Donald Trump and a network of allied political committees raised a record $429m in 2025 as preparations began for the 2026 US midterm elections, according to an analysis by the Financial Times of campaign finance filings.
The haul underscores the scale of Republican fundraising being channelled through groups associated with the President, despite the constitutional two-term limit that would prevent him from seeking the White House again after his current term.
At the centre of the effort is MAGA Inc, a pro-Trump “super PAC” which entered 2026 with $304m in cash on hand. The figure is larger than any other political committee has reported at the start of a midterm cycle, and gives the Trump-aligned operation significant capacity to fund advertising and political messaging across competitive congressional races.
Super PACs can raise unlimited sums from individuals and corporations, but are barred from coordinating directly with candidates’ official campaigns. In practice, they can still influence contests through independent expenditure campaigns, funding television, digital advertising and voter mobilisation efforts.
The donor list reported by the Financial Times reflects a concentration of money from technology, cryptocurrency and artificial intelligence circles, alongside contributions from other regulated industries. Crypto.com was cited as the single largest declared contributor, giving $30m. The company has said the US Securities and Exchange Commission closed an investigation into it without enforcement action after it received a Wells notice in 2024.
The filings also show significant contributions from senior figures linked to the AI sector. OpenAI co-founder Greg Brockman gave $12.5m, with a further $12.5m from his wife, Anna Brockman, according to the Financial Times. Investor Jeff Yass donated $16m. Marc Andreessen and Ben Horowitz, founders of the venture capital firm Andreessen Horowitz, gave $3m each; the firm has been active in policy debates affecting cryptoassets and AI.
The data points to a broader pattern of political engagement by technology interests as Congress and federal agencies consider how to regulate fast-growing sectors. Crypto firms have pushed for clearer federal rules governing digital asset markets and the status of tokens and stablecoins. AI companies and investors have been monitoring proposals on model safety, liability, transparency requirements and restrictions on certain uses of machine learning in areas such as employment, elections and national security.
MAGA Inc is not the only Trump-aligned vehicle accumulating large sums. Reuters reported earlier in January that the super PAC entered 2026 with a stockpile of about $300m, positioning it as a dominant player in Republican outside spending ahead of next year’s vote.
The fundraising drive sits alongside continued small-donor activity routed through WinRed, the platform used widely by Republican candidates and committees. WinRed’s own 2025 recap said it processed more than $565m in fundraising volume during the year across candidates and committees on the platform, reflecting the continued importance of digital payments infrastructure in US political finance.
The scale of Republican cash reserves has also been noted by other US political reporting. The Washington Post reported that Trump-linked groups began the midterm cycle with close to $400m overall, while highlighting financial pressures facing Democratic party committees, including debt at the Democratic National Committee and lower aggregate cash on hand compared with Republican counterparts.
Campaign finance analysts say such balances can matter early in a cycle, allowing committees to reserve advertising, build data operations and support preferred candidates in primaries. They can also provide leverage inside a party, as spending decisions shape candidate selection and messaging discipline in closely fought districts and states.
Another notable feature of the filings cited by the Financial Times is the role of opaque funding structures. The newspaper reported that more than $21m came from an entity named Securing American Greatness which does not disclose its donors, a reminder that some political spending remains difficult to trace even with US reporting requirements for many committees.
The emerging picture ahead of 2026 is a Republican ecosystem in which Trump remains the main focal point for large donors and for fundraising infrastructure, even if he is not on the ballot. With control of Congress at stake and regulatory debates intensifying over crypto and AI, donors appear to be positioning themselves early, using super PACs as the principal channel for high-value contributions.
