New federal filings and campaign-finance disclosures show President Donald Trump’s political network — led by the super PAC MAGA Inc., the joint fundraising committee Trump National Committee and the leadership PAC Never Surrender — entered 2026 with about $375 million in cash on hand, according to a POLITICO analysis. The stockpile, built largely in the second half of 2025, gives Trump a major financial lever over the 2026 midterm elections even though he cannot seek another presidential term.
Campaign finance disclosures filed at the end of January 2026 show the scale of President Donald Trump’s fundraising operation during the second half of 2025.
POLITICO reported that Trump’s joint fundraising committee, the Trump National Committee, raised $26 million in the latter half of 2025 and that $8 million went directly to his leadership PAC, Never Surrender. The filings also show MAGA Inc., a pro-Trump super PAC, ended 2025 with more than $300 million in the bank after raising $289 million during 2025, a sum POLITICO described as unmatched by other super PACs in that year.
The cash advantage extends beyond Trump-aligned entities. Separate Federal Election Commission filings summarized by the Associated Press show the Republican National Committee ended 2025 with $95 million cash on hand, while the Democratic National Committee ended the year with about $14 million in cash and roughly $17 million in debt.
Trump’s fundraising has also remained a significant force in the party’s small-dollar ecosystem. POLITICO said its analysis found Trump’s joint fundraising committee accounted for about one out of every eight dollars raised on WinRed, the Republican Party’s main online fundraising platform, during the second half of 2025.
The filings highlight how leadership PACs and super PACs can be used to sustain political influence between election cycles. While federal rules bar leadership PAC money from being transferred directly into a candidate’s authorized campaign committee, such accounts can finance political travel, support allied candidates and pay for fundraising and political messaging.
Trump has at times targeted sitting Republicans with endorsements of challengers. But POLITICO reported his groups had not yet begun significant spending in contested primary races as of the end of 2025.
MAGA Inc.’s most prominent disclosed election spending in 2025 was in the closely watched special election for Tennessee’s 7th Congressional District. The Associated Press reported the group spent about $1.7 million backing Republican Matt Van Epps, who won the December 2025 special election.
With the midterms approaching, the size of the Trump-aligned war chest positions the president and his allies to shape Republican primaries and general-election messaging — and to influence the party’s direction well beyond 2026.
