Over the past year, former U.S. President Donald Trump and his allies have raised a record-breaking $429 million in political donations, with tech billionaires and corporations seeking policy shifts contributing generously to build a war chest ahead of the midterm elections.

An analysis by the Financial Times found that the single political action committee (PAC) controlled by Trump's allies, "Make America Great Again Inc" (Maga Inc), currently holds $304 million in funds—a sum that surpasses the reserves of any PAC in previous midterm election years and exceeds the cash on hand for Democratic-aligned groups by tens of millions of dollars.

For a president constrained by term limits who cannot raise funds for his own re-election campaign, this level of fundraising is exceptionally rare. This outcome demonstrates that, even as polls indicate some swing voters are dissatisfied with Trump's restrictive immigration policies and overseas interventions, he still maintains absolute dominance within the Republican Party.

This data also highlights the eagerness of major donors to financially support this administration—a government that has vigorously championed the cryptocurrency and artificial intelligence industries, repealed or relaxed numerous regulations, and terminated judicial investigations into political allies.

Trump has not yet indicated how he plans to deploy this financial firepower, but his allies have already utilized an independent fund to take action against Republican Representative Thomas Massie, who clashed with Trump over budget bills and the release of Jeffrey Epstein-related documents.

Super PACs like "Make America Great Again Inc" can raise unlimited funds but are prohibited from directly coordinating with election campaigns.

Republican strategist Alex Conant stated that if Trump and his allies decide to fund pro-Trump candidates in the midterm elections, they "have substantial funds that could potentially be injected into a handful of competitive Senate and House races." Conant added that Trump could also use these funds to "maintain his political influence after leaving the White House."

Over recent months, "Make America Great Again Inc" has raised tens of millions of dollars from the cryptocurrency and artificial intelligence sectors, as well as from investors and corporations conducting business with the White House.

The largest single disclosed donation came from the cryptocurrency exchange Crypto.com, which injected $30 million last year into Trump's primary PAC. An investigation launched by the U.S. Securities and Exchange Commission (SEC) into the company during the Biden administration was concluded in March 2025. Crypto.com also signed several cooperation agreements with cryptocurrency businesses operated by the Trump family.

A spokesperson for Crypto.com stated that the company "had already begun negotiations regarding the conclusion of the SEC's investigation into the company prior to President Trump taking office" and that the relevant agreements were finalized during the Biden administration.

The White House referred questions to "Make America Great Again Inc," which responded: "Thanks to President Trump's leadership, 'Make America Great Again Inc' will have ample resources to support candidates who endorse President Trump's 'America First' agenda—an agenda committed to securing our borders, keeping our streets safe, boosting the economy, and making life more affordable for all Americans."

Other significant donors include OpenAI co-founder and President Greg Brockman, who donated $12.5 million to the committee in December, with his wife, Anna, contributing an additional $12.5 million.

Brockman also funds a lobbying group that advocates for limiting state-level AI regulations and provides campaign funds to candidates opposing strict oversight of the industry. He has visited the White House in recent months.

Brockman, who had never previously made large political investments, stated in December that his donations were to express "support for policies that drive American innovation and foster constructive dialogue between the government and the tech industry."

Veteran political donor and investor Jeff Yass contributed a cumulative $16 million to "Make America Great Again Inc" in 2025. His trading firm, Susquehanna, holds billions of dollars in shares of ByteDance, the Chinese company that is the parent of TikTok.

Venture capital giants Marc Andreessen and Ben Horowitz, founders of A16Z, each donated $3 million to "Make America Great Again Inc" last year. The firm has been at the forefront of lobbying for legislation favorable to cryptocurrency startups and leading efforts to prevent states from enacting a patchwork of AI-related laws.

In December, Trump signed an executive order directing the government to review state-level AI laws and threatening to cut off federal funds to states enacting "burdensome" related legislation. Andreessen celebrated the signing of the order, posting that it was "time to win the AI race."

Tobacco company RAI Services Co. contributed a cumulative $3 million to "Make America Great Again Inc" in 2025, following the Trump administration's scrapping of a Biden-era plan to ban menthol cigarettes and flavored cigars.

Extremity Care donated $5 million to the committee last year, with its co-owners Scott Madden and Oliver Burckhardt each contributing $2.5 million, and their affiliated companies, Collie Paw Holding and Buco One, also donating $2.5 million each.

Shortly after these donations, the Trump administration halted a Biden-era plan to restrict Medicare coverage for ultra-thin bandages made from human tissue, a product for which Extremity Care is a major supplier.

Over $21 million of "Make America Great Again Inc"'s fundraising came from an organization named "Securing American Greatness"—a so-called "dark money" group that is not required to disclose its donors.

Beyond attracting corporate donations, Trump has also received contributions from individuals seeking pardons.

For example, Julio Herrera Velutini, a Venezuelan-Italian banker accused of bribing the governor of Puerto Rico, received a pardon earlier this month after his daughter, Isabela Herrera, contributed a cumulative $3.5 million to "Make America Great Again Inc" following Trump's re-election. Velutini did not respond to requests for comment.

To date, Trump remains the biggest draw for individual Republican donors. Records from the Federal Election Commission show that Trump's joint fundraising committee raised tens of millions of dollars in 2025 through the Republican online fundraising platform WinRed, far surpassing all other Republican fundraising channels combined.

Strategist Conant noted, "Trump is the only one who can energize Republican voters; he is now the true motivating force within the Republican Party, and this is reflected in the fundraising numbers."