Former U.S. President Donald Trump dramatically increased his political funding arsenal in the second half of 2025, according to new campaign finance disclosures filed late Saturday. This has given him an unprecedented amount of political capital for a former president who is ineligible to run for a new term, allowing him to exert influence in the midterm elections and beyond.
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Trump raised $26 million through his joint fundraising committee during the second half of last year, in addition to $8 million deposited directly into his Leadership PAC. His associated super PAC holds over $300 million.
Altogether, Trump controls a network of campaign accounts—some directly managed by him, others run by close allies—totaling around $375 million in cash reserves.
This amount far exceeds that of any other political figure, Republican or Democrat, entering 2026, and represents a level of financial power without historical precedent. Trump can deploy these funds this year in the midterms or to influence future electoral contests, despite being ineligible to run for president again.
Trump continues to outpace all other Republicans in fundraising, from both major and small donors. His joint fundraising committee, the Trump National Committee, which raises funds for several aligned entities, accounted for one of every eight dollars raised via the Republican online platform WinRed during the second half of 2025, according to a Politico analysis.
No other super PAC raised even half as much as MAGA Inc., which collected $289 million in 2025. This Trump-aligned super PAC hosted fundraising events with both Trump and his former running mate J.D. Vance.
Trump has not yet provided clear indications of how these funds will be used. The Trump National Committee primarily transfers money to his Leadership PAC “Never Surrender”, with a small portion directed to the Republican National Committee (RNC) and Vance’s leadership PAC “Working For Ohio”.
Candidates are not allowed to use PAC funds directly in their own campaigns, but these widely distributed accounts—criticized by campaign finance reform groups as “emergency funds”—allow politicians to fund allies, travel, and political activities.
Between July and December, the Never Surrender PAC spent around $6.7 million, with over half going toward ads, digital consulting, and direct mail, expenses usually linked to fundraising.
Trump’s groups have not yet used this financial power in Republican primaries. While he endorsed certain challengers against a few incumbent Republicans in competitive primaries—such as Senator Bill Cassidy of Louisiana and Representative Thomas Massie of Kentucky—and threatened others, he has not spent money against them. A super PAC targeting Massie, MAGA KY, is managed by Trump allies but largely funded by major Republican donor Paul Singer.
The only election spending by MAGA Inc. last year was to support current Representative Matt Van Epps in a special election for Tennessee’s 7th district.
This massive financial arsenal positions Trump as a standalone political force, independent of traditional party structures. By comparison, the Republican National Committee (RNC), heavily reliant on Trump for funding, had around $95 million at year’s end—roughly a quarter of what Trump-linked groups hold.
Democrats fare much worse: the Democratic National Committee (DNC) had only $14 million on hand and over $17 million in debt, according to Politico.
