Even though he’s term-limited, President Donald Trump is still raising large sums of money and amassing a significant war chest ahead of the 2026 midterm elections, when the opposition party typically makes big gains.
That’s according to a Friday article in the Wall Street Journal, which reported that Trump and his aligned political action committees (PACs) have so far brought in more than $1.4 billion in financial commitments, which is approximately what Trump, his super PACs and the Republican Party raised cumulatively in 2024. The Journal’s sources said Trump’s “aggressive” fundraising was meant to give Republicans the ammo necessary to compete effectively in next year’s congressional elections.
Trump’s fundraising haul comes partially from $1 million per-person fundraisers at both his Mar-a-Lago residence in Florida and his Bedminster, New Jersey golf course. And another significant source of funds is small-dollar donations from his supporters via online solicitation campaigns. The emails typically come with gimmicks, like offering a White House badge to anyone donating at least $35, and a separate July fundraising email promised donors would be designated as a “Trump White House Advisor” after sending money and completing a poll.
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The blitz of email solicitations comes at about five per day, for more than 700 donation asks since Trump began his second term in January. Donors are frequently offered campaign-style merch as a thank-you gift, which in June included a t-shirt with Trump’s face and the word “DADDY” for donors who gave at least $35. David Axelrod — who was a senior advisor to former President Barack Obama — told the Journal that Trump’s rapid-pace fundraising efforts signify that he is hoping to avoid a repeat of the 2018 “Blue Wave” midterms which saw Democrats retake the House of Representatives.
“He understands the odds are not with him, and I expect he will go at it with full fury and desperation,” Axelrod said. “The question is can he change history here?”
Currently, Trump’s web of PACs and fundraising committees have roughly $350 million in cash on hand as of the end of June. And not all of that money is going toward 2026 general election efforts. According to the Journal, some of Trump’s aligned PACs have already been spending money to run ads in Kentucky’s 4th Congressional District, which is represented by Rep. Thomas Massie (R-Ky.). Trump singled Massie out after he voted against his multitrillion-dollar tax and spending legislation.
Earlier this week, Politico reported that three Trump-aligned billionaires — hedge fund magnates John Paulson and Paul Singer and Dallas Mavericks owner Miriam Adelson — have so far put up $2 million to oust Massie. However, the Kentucky Republican also has a large war chest of his own, with $1.7 million in his campaign account as of last month.
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Click here to read the Journal’s full report in its entirety.