Why It Matters

MAGA Inc., a Trump-aligned hybrid PAC, has reported $22.9 million in spending opposing Democrat James Talarico in Texas' U.S. Senate race, roughly 63% of its reported $36.3 million in total spending this election cycle as of Oct. 21. The spending makes the committee a significant outside player in Talarico's contest against Republican Ken Paxton, with Texas accounting for the largest share of its direct independent expenditures. ​

The spending is part of a much larger effort by President Donald Trump's political operation to influence the midterm elections. According to an Oct. 20 New York Times report, three Trump-aligned super PACs committed about $277 million from September through mid-October to support Republican candidates, giving the party a substantial financial advantage as it seeks to retain control of Congress. The operation has financed advertising in 24 states, including competitive Senate and House races.

MAGA Inc. describes itself on its website as making independent expenditures in the United States. Its 2024 campaign messaging emphasized border security, the economy, and America's standing abroad. The New York Times reported that the committee has raised approximately $473 million since Trump's election, including contributions from corporations and individuals with business before his administration.

What It Spent

MAGA Inc. reported spending more than twice as much opposing Talarico as it spent supporting all Republican candidates combined ($9.19 million). Its largest targets and beneficiaries, after Talarico, include:

  • $7.5 million supporting Republican Ken Paxton in Texas' open U.S. Senate race.
  • $828,000 in spending to support Sen. Darline Graham (R-SC).
  • $843,897 across 17 records supporting Rep. Matt Van Epps (R-TN).
  • $846,464 across 14 records that opposed Democrat Aftyn Behn.
  • $354,213 in spending opposing Democrat Abdul El-Sayed.
  • Approximately $230,000 in spending against former Sen. Sherrod Brown of Ohio.
  • $190,000 opposing Democrat Josh Turek in Iowa's open U.S. Senate race.

The committee reported raising $449.4 million, spending $308.9 million and holding $164.3 million in cash as of Oct. 14. The New York Times separately reported that MAGA Inc. had raised approximately $473 million since Trump's election.

Who Funds It

Among organizational donors, Foris Dax Inc. leads with $35 million, followed by Gemini Trust Company at $24.4 million and Securing American Greatness Inc. at $21.3 million. Energy Transfer LP contributed $12.5 million. Two entries for Make America Great Again Inc. each show $10.6 million, although the filings may reflect the same donor recorded under different spellings.

Among individual donors, Miriam Adelson and Diane Hendricks each contributed $25 million. Jeff Yass gave $16 million, while Anna Brockman, Greg Brockman and Kelcy Warren each contributed $12.5 million.

The New York Times identified Foris Dax, which operates the cryptocurrency exchange Crypto.com, Hendricks, a Wisconsin roofing billionaire, and Adelson, a major pro-Israel donor, as the committee's largest contributors since the 2024 presidential election. According to the newspaper's review of campaign finance records, more than 100 donors contributed at least $1 million to MAGA Inc., including individuals and companies with business interests before the Trump administration.

The Times also reported that Trump's aides began soliciting major contributions shortly after his reelection, including at dinners where donors seeking access could pay as much as $1 million per person to meet with the president. The fundraising arrangement has raised questions about potential influence over administration decisions.

Separate from its independent expenditures, MAGA Inc. transferred $200 million to No Going Back PAC Inc. and $25 million to Safety & Affordability PAC Inc. this cycle. The New York Times reported that the two groups were effectively extensions of MAGA Inc. and that the transfers accounted for nearly all their funding through Oct. 14. Together, the three Trump-aligned PACs reported approximately $181 million in cash on hand as of Oct. 14, according to the newspaper.

The Ad Buy

Del Ray Media LLC handled four $5 million payments opposing Talarico, dated Sept. 4, Sept. 21, Sept. 28, and Oct. 13. Together, the payments totaled $20 million, approximately 87% of MAGA Inc.'s reported independent expenditures against him. Del Ray also received $5 million on Sept. 4 and $2.5 million on Sept. 15 for connected television and digital advertising supporting Paxton.

Momentum Digital Strategy LLC handled an Oct. 8 spending burst that included $415,000 opposing Talarico, $354,000 opposing El-Sayed and $190,000 opposing Turek.

Federal Communications Commission broadcast advertising filings also show $1.07 million statewide in Texas from Sept. 9 through Oct. 9, and $215,000 statewide from Oct. 13-20. In Cincinnati, Ohio, the filings show $68,000 from May 13–18, $57,000 from April 16–28, and $56,000 from Aug. 28 through Sept. 23, 2025. In Louisville, Kentucky, they show $52,000 from April 16-28.

Politico reported Oct. 3 that a Trump operative expected MAGA Inc. and its affiliates to spend nearly $45 million on direct mail, television, and digital advertising in Texas through Oct. 12. That figure reflects the operative's estimate rather than an independently reconciled FEC expenditure total.

The New York Times reported that the three Trump-aligned PACs began advertising in 24 states around Labor Day and recently increased their spending on Meta and Google platforms. According to the advertising tracking firm AdImpact, the groups were scheduled to air approximately $99 million in additional advertisements between Oct. 15 and Election Day, potentially pushing the operation's total midterm spending above $300 million.

Trump claimed in an Oct. 20 Truth Social post that his political operation had spent or planned to spend more than $400 million by Election Day, including more than $300 million on advertising, voter outreach, rallies and other election activities. The New York Times noted that Trump's characterization of the groups' funds as his own has raised legal scrutiny.

You can explore more about this committee's filings at Legis1.com.

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