Trump’s 2025 fundraising surge creates record-breaking war chest for a lame-duck president

Campaign-finance disclosures show Donald Trump’s fundraising network swollen to roughly $375 million across committees in late-2025, built from about $26 million via his joint fundraising committee, $8 million to his Never Surrender leadership PAC, and more than $300 million in MAGA Inc. The total dwarfs other Republican or Democratic war chests and could be deployed to influence the 2026 midterms or future elections, even though Trump cannot run again.