Tom Steyer's California gubernatorial campaign is gaining serious momentum, with his odds surging from 13¢ to 25¢ in the primary race while generating 24,329 contracts in volume. Simultaneously, perceived front-runner Eric Swalwell dropped 13¢ to 44¢ amid 29,377 contracts traded, suggesting major money is shifting between the top Democratic candidates.

Recent polling shows five candidates in a virtual tie heading into June's primary, with Steyer at 10% alongside Steve Hilton (14%), Katie Porter (13%), Chad Bianco (12%), and Swalwell (11%). Steyer has spent more than $66 million of his personal fortune on the campaign, focusing on breaking up utility monopolies and building affordable housing. The massive volume spike suggests institutional money is taking Steyer's self-funding advantage seriously in what remains an exceptionally fluid race.