Preheat the oven to 350 degrees F (175 degrees C). Grease two 9x5-inch loaf pans.

Beat sugar and butter together in a bowl until fluffy. Stir butternut squash, eggs, and water into sugar mixture.

Mix flour, baking soda, baking powder, salt, cinnamon, and ground cloves in another bowl; stir into sugar mixture. Add walnuts and raisins; stir until batter is just blended. Pour batter into prepared loaf pans.

Bake in the preheated oven until a toothpick inserted into the center comes out clean, about 1 hour. Cool in the pans briefly before removing to cool completely on a wire rack.