Utah Republican Gov. Spencer Cox raised $1.611 million in 2025 and burned through more than $1.425 million, with a donor pool dominated by corporate interests and regulated industries.

According to year-end financial disclosures, his campaign reported $1,611,000 raised in 2025, his biggest off-cycle haul since taking office in 2020, and spent more than $1,425,000. He reports more than $440,000 in the bank. Cox has announced he won’t run for a third term in 2028.

Just 19 donors giving $20,000 or more supplied nearly half of Cox’s 2025 fundraising haul. Ten corporate donors alone cut $50,000 checks apiece, totaling $500,000, or roughly 31% of the total.

More than two of every three dollars (70%) came from just 55 donors who contributed $10,000 or more. In total, approximately 200 donors gave at least $1,000, and their combined contributions accounted for more than 99% of Cox’s fundraising. Small dollar donations of $500 or less made up less than 0.3% of the total.

Corporate and industry money—much of it from sectors regulated by the state—poured into Cox’s campaign in 2025.

Construction and real estate interests kicked in nearly $300,000, which is notable given Cox’s focus on addressing Utah’s housing crisis. Clyde Companies, Price Realty Group, Seddie LLC, Reef Capital Partners, and Holly House Holdings each donated $50,000. Cox also took $25,000 from New York real estate developer Gary Barnett, whose company is building a ski resort in Deer Valley with the assistance of the state’s Military Industrial Development Authority (MIDA), which provides state tax dollars to fund infrastructure on military-related projects.

One major energy-sector donor was Torus, Inc., which gave $50,000. Torus figures prominently in Cox’s “Operation Gigawatt,” his push to double Utah’s energy capacity in the next decade. Torus also donated $50,000 to Cox in 2024.

Other energy and utility donors included Deseret Power Electric Cooperative ($28,500), PacifiCorp ($15,000), Dominion Energy ($10,000), and Chevron ($7,500).

Healthcare and insurance donors included UnitedHealthCare ($10,000), WCF Insurance ($15,000), and Regence BlueCross BlueShield ($5,000).

Big Pharma and Big Tech also chipped in: the Pharmaceutical Research and Manufacturers of America (PhRMA), which donated $10,000, Vertex Pharmaceuticals ($5,000); Draper-based 1-800 Contacts ($15,000); DoorDash ($10,000); and Airbnb ($4,000).

Cox listed several high-profile individual donors on his disclosure, including real estate developer J. Steven Price ($25,000), entrepreneur and former congressional candidate Case Lawrence ($35,000), and Vivint founder Todd Pedersen ($25,000).

Where the money went

Cox’s annual Governor’s Gala fundraiser at the Grand America Hotel in November was a massive fundraiser—and an expensive one—with costs nearing $500,000. The venue alone cost nearly $170,000. Flowers for the event topped $45,000. Entertainment featured two comedians—Ryan Hamilton and Joe Zimmerman. Hamilton was paid more than $50,000 for the private performance, while Zimmerman was paid $20,000. The campaign also paid $5,000 to the SLC Mass Choir.

For his 2024 gala, Cox hired The Killers’ frontman Brandon Flowers for a private show at $100,000. A video of Cox crowdsurfing during the performance made the rounds on social media following the event.

The campaign shelled out nearly $190,000 for his second inauguration at the Eccles Theater in Salt Lake City in January and nearly $75,000 to stage the annual Governor’s Golf Tournament fundraiser at Wasatch Mountain Golf Course.

Cox’s campaign donated nearly $30,000 to political candidates and organizations in 2025, including $5,000 to the Conservative Millennials PAC and $2,500 to the Utah County Legislative PAC. The campaign also gave $20,000 to the Utah’s First Lady Foundation and $10,000 to the Utah Food Bank.

Nearly a quarter of Cox’s 2025 disbursements went to Election Hive, the consulting firm co-owned by his cousin Jon Cox. More than $355,000 flowed to Election Hive for campaign management and fundraising services.

Curiously, the campaign also spent more than $11,000 on ads on X/Twitter in 2025, with roughly $9,000 of that coming in late December.