Money isn’t the be-all-and-end-all of political campaigns — but it sure helps, especially during the early phases of a primary. And in the 2024 pocketbook primary, the leaders so far are Trump (who raised $17.7 million in April, May and June) and DeSantis (who raised $20.1 million). These figures are striking, but you also have to account for how much time each candidate has been in the race. For instance, DeSantis jumped in in late May, so he had much less time in which to raise that money than Trump. Here’s a chart of who raised the most in the second quarter on a prorated basis.

But there’s also important context that those topline fundraising numbers don’t tell you. For instance, Burgum’s and Ramaswamy’s totals aren’t as impressive as they look — most of their fundraising came from their own wallets rather than from grassroots donors. Burgum self-funded $10.1 million of his $11.8 million haul, and Ramaswamy self-funded $5.0 million of his $7.7 million total.

On the other end of the spectrum, Scott is in better financial shape than his $5.9 million raised would suggest. That’s because he has more than $21 million cash on hand, thanks to money he carried over from his high-rolling Senate campaigns.

-Analysis by Nathaniel Rakich of FiveThirtyEight

One challenger to Trump has surged ahead — in ad buys, at least. Scott announced an $8 million ad buy this month. The bulk of that, $6.6 million, will go toward TV advertisements in early primary states Iowa and New Hampshire, according to the Washington Post. That’s on top of the $40 million ad buy planned by a super PAC supporting Scott that was announced last month.

Trump and DeSantis, the two front-runners, had dominated in early ad spending. But challengers like Scott have stepped up as they’ve tried to qualify for debates and raise name recognition in early voting states. Super PACs supporting Haley and Burgum have also increased spending recently. Stand for America Fund, Inc., which is aligned with Haley, spent $2.3 million on ads so far in August, while Best of America, which backs Burgum, has spent $2.1 million, according to reporting from NBC News.

Meanwhile, Trump-supporting PACs have spent millions on the former president’s legal fees as the number of indictments filed against him has risen to four. That will leave less money for spending on ads going forward, but Trump remains the top campaign fundraiser.

-Analysis by Monica Potts of FiveThirtyEight

In 2016, Trump was the ultimate outsider candidate — he didn’t receive a single endorsement from a sitting senator, representative or governor until after he had already won New Hampshire, South Carolina and Nevada. This year, though, he already has a ton of elite support. According to the FiveThirtyEight endorsement tracker, he has 343 endorsement points — nearly eight times as many as DeSantis, who is in second place.

The 2016 race notwithstanding, endorsements have historically been very predictive of who eventually wins a party’s nomination. The candidate with the most FiveThirtyEight endorsement points on the day before the Iowa caucuses has won 11 of the last 17 Republican and Democratic primary fights without an incumbent president. And when that candidate has a dominant endorsement lead, they win even more often: Endorsement leaders who had collected more than 15 percent of the estimated available endorsement points before Iowa won nine times out of 10. And Trump already has 17 percent of all available endorsement points with five months left until Iowa.

-Analysis by Nathaniel Rakich of FiveThirtyEight

Recent election cycles have shown how debates can substantially alter a candidate’s trajectory. The debates won’t always do this, of course, and early primary polls remain relatively predictive of who will end up winning a party’s nomination. However, a candidate can earn a real polling bounce from a debate — or fall into a valley.

Primary polls are inherently more volatile than general election polls. In a general election, most voters already lean toward one party, so only a small part of the electorate is likely to shift its views over the course of a campaign. But in a primary, voters in one party may be open to multiple candidates because most contenders will share similar views on a number of issues. As a result, exposure to an unfamiliar candidate could prompt voters to begin considering that contender, while a strong or weak performance by a candidate they do know could make them look elsewhere.

For example, early in the 2012 cycle, Texas Gov. Rick Perry appeared to be now-Sen. Mitt Romney’s most serious opponent for the Republican nomination. But in a September 2011 debate, Perry defended a Texas policy that gave undocumented immigrants access to in-state college tuition. The backlash from the GOP base came swiftly, as Perry fell out of contention in the polls, well before a later debate in which he — oops — forgot the name of the third of three federal agencies that he aimed to dismantle as president. Four years later, former tech executive Carly Fiorina had very little support early in the 2016 Republican race, but in August 2015 she stood out in an “undercard” debate. Her polling numbers improved and she made the main stage in subsequent debates, giving her a platform that eventually led Texas Sen. Ted Cruz to make her his vice presidential pick in a last-ditch attempt to rally support against Trump in the 2016 primary.

-Analysis by Geoffrey Skelley of FiveThirtyEight