Stefany Shaheen entered the 1st Congressional District race with the biggest name, the deepest donor list, and front-runner status. Three fundraising reports later, she still hasn’t won a single quarter.
On Thursday, Sen. Jeanne Shaheen’s daughter announced she raised more than $400,000 in the fourth quarter of 2025, bringing her total for the race to about $1.3 million.
“This incredible depth of support is a reflection of Stefany’s deep roots in New Hampshire,” said campaign spokeswoman Emma Greenberg.
About an hour later, Maura Sullivan’s campaign announced it raised more than $1.9 million in 2025, including more than $520,000 in the fourth quarter. According to a press release, Sullivan finished the year with more than $1.1 million in cash on hand as the campaign heads into the election year.
“Fundraising success is an indicator of enthusiasm, and Maura has shown for three consecutive quarters that she has that in spades,” said campaign manager Natalie Silver. “This also shows that Maura is in the best position to communicate her message to voters, a critical part of how to win in this district. I believe she is having such success because she has a profile and message that resonates with people in the district and around the country.”
Despite having the Shaheen name and her mother’s extensive fundraising network, this is the third consecutive quarter that Stefany Shaheen has failed to lead the field in fundraising. In the previous quarter, she finished third, behind Sullivan and progressive newcomer Christian Urrutia.
Longtime political strategist Tom Rath said the numbers are not a total surprise.
“We aren’t fond of coronations in New Hampshire,” Rath said.
Urrutia’s fourth-quarter fundraising total of $175,000 was significantly lower than the more than $400,000 he raised in the previous quarter. However, political professionals on both sides of the aisle say his $600,000 total is impressive for an unknown, first-time candidate running in a primary against the Shaheen political machine.
The Shaheen press release touted “the latest poll of New Hampshire’s 1st Congressional District Democratic primary showing Stefany Shaheen with a 20-point lead.”
The release did not mention Shaheen’s actual share of the vote: 26 percent.
“One of the positive intangibles of being a Shaheen is the sense of inevitability it gives to your campaign,” said Dante Scala, a political science professor at the University of New Hampshire. “Every quarter that Sullivan outraises her, that feeling becomes a little less certain.”
If the Shaheen strategy was to use deep-pocketed donors and name identification to clear the field, it has not worked. In addition to Sullivan and Urrutia, Democrats Carleigh Beriont, Sarah Chadzynski, and state Rep. Howard Heath are also in the race.
But Sullivan has made the biggest impression so far.
“These are very impressive numbers from Sullivan,” said Fergus Cullen, a former GOP state party chairman. “I give her credit for staying in the game after 2018. I thought her house would be on the market by the spring of 2019. But she got involved, was a leader for Buttigieg in the state, and built her own political ties.”
Sullivan’s fundraising could also influence how the national Democratic Party views the race.
“I think the race for control of Congress is going to be very intense, national, and nasty,” Rath said. “This is a potential flip seat, so it will get a lot of attention. Sullivan’s early fundraising will be used as a validator by the big-money groups looking to play here.”
No candidates in the GOP primary had released their fourth-quarter financial reports as of Thursday evening. Businessman and prominent GOP donor Anthony DiLorenzo, a first-time candidate, is expected to lead the field in fundraising. Bedford activist Melissa Bailey, state Rep. Brian Cole of Manchester, and businesswoman Hollie Noveletsky are also seeking the GOP nomination.
Republicans have won just one federal election in New Hampshire since the Tea Party surge of 2010, but a bruising Democratic primary could improve the GOP’s outlook.
“Absent a significant misstep by either Shaheen or Sullivan, which I do not expect, this is a race that should stay close right through the summer,” Rath said.
“And the real winner could be DiLorenzo.”
