The money race in Massachusetts’ Democratic Senate primary is starting to take shape — and Representative Seth Moulton has established an early advantage.
Moulton raised over $2 million since launching his primary challenge to Senator Ed Markey and counts just over $3 million in his campaign coffers heading into the 2026 election year, according to the congressman’s campaign.
That haul means Moulton, who announced his campaign Oct. 15, has surpassed Markey’s cash position nine months ahead of the September primary election.
Over the same period — the fourth quarter of 2025 — Markey raised roughly $780,000 in comparison, spent just over $710,000, and will report having $2.7 million in his coffers, the senator’s campaign said.
Markey now finds himself in a tighter financial spot than he was at a comparable point during his successful 2020 primary battle against former Representative Joe Kennedy III. During the fourth quarter of 2019, which began right after Kennedy launched his primary campaign, Markey had raised $1.2 million, and had over $4.5 million in the bank.
Moulton jumped into the Senate race two weeks after the fourth fundraising quarter began, so the numbers shared with the Globe represent the first look at his campaign’s fundraising viability — as well as the first glimpse of Markey’s fundraising pace in response to a strong primary threat.
Facing what is expected to be a tough campaign, the Salem Democrat has demonstrated his ability to raise funds needed to compete against the incumbent Markey, who has twice won his Senate seat and was previously re-elected to a Boston-area congressional seat for four decades.
Moulton has never before run statewide, but he did briefly contend for the Democratic presidential nomination in 2020. Moulton has already raised more money in his Senate bid than he did during that presidential run.
While Markey didn’t match his own pace from 2020, Moulton did not reach the fundraising threshold set by Kennedy, who raised $2.4 million in the comparable period of that race after his campaign launch.
Candidates are required to file financial disclosure reports to the Federal Election Commission by Jan. 31, which will fully detail their fundraising and expenditure data.
A third primary candidate, former teacher Alex Rikleen, has been waging a longshot Senate bid focused on grassroots outreach. Rikleen declined to share his latest fundraising information when contacted by the Globe, but said he has prioritized “direct, in-person voter engagement” over fundraising calls. He added that his average donation was $33.
While fundraising numbers can be a useful indication of a campaign’s viability and its breadth of support, a campaign cash advantage — especially an early one — does not always translate into sustained fundraising momentum or eventual victory.
Ahead of his challenge to Markey, Kennedy was considered a strong fundraiser with deep national donor connections, and he entered 2020 with $5.5 million in his campaign coffers. Though he significantly outraised Markey early in the contest, the two candidates eventually became roughly tied in the cash race as the primary election approached in September 2020. Markey ultimately defeated Kennedy by nearly 11 points.
As he ramps up his campaign, Moulton, 46, has said although Markey has served honorably, 79 is too old to be seeking another term and he should step aside for a new generation. It is a similar pitch to the one made by Kennedy, but the political environment has shifted and comes as Democrats nationally are now wrestling far more intensely with whether to re-elect their aging leaders.
Early public opinion polls of the primary have shown Markey leading Moulton, but large swaths of the electorate remain undecided, and there are widespread concerns among voters about Markey seeking another term at his age.
An earlier version of this report misstated the filing deadline for the fourth quarter.
Sam Brodey can be reached at sam.brodey@globe.com. Follow him @sambrodey.