What's happened
MAGA Inc., aligned with Donald Trump, reported raising over $102 million in the second half of 2025, ending the year with approximately $304 million cash on hand. Major donors include tech and crypto billionaires, with plans to support Trump-aligned candidates in the 2026 midterms.
What's behind the headline?
The scale of MAGA Inc.'s fundraising underscores the unprecedented financial influence Trump wields within the political landscape. The $300 million war chest positions the PAC as a dominant force in the 2026 midterms, enabling extensive campaign support. Major donors like Greg Brockman of OpenAI and Crypto.com’s parent company highlight the tech and crypto industries’ alignment with Trump’s agenda, particularly on border security, economic growth, and law enforcement. Elon Musk’s recent public support signals a broader industry backing, further amplifying the PAC’s influence. This level of funding suggests a strategic effort to shape the political environment ahead of the elections, potentially skewing the playing field in favor of Trump-aligned candidates. The ongoing fundraising also reflects Trump’s unique approach to leveraging his influence, even as he faces questions about his political future. The substantial financial backing indicates that Trump’s political machinery remains highly active and well-resourced, likely to impact the midterm outcomes significantly. This raises concerns about the increasing role of wealthy donors and industry interests in shaping American politics, especially when a former president continues to wield such financial power outside traditional campaign channels.
What the papers say
The New York Times highlights the record-breaking fundraising efforts and the influence of deep-pocketed donors like Greg Brockman and Crypto.com’s parent company, emphasizing the strategic importance of this financial boost for Trump’s political ambitions. Politico corroborates the scale of the fundraising, noting the $102 million raised in the second half of 2025 and the $300 million cash on hand, positioning MAGA Inc. as a formidable force in the upcoming midterms. The NY Post adds context by detailing the specific contributions from tech and crypto billionaires, and Elon Musk’s recent public support for GOP candidates, illustrating industry backing. While all sources agree on the magnitude of the fundraising, the NYT emphasizes the broader implications of industry influence and the potential for skewed electoral dynamics, whereas Politico focuses on the strategic positioning of the PAC. The NY Post provides insight into the specific donors and their motivations, painting a comprehensive picture of the financial landscape shaping Trump’s political efforts.
How we got here
Leading up to the 2026 midterms, Trump’s super PAC, MAGA Inc., has engaged in aggressive fundraising, accumulating over $300 million. This follows a record-breaking $240 million raised by his inaugural committee in 2024. The organization’s funding reflects deep-pocketed interests eager to influence the election, with significant contributions from tech, crypto, and private equity sectors. Historically, second-term presidents wind down fundraising, but Trump’s ongoing efforts indicate a strategic focus on supporting aligned candidates and causes.
Go deeper
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Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
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Crypto.com is a cryptocurrency exchange app based in Singapore. It is a trademark of Foris DAX Asia Pte. Ltd, a Singapore-based company that is a subsidiary of Foris DAX MT Limited. The app currently has 10 million users and 3,000 employees.
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Gregory Brockman (born November 29, 1987) is an American entrepreneur, investor, software engineer. He is co-founder and president of OpenAI. He began his career at Stripe in 2010, upon leaving MIT, and became CTO in 2013. He left Stripe in 2015 to co...