President Donald Trump’s political operation has amassed nearly $234 million in cash reserves as of June, according to recent Federal Election Commission (FEC) filings. This includes $177 million raised by his primary super PAC and $28 million by his leadership PAC. Additional funds from a joint fundraising committee bring the total to over $200 million, which could be used to influence the 2026 midterms and GOP primaries.
Trump has already shown substantial interest in the 2026 elections, with the White House intervening to encourage some GOP incumbents to run again, pushing potential challengers out of primary fields and asking Texas Republicans to redraw congressional districts to increase Republican seats. With millions of dollars at Trump’s disposal, which is an unheard of amount for a sitting president who cannot run again, he could become one of the biggest single players in next year’s midterms, alongside longstanding GOP stalwarts like the Congressional Leadership Fund and Senate Leadership Fund. Trump could boost his preferred candidates in GOP primaries, or flood the zone in competitive general election races in an effort to help Republicans keep control of Congress.
Trump’s primary leadership PAC now is Never Surrender, which was converted from his 2024 campaign committee. It ended June with $38 million cash on hand, after spending $16.8 million, the majority of which was expenses lingering from Trump’s campaign last year.
MAGA Inc., the primary pro-Trump super PAC, reported a whopping $196 million cash on hand, after spending only a few million dollars. The group, which does not face donation limits, benefited from fundraisers featuring Trump and Vice President JD Vance this spring. It raised money from a range of longtime GOP megadonors and cryptocurrency interests:
- Jeff Yass gave $16 million
- The pro-Trump dark money group Securing American Greatness gave $13.75 million
- Energy Transfer Partners gave $12.5 million, as did its CEO, Kelcy Warren
- Foris DAX, Inc., a cryptocurrency-linked entity, gave $10 million
- Blockchain.com, a cryptocurrency company, gave $5 million
- Elon Musk, who has publicly feuded with Trump in recent months, gave $5 million
The super PAC also received some donations made in bitcoin. Trump signed a landmark cryptocurrency bill favored by the industry in June, and his business empire has quickly expanded its crypto interests.