Democrats have an advantage among small-dollar donors in the midterm elections. But what if that’s their only financial edge?
Democratic candidates, especially those for Senate, are broadly raising more money than their Republican counterparts, according to campaign finance filings with the Federal Election Commission that were released on Wednesday. But Republicans are staying competitive thanks to super PACs funded by the ultrawealthy and corporations. And there seem to be more Republican megadonors than Democratic ones.
What’s more, a recent Supreme Court decision is expected to allow Republican Party committees, which are flush with cash, to more easily support their candidates.
Here are four takeaways on the money race — not just for this year’s midterms, but for the 2028 presidential election, too.
Republican Senate candidates are falling behind …
Financially speaking, you’d rather be a Democratic candidate for Senate than a Republican one this year.
The party’s contenders for the chamber are continuing to out-raise their conservative rivals significantly, the filings show.
Take Senator Jon Ossoff, the incumbent Democrat in Georgia, who is the Republican Party’s top target in the chamber this cycle. He raised $19.6 million in the second quarter, from April to June. That gives him a huge advantage over his Republican opponent, Representative Mike Collins, who just survived a bruising primary last month and brought in only $2.2 million over the same period.
Mr. Ossoff entered July with more than 20 times as much cash on hand as Mr. Collins did.
A similar fund-raising beatdown is unfolding in Texas and Ohio, where Democrats are seeking to beat Republicans in solidly red territory. In Texas, the Democratic nominee, James Talarico, out-raised his Republican counterpart, Ken Paxton, by a staggering $27.4 million to $2.2 million in the last quarter.
In Ohio, the Democratic nominee, former Senator Sherrod Brown, collected $13.9 million, more than three times as much as the $4 million raised by the Republican incumbent, Senator John Husted.
In those three states — which could well decide Senate control — the Democratic candidates raised more than their Republican counterparts by a combined margin of more than 7 to 1.
… but the G.O.P. is hoarding cash in other places.
One big saving grace for Republicans? Their super PACs.
The main Senate Republican super PAC, the Senate Leadership Fund, entered July with an advantage of about $112 million over the corresponding group for Senate Democrats, Senate Majority PAC. And that doesn’t include the money held by several other super PACs backing individual Republican nominees for the chamber.
Those stockpiles should help neutralize some of Senate Democratic candidates’ financial advantages.
At the same time, the main House Republican super PAC appears likely to maintain an edge of tens of millions of dollars over its rival House Democratic group. (The Democratic group won’t announce its updated cash on hand until next week.)
And this is all to say nothing of President Trump’s super PAC, MAGA Inc., which Republican candidates hope will spend generously on the midterms. It entered June with an enormous $382 million at its disposal.
Republican megadonors are in a giving mood.
Several big donors appear to have designs on playing huge roles in the midterms.
On the Republican side, the shipping magnate Dick Uihlein put nearly $19 million during the second quarter into his super PAC, Restoration of America, which funnels money to other conservative advocacy groups. Mr. Uihlein and his wife, Liz, have now spent nearly $70 million on the 2026 cycle.
And the conservative hedge fund investor Ken Griffin disclosed about $24.5 million more in donations, including a $10 million check in April to the Senate Leadership Fund. He has put over $36 million into federal committees this cycle so far.
Elon Musk, the world’s richest person, gave $5 million to a super PAC backing Vivek Ramaswamy’s Republican bid for governor of Ohio. Mr. Musk also provided $4.25 million to political groups and candidates in Texas, according to state filings.
Fewer major gifts from Democrats emerged in the Wednesday filings. A rare example came from Mr. Musk’s friend turned rival Reid Hoffman, a liberal megadonor. Mr. Hoffman gave $10 million to Mr. Talarico’s allied super PAC on the last day of the filing period, June 30. It was by far his biggest check of the cycle.
All this pales in comparison to some of the giving by corporate America. For example, the filings showed that the sports betting industry has put a whopping $72 million this cycle into its super PAC, Win for America. This past quarter, the sportsbook DraftKings donated $14.5 million to the super PAC, and its rival FanDuel chipped in $7.5 million.
Some potential 2028 candidates are raising big sums.
The midterms are important. But for ambitious Democrats, this election cycle is also a chance to prepare for 2028.
Members of Congress can roll over their existing campaign bank accounts into a presidential account if they decide to run for the nation’s top office. The filings show that some potential 2028 Democratic presidential candidates would have a head start.
Senator Mark Kelly of Arizona, who is weighing a run, has posted very strong fund-raising figures since he was targeted by the Trump administration last fall. He entered July with about $24.3 million on hand.
Senator Cory Booker of New Jersey, another possible Democratic 2028 candidate, had about $23 million in his Senate account. Representative Ro Khanna of California, who has said he is considering a presidential run, had about $16.9 million.
Representative Alexandria Ocasio-Cortez of New York, whom many progressive Democrats would like to run for president, remained one of the strongest fund-raisers in Congress. She entered July with nearly $16 million on hand.
Mr. Ossoff has also had plenty of Democrats chattering about a 2028 presidential run. He entered July with even more money — $42.6 million — but he’ll probably need to use a lot to win his Senate race.
Any Democrats who run will need big sums of cash to stand out in what is expected to be a crowded, wide-open and expensive presidential primary race.
Matt Zdun contributed reporting.