Funding

California high-speed rail is primarily funded by two major state funding sources: Proposition 1A, which has been mostly expended, and Greenhouse Gas Reduction Funds. The extension of the Cap-and-Invest program replaced the previous 25 percent auction-based allocation, set to end in 2030, with a fixed annual appropriation of $1 billion through 2045. This change provides long-term revenue certainty and a stable foundation for planning and financing.

At this point the Authority is also actively pursuing public-private partnerships and developing strategies for asset commercialization along its rail corridor. This would generate ongoing revenue for continued development.

In late 2025, the Authority removed from its budget calculations approximately $4 billion in federal funding, including the $3.1 billion Federal-State Partnership cooperative agreement and $928.6 million from earlier Federal Railroad Administration (FRA) awards from 2010 and 2011. While the Authority initially challenged the FRA’s termination of these funds, the Authority ended its litigation in December 2025. As a result, federal funding now accounts for less than 10 percent of the program’s total budget, far below international norms for nationally significant investments in high-speed rail such as this one. For more, read our most recent Business Plan.

For the latest financial reporting, visit the Finance & Audit Committee webpage. Learn more about our awarded and pending grants on our Grants webpage.

To see funding plans, funding agreements, or grant documentation and applications, please create a Public Records Act request using the online portal.