What will the farmers think?

Billionaire Mike Bloomberg has already spent more than $200 million in ads on his 2020 presidential campaign — but not a dime of it in Iowa — the first state where Democrats will vote, on Feb. 3, to determine the party’s nominee to take on President Trump.

“Zero spending in Iowa markets,” said John Link, a vice president at Advertising Analytics.

Six Democratic candidates will participate in a debate in Iowa Tuesday night. But Bloomberg can’t partake because the Democratic National Committee requires candidates to collect thousands of small-dollar donations to qualify and he is self-financing his campaign.

“The party rules prevent me from debating. If they change the rules I’d be happy to join it,” the former three-term mayor of New York City said in a new ad airing on cable stations.

Bloomberg, who made a late entry in the race in November, decided to forgo the early voting states of Iowa and New Hampshire and instead focus attention on more than two dozen of the more populous states that vote in March and April — including New York.

The Bloomberg campaign is running ads in at least 26 states. His commercials have run frequently during the National Football League playoff games over the weekend.

New Hampshire votes second in the Democratic nomination contest. It’s primary will be held February 11.

While Bloomberg is not stumping in New Hampshire, he has more of a presence.

Bloomberg ads are running in Boston’s TV market, whose coverage area includes southern New Hampshire, the most popular part of the Granite State.

Bloomberg is also a native of Massachusetts and has donated millions of dollars to causes in New England — including $32 million to the education center at Boston’s Museum of Science named after his parents.