The New Jersey governor's race has already topped $72 million in spending, setting the stage for the most expensive contest in state history as Republican Jack Ciattarelli narrows the gap against Democratic Rep. Mikie Sherrill, the New York Post reported.

With a month to go before Election Day on Nov. 4, the battle for the open seat, vacated by term-limited Gov. Phil Murphy, has become a high-stakes showdown drawing national attention and money. Analysts project the total price tag could soar past $250 million when factoring in record-breaking primary spending earlier this year.

Ciattarelli, a former state assemblyman from Hunterdon County, reported raising $6.4 million for the general election, making him the first candidate to qualify for the maximum $12.5 million in public matching funds.

More than $1 million poured in after his strong performance in the Sept. 21 debate with Sherrill. His campaign gained further traction after revelations that Sherrill had been barred from the U.S. Naval Academy's 1994 commencement due to a cheating scandal.

"Jack beating Mikie to the match ... is a big deal because that's not something a challenging Republican is able to do in this state," said GOP strategist Alex Wilkes. "I mean, she's a sitting congresswoman!"

Days later, Sherrill announced raising $7.35 million, surpassing the threshold as well. Both campaigns agreed to an $18.5 million spending cap in exchange for matching funds, though additional contributions can be used for legal and administrative expenses.

The Democrat, however, enjoys a significant edge in outside support.

The Democratic Governors Association's super PAC Greater Garden State has pledged more than $20 million on ads, with the Democratic National Committee adding $3 million. Sherrill's total backing so far stands at more than $42 million.

Ciattarelli's campaign has pulled in nearly $30 million, buoyed by $11 million from two Republican super PACs: Restore New Jersey and Change NJ. That level of outside support already more than doubles what he received during his 2021 challenge to Murphy, which he narrowly lost.

"We have a real opportunity to win," said Carlos Cruz, a spokesman for Change NJ.

Kate Gibbs, executive director of the New Jersey Republican State Committee, called the contest a chance to shift the political map. "There's a huge opportunity to flip the state red," she said. "It would be an incredible sign of momentum for the National Republican Party heading into next year's midterm elections."

Although Republicans remain outnumbered by nearly a million registered Democrats, Ciattarelli's rise reflects broader shifts. "I think people are rightly starting to see us more as a purple state," Wilkes said, pointing out that President Donald Trump lost New Jersey by just six points in 2024 despite investing little in the state.

The spending already surpasses the $60.5 million spent in the 2021 general election, which had been the most expensive race in New Jersey history. At this pace, November's outcome could reshape not just Trenton's leadership, but also national narratives heading into the 2026 midterms.