Democratic U.S. Senate candidate James Talarico announced Thursday that he raised $64 million in the third quarter, setting a record for the highest single-quarter fundraising haul by any Senate candidate in history. His Republican opponent, Attorney General Ken Paxton, reported raising $18 million in the same period.
The Federal Election Commission (FEC) filings will provide further details on campaign spending and remaining cash reserves for both candidates. Talarico’s campaign stated that 97% of contributions were $100 or less, with over 1.3 million donors contributing since his campaign launch. Paxton’s campaign did not respond to requests for comment on his fundraising totals.
Record-Breaking Fundraising and Historical Context
Talarico’s $64 million third-quarter haul surpasses the previous record of $57 million, set by South Carolina Democrat Jaime Harrison in 2020. Since launching his campaign in September 2025, Talarico has raised a total of $134 million. In comparison, Beto O’Rourke raised $38.1 million in the third quarter of 2018 during his Senate bid against Ted Cruz, ultimately losing by a 2.6-point margin.
Republican Outside Spending and Paxton’s Campaign
Republican-aligned groups have spent over $175 million since September 1 supporting Paxton or attacking Talarico, according to AdImpact. This includes a $10 million donation from Elon Musk to a pro-Paxton super PAC, with the group spending approximately $9.4 million on ads. Total political advertising in the race has exceeded $500 million, making it the most expensive Senate contest in the 2026 midterms.
Paxton, who was impeached by the Texas legislature in 2023 but later acquitted, has faced scrutiny over corruption allegations. His campaign reported raising $18 million in the third quarter, a figure dwarfed by Talarico’s haul. President Donald Trump has campaigned for Paxton three times in the past month, while CNN hosted a town hall with Talarico after Paxton declined an invitation.
Campaign Dynamics and Polling
Recent polls show Talarico holding a slight lead over Paxton, averaging 2.6 points according to RealClearPolling. Talarico’s campaign has emphasized economic issues, framing the race as a referendum on affordability and corruption. His recent absence from the campaign trail due to the flu sparked conspiracy theories online, including false claims about his whereabouts. Talarico confirmed his illness and criticized the spread of misinformation.
Policy Positions and Public Perception
Talarico, a seminarian and state representative, has positioned himself as an advocate for working families and has framed his campaign around reducing costs for voters. His opponent, Paxton, has relied heavily on outside spending to counter Talarico’s fundraising advantage. The race has drawn national attention due to its potential impact on Senate control in President Trump’s final two years in office.
The FEC filings, due by the end of the month, will provide a clearer picture of each campaign’s financial health and spending priorities as the November election approaches.