Acton Outraises Ramaswamy as Final Ohio Campaign Finance Reports Land Ahead of Election Day
The final financial disclosures for Ohio’s 2026 gubernatorial race offer a stark look at two entirely different campaign strategies as voters prepare to head to the polls on November 3. Filed last Thursday and analyzed by the Ohio Capital Journal, the reports mark the last opportunity to examine direct fundraising and spending before Election Day, even as independent expenditures from outside Super PACs continue flowing through the Federal Election Commission.
The numbers reveal a massive financial gulf between Republican Vivek Ramaswamy and Democratic candidate Dr. Amy Acton. While state campaigns typically report monthly fundraising totals over the summer, spending figures are withheld until the final pre-general filing. That means the latest disclosures capture just two weeks of new fundraising alongside more than four months of heavy campaign expenditures.
| Candidate | Recent Fundraising | Campaign Spending | Reported Loans / Debt |
|---|---|---|---|
| Vivek Ramaswamy (R) | $1.5 million | $51.1 million | $5 million loan added; $41.3 million total debt |
| Dr. Amy Acton (D) | $3.9 million | $26.2 million | N/A (No campaign debt reported) |
Inside the Ramaswamy Campaign: Heavy Air Travel and Multi-Million Dollar Media Buys
Ramaswamy’s financial report highlights an aggressive, high-cost approach to statewide campaigning. Despite bringing in $1.5 million during the reporting period, his campaign burned through $51.1 million. To sustain the spending, Ramaswamy poured another $5 million of his own money into the campaign via a personal loan, pushing his total outstanding campaign debt to $41.3 million.
Television and media placements consumed the lion’s share of that cash. Ramaswamy’s campaign sank more than $35 million into ad placements between July and October 14, capped by a single massive media expenditure of nearly $8 million on October 8. Major corporate and political donors chipped in heavily with contributions of $10,000 or more, including American Electric Power, Elevance Health (formerly Anthem), the Ohio branch of the National Federation of Independent Businesses, and a political committee representing Ohio banks.
The campaign also drew maximum donations from the Winkelvoss twins. The twins, known for their early involvement with Facebook, now operate a venture capital firm and helm the Digital Freedom Fund, a cryptocurrency Super PAC that has funneled another $5.9 million into Ohio races to boost Republican U.S. Senator Jon Husted and target Democrat Sherrod Brown.
Yet much of the chatter surrounding Ramaswamy’s expenditures centers on his transportation. From the outset, critics questioned his reliance on a private jet to traverse the state. NBC reported in September that growing unease among Republican officials prompted private pleas for the candidate to “park the damn jet.” Ramaswamy declined to alter course. The pre-general report shows nearly $870,000 tied to private aviation, including two concurrent aircraft leases totaling roughly $386,000 and nearly $484,000 paid to charter company Talon Air. The campaign also logged two in-kind contributions to Secretary of State Frank LaRose’s campaign to fly him to campaign events.
Acton Outpaces Rival in Campaign Fundraising and Spending
Continuing a trend observed throughout the late stages of the race, Acton outpaced her Republican rival in fundraising while keeping a tighter lid on overall expenditures. Acton’s campaign reported bringing in $3.9 million—more than double Ramaswamy’s haul—while spending $26.2 million.
The largest single contribution on Acton’s ledger was a pair of transfers totaling roughly $262,000 from the Ohio Democratic Party candidate fund. Additional checks of $10,000 or more came from the Ohio life sciences industry, the Ohio Hospital Association, Columbus teachers, and a committee backing Franklin County Engineer Adam Fowler. Defense executives also stepped up; Brian Schimpf and Matthew Grimm, respectively the CEO and COO of defense manufacturer Anduril—which is constructing an “Arsenal-1” manufacturing facility just outside Columbus—both delivered maximum donations to Acton.
Financial hedging is visible on both sides. The Ohio Hospital Association donated $10,000 to Acton, but just two weeks prior, its political committee gave Ramaswamy a maximum donation of $16,615. In fact, every other contribution the association’s PAC has made since October 2025 has gone entirely to Republicans.
Acton’s advertising footprint totaled roughly $22.3 million in placements and production, though about $1.7 million of that was later refunded, bringing net ad spending closer to $20.6 million. While Acton’s team also logged extensive travel miles, sticking to commercial airlines kept costs remarkably low. Despite scores of airfare reimbursements, her total commercial travel bill sat at about $57,600—less than the cost of a month and a half of Ramaswamy’s cheapest aircraft lease.
