than double what billionaires spent during the previous presidential cycle.
This torrent of money hasn’t been confined to federal contests. It’s flowing into state-level races as well, with Virginia serving as a prime example. One of the most influential players is Clean Virginia -- a 501(c)(4) environmental organization -- and its affiliated PAC, the Clean Virginia Fund. Both were launched by former Goldman Sachs executive and billionaire hedge fund manager Michael Bills, who set out to counter Dominion Energy’s influence over state politics. But his effort comes at a time when Virginia faces mounting energy needs driven by business growth, data center expansion, and a rising population.
Despite its reformist branding, Clean Virginia has become a political powerhouse. In the state’s 2023 primaries, the Clean Virginia Fund ranked among the top donors, spending $5.2 million. Bills personally contributed $3.475 million to the PAC this cycle—accounting for its entire funding. While the Clean Virginia Fund is technically not classified as a dark money group, it has been accused of operating like one. Even some prominent politicians, such as former Majority Leader Richard Saslaw, have questioned whether Bills’ political spending borders on quid pro quo. And although Bills denies any formal ties to Democratic leadership, the vast majority of his contributions have gone to Democratic candidates—often in tightly contested suburban races.
In terms of total campaign contributions, the influence wielded by Bills and his organizations now rivals that of corporate heavyweights like Amazon and Verizon. That money buys access, loyalty, and legislative pressure in a state whose elections—particularly in an off-year like this—are often decided by thin margins and low turnout.
Bills’ influence hasn’t come without a cost to Virginians. Clean Virginia is opposing a natural gas project that could bring jobs and economic benefits to the area while also strengthening our energy reliability—all are in the broader interest of Virginians, yet perhaps the ideological leanings of donors take precedence.
Democrats want it both ways: To denounce the campaign finance system for its lack of transparency and accountability while still benefitting from that system. They may try to take the moral high ground, but the reality is that Democrats are making no moves to break free of dark money, super PACs, and wealthy individual donors.
As the saying goes, don’t hate the player, hate the game.
