Why It Matters

Rep. Byron Donalds (R-FL) enters Florida’s Republican gubernatorial primary today, Aug 18, with a major financial advantage over Lt. Gov. Jay Collins, giving him substantially greater resources to reach voters and define the race. Donalds’ broader political operation has reported raising more than $100 million, while Collins has struggled to match his fundraising strength.

The money underscores the broader divide in the primary, with Donalds backed by President Donald Trump and Collins positioning himself as a continuation of Gov. Ron DeSantis’ (R-FL) political agenda. Beyond the topline totals, Donalds’ donor records offer a window into the corporate, ideological and individual interests supporting his political rise as Republicans compete to succeed DeSantis.

The Candidates

Donalds has represented Florida’s 19th Congressional District since 2021 after serving in the Florida House from 2016 to 2020. Before entering politics, Donalds worked in banking, finance and insurance in Southwest Florida. A prominent ally of President Trump, Donalds announced his gubernatorial campaign in February 2025 with Trump’s endorsement and has emphasized affordability, property insurance, housing costs, education and infrastructure during the campaign.

Collins entered the race after DeSantis appointed him Florida’s lieutenant governor in August 2025. Collins was elected to the Florida Senate in 2022 after serving more than 23 years in the military, including as an Army Green Beret. He suffered combat injuries that ultimately led to the amputation of his leg before requalifying for active duty and serving another five years. Collins has emphasized his military record and service in the DeSantis administration while positioning himself as a candidate who would continue DeSantis’ conservative agenda.

The Money Behind The Race

Donalds has built an overwhelming financial advantage in the Republican gubernatorial primary, with his campaign and affiliated Friends of Byron Donalds political committee raising more than $103 million by late July. That total includes a $10 million contribution from Citadel founder Ken Griffin to the political committee, the largest reported contribution in the governor’s race at the time.

Donalds’ fundraising operation has drawn support from tens of thousands of donors. By the end of May, his campaign reported raising more than $81 million from 35,292 individual donors, including $9.2 million through his candidate account and $71.8 million through Friends of Byron Donalds. He also qualified for $662,350.93 in public campaign financing in July.

Collins has raised substantially less, although a single $5 million contribution gave his campaign a major boost. Propel Florida LLC contributed $5 million to Collins’ Quiet Professionals political committee May 29, accounting for nearly all of the committee’s $5.12 million raised during April and May. Collins had nearly $6 million between his candidate account and political committee as of June 1 and later received $118,463.22 in state matching funds.

The disparity has given Donalds significantly more resources for advertising and voter outreach. Heading into the Aug. 18 primary, Donalds’ political operation had raised more than $111 million and retained roughly $58 million for future spending, while no Republican rival had more than $500,000 remaining.

Federal campaign-finance records from Donalds’ congressional career also show support from corporate and ideological PACs, including the CGCN PAC, Freedom Caucus Fund, Asian American Hotel Owners Association PAC, Deloitte Political Action Committee, Google LLC NETPAC, NextEra Energy Inc. Political Action Committee and Republican Jewish Coalition Political Action Committee. Those contributions are separate from his gubernatorial fundraising and provide additional context about the donor network that supported Donalds before his run for governor.

The Bottom Line

Donalds enters the Republican primary as the clear frontrunner, backed by President Trump and a fundraising operation that has far outpaced Collins and the rest of the Republican field. Recent polling has also placed Donalds well ahead of Collins, reinforcing the financial advantage he has maintained throughout the campaign.

The money behind the race illustrates the different coalitions supporting the two leading candidates. Donalds has combined tens of thousands of individual donors with large contributions to his affiliated political committee, while Collins has relied more heavily on a smaller number of major contributions. Donalds’ previous federal campaign records also show longstanding financial support from corporate, industry and conservative PACs.

With DeSantis term-limited, the primary will determine which Republican advances to the Nov. 3 general election in a state that has moved substantially toward the GOP in recent election cycles. Donalds’ combination of fundraising, Trump’s endorsement and polling strength gives him a substantial advantage as voters choose the Republican nominee.

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