President Donald Trump’s political operation is amassing a formidable treasury, signaling his intention to wield substantial influence in the 2026 midterm elections despite being barred from seeking reelection. Recent filings with the Federal Election Commission reveal that Trump’s main super PAC and leadership PAC have collectively garnered over $205 million in the first half of the year, underscoring his continued fundraising prowess.

The president's primary super PAC, MAGA Inc., alone reported a staggering $196 million cash on hand, having spent only a fraction of its intake. Meanwhile, his leadership PAC, Never Surrender, which transitioned from his 2024 campaign committee, ended June with $38 million. This financial accumulation hints at strategic positioning to support select GOP candidates and potentially reshape congressional dynamics.

Contributions to Trump’s war chest came from a variety of sources, including significant donations from GOP megadonors and emerging sectors like cryptocurrency. Notably, individuals such as Jeff Yass and entities like Energy Transfer Partners have invested millions. The involvement of cryptocurrency-linked donations, including a notable $10 million from Foris DAX, Inc., aligns with Trump’s recent legislative actions favoring the crypto industry.

The political landscape for the 2026 midterms is being meticulously crafted by Trump’s team. His groups have not yet deployed their substantial resources, opting instead to fortify their financial holdings. This strategy may well position Trump as a pivotal figure in next year’s elections, potentially overshadowing traditional Republican campaign funds.

Trump's influence is already visible as he maneuvers within the GOP, promoting favored candidates and influencing primary races. His financial clout could allow him to dominate the political discourse, shaping candidate selections and campaign narratives. Moreover, his actions suggest an effort to secure a Republican majority in Congress, leveraging his financial and political capital to support or thwart candidates aligned with his vision for the party.

In addition to direct campaign funding, Trump’s operation continues to channel funds to other political groups within his network, further extending his reach and influence. As the 2026 midterms approach, the strategic use of Trump’s burgeoning funds will be critical in determining the balance of power in Washington and potentially cementing his legacy as a kingmaker in American politics.