Final price tag of race in Colorado’s highly competitive 8th Congressional District: $40 million

The final price tag of the race in Colorado’s highly competitive 8th Congressional District this year was about $40 million, with three-quarters of that sum being spent by super PACs. 

Most of the money — or about $24 million — was spent to benefit incumbent U.S. Rep. Yadira Caraveo, a Democrat. But it wasn’t enough, as she lost to Republican state Rep. Gabe Evans by about 2,500 votes, or about 1 percentage point.

Caraveo’s campaign raised about $8.1 million for her reelection bid, spending all but about $90,000 of that through Election Day, according to her campaign finance report filed Thursday with the Federal Election Commission. The report reflected fundraising and spending from Oct. 17 through Nov. 25. 

Caraveo spent more than $2 million in the final weeks of the campaign, most of that on advertising. 

Evans’ campaign raised and spent about $2.5 million to beat Caraveo. That includes $642,000 in the final weeks of the contest, with most of that money going to advertising. The campaign paid Evans $3,000 in salary in November, and still owed $128,000 to vendors on Nov. 25, mostly for victory bonuses. 

The campaign had about $88,000 left in cash on Nov. 25.

The single-biggest super PAC spender on the contest was the Congressional Leadership Fund, which is tied to House Speaker Mike Johnson, a Louisiana Republican. The group dropped about $6.7 million on the contest, the outcome of which helped Republicans keep their narrow majority in the U.S. House.

House Majority PAC, a Democratic group, was the second-biggest super PAC spender on the race, at $6 million. Caraveo also benefitted from $2.3 million in spending by Fairshake PAC, a group that backs candidates open to the cryptocurrency, and $1.6 million from the Mainstream Colorado Fund, a PAC funded in large part by nonprofits that don’t disclose their donors. 

Evans benefited from about $850,000 in spending by America PAC, the group funded by billionaire Elon Musk, as well as infusions from the Republican Jewish Coalition Victory Fund and Americans for Prosperity Action.

The 8th Congressional District spans from Denver’s northern suburbs along U.S. 85 into Greeley. It’s expected to be just as competitive in 2026.

In Colorado’s 3rd Congressional District, which includes the Western Slope and sweeps into Pueblo and southeastern Colorado, Democrat Adam Frisch’s campaign spent nearly $18 million. But the former Aspen city councilman still lost to Republican attorney Jeff Hurd, a Grand Junction attorney and first-time candidate whose campaign spent $2.7 million. 

About a quarter of Hurd’s total spending — or $633,000 — came in the weeks leading up to the election, according to his latest FEC report. His campaign still owed $105,000 to vendors as of Nov. 25. 

Frisch spent $1.7 million in the final weeks — most of it on advertising — and still had $417,000 in campaign cash left on Nov. 25. 

Hurd beat Frisch by 5 percentage points.

U.S. Rep. Lauren Boebert’s campaign spent nearly $5.7 million as the Windsor Republican successfully moved to the 4th Congressional District on the Eastern Plains from the 3rd District. She spent about $250,000 in the final weeks of the campaign, and had $288,000 in cash remaining in her campaign account on Nov. 25.

Democrat Trisha Calvarese’s campaign spent more than $4 million to try to beat Boebert, including nearly $808,000 in the final weeks. She had $57,000 in campaign cash leftover as of Nov. 25. 

Boebert won by nearly 12 percentage points.

The super PAC spending in the 3rd and 4th districts was a fraction of what it was in the 8th District.

The Colorado GOP brought in $631,000 between Oct. 17 and Nov. 25, while spending nearly $684,000. But $589,000 of that spending was on money sent to the Republican National Committee in an apparent return of dollars raised by a joint fundraising committee with President-elect Donald Trump and other state Republican parties.

Chairman Dave Williams’ consulting firm received $24,000 from the Colorado GOP, bringing the total Fox Group Ltd. has been paid during Williams’ term — which began in March 2023 — to $144,500. The party also paid $22,000 to two law firms between Oct. 17 and Nov. 25 and had $276,000 in cash leftover at the end of the reporting period.

The Daily Sun-Up podcast | More episodes

Colorado Democrats raised $2.1 million and spent nearly $2 million in the final weeks before Election Day, ending with $431,000 in leftover campaign cash on Nov. 25. The state party sent $1.3 million to the Democratic National Committee during the reporting period after receiving $1.5 million from a joint fundraising committee with Vice President Kamala Harris’ campaign and other state Democratic parties.

Colorado Sun correspondent Sandra Fish contributed to this report.