$5.3 Million Spent by Toby Doeden in Failed SD Governor Bid

Toby Doeden spent about $5.3 million of his own money on his failed campaign for governor of South Dakota, according to a campaign finance report filed ahead of an October 2026 deadline. Doeden finished first in a four-way Republican primary on June 2, 2026, but lost a July 28 runoff to Gov. Larry Rhoden by 42 points.

The Spending Behind the Primary and Runoff Campaign

Doeden, whose businesses include vehicle dealerships and real estate, poured $1.3 million of his personal funds into the final stretch of the race after previously spending $4 million, according to the report covering spending from May through the runoff. His campaign committee also raised about $200,000 from external sources.

The personal contributions from Doeden are categorized in the filings as loans made by the candidate to his own committee. The campaign’s latest filing shows an outstanding loan balance of $3.3 million, down from an earlier reported $4 million in outstanding loans, without listing any repayments made to Doeden.

The report shows the campaign spent all but $454 of its total funds. When asked about the loan-balance discrepancy and overall spending figures, Doeden declined to answer specific questions, instead sending a text message criticizing the reporting outlet.

How Other Gubernatorial Campaigns Financed Their Runs

U.S. Rep. Dusty Johnson, who finished third in the primary and missed the runoff, spent about $6.6 million through his Dusty for Governor committee, relying entirely on fundraising rather than self-funding. Johnson’s committee spent $2.2 million in the final stretch, has no money left, and has been terminated.

While Johnson’s primary committee is closed, he remains affiliated with other state and federal fundraising committees holding nearly a combined $2.6 million. Those accounts include the federal Friends of Dusty Johnson committee with a $1.4 million balance, the state-level Dusty PAC with about $678,000, the federal Dakota Leadership PAC with about $503,000, and the federal Dusty Johnson Victory Committee with about $17,500.

Courtney Heitkamp, a spokesperson for Johnson, stated that Johnson will continue supporting conservative candidates with a bold vision for the state and country. Republican state Speaker of the House Jon Hansen of Dell Rapids, who finished fourth in the primary, reported spending about $630,000 with $5,300 remaining.

Larry Rhoden Spends $3.7 Million on Campaign

Gov. Larry Rhoden spent $3.7 million throughout the entire campaign and retained $145,000 as of the October 2026 filing. Since May, his campaign committee took in more than $1 million from individuals and $509,500 from in-state political action committees. Rhoden and his wife, Sandy, loaned the campaign committee $100,000, which has since been fully repaid.

While South Dakota caps individual contributions to candidate committees at $4,000 per calendar year, federal court decisions allow unlimited contributions to certain federal political action committees, which can then contribute without limits to candidate committees. Federal committees provided Rhoden’s campaign with roughly $1 million since May, including about $942,000 from the Free American Fund.

Two major contributors gave $100,000 or more to that federal committee: MarketBeat founder Matt Paulson of Sioux Falls donated $100,000, and billionaire South Dakota philanthropist T. Denny Sanford, who has since died, gave $140,000.

Dan Ahlers Reports Campaign Spending Before General Election

Democratic nominee for governor Dan Ahlers reported spending about $164,000 on his campaign, leaving an
ending balance of $81,000. Advance voting is currently underway across the state ahead of the November 3 general election.