Trump stockpiles $550 million in campaign cash ahead of midterms

Bill Allison, Bloomberg News on Apr 20, 2026

By clicking submit, I authorize Arcamax and its affiliates to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Privacy Policy , (2) add to information that I provide with other information like interests inferred from web page views, or data lawfully obtained from data brokers, such as past purchase or location data, or publicly available data, (3) contact me or enable others to contact me by email or other means with offers for different types of goods and services, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here

WASHINGTON — President Donald Trump’s super political action committee raised $35.6 million in March, bolstering his war chest to $550 million as he tries to defy history by hanging onto congressional Republican majorities in an increasingly difficult midterm election environment.

Billionaire Diane Hendricks, a longtime Republican donor who made a speech at the GOP’s 2024 convention, accounted for most of that total, giving $25 million, according to a MAGA Inc. disclosure with the Federal Election Commission. Venture capitalists Marc Andreessen and Ben Horowitz each donated $3 million.

The Yocha Dehe Wintun Nation, a California-based tribal organization, gave $2 million. A subsidiary of prison operator GEO Group Inc., a federal contractor whose clients include Immigration and Customs Enforcement, gave $1 million, according to the FEC filing released Monday.

The flood of cash comes as polls show Trump’s 2024 coalition fraying. While the party out of power in Washington historically flips seats in the House, Democrats increasingly see a path to taking the Senate, as well. The Cook Political Report this month shifted four Senate seats toward Democrats, and their candidates in three of those races are outraising their Republican rivals by wide margins.

Nevertheless, the GOP-allied House and Senate super PACs, along with Trump-affiliated groups and the MAGA Inc. super PAC, built a huge stockpile that stood at $853 million before Monday’s filings, giving them a wide lead over Democrats’ equivalent groups.

Yet while the GOP has an advantage in cash amassed in super PACs that can’t directly coordinate with campaigns, Democratic candidates are raising more collectively than Republicans, FEC data show. ActBlue raised $568 million in the first quarter, a record amount for the Democratic party’s small-dollar donor machine.

Trump’s mountain of campaign cash, an unprecedented total for a president in midterm elections, includes totals held by his leadership PACs and his joint fundraising committees, plus the $117 million held by the Republican National Committee.

Though Trump has relied much more on big donors ahead of the midterms, with just eight donors accounting for his super PAC’s haul in March, he continues to raise money from his loyal base of more modest contributors. Trump’s entity that focuses on small-dollar donors raised $11.7 million in the first quarter of 2026.

____

(With assistance from Derek Wallbank.)