Key Takeaways
- • Majority Democrats is holding a "What's Next" conference in Denver this week, hosting House Minority Leader Hakeem Jeffries and potential 2028 presidential candidates, and the event is funded by MD PAC.
- • MD PAC has raised $17.5 million this cycle, with 96% from six billionaires, according to a Sludge review of Federal Election Commission records.
- • Hedge fund manager Stephen Mandel and his wife Susan account for about 76% of MD PAC's money.
- • Mandel's firm, Lone Pine Capital, reported a nearly $1.2 billion stake in AI infrastructure company Nebius as of June 30, per an SEC filing.
Summary
Majority Democrats, a group seeking to sideline the progressive wing of the Democratic Party, is holding a conference in Denver this week called "What's Next." According to Sludge, the event will feature Democratic lawmakers including House Minority Leader Hakeem Jeffries and several potential 2028 presidential candidates. The Majority Democrats website describes the conference as "a project that is supported by MD PAC," and the conference website states it is paid for by MD PAC.
MD PAC was registered in July 2025 as a hybrid PAC, a committee that maintains one account for limited contributions and another that can accept unlimited contributions. According to a Sludge review of Federal Election Commission records, the committee has received 96% of the $17.5 million it raised this cycle from six billionaires.
The largest share of that funding, about 76%, has come from hedge fund manager Stephen Mandel and his wife Susan. Mandel is also underwriting a network of centrist-leaning organizations, including the think tank Searchlight Institute.
Mandel's firm, Lone Pine Capital, has heavy exposure to artificial intelligence companies. A Securities and Exchange Commission filing shows a nearly $1.2 billion stake in AI infrastructure company Nebius as of June 30. The fund also reported billions of dollars in other AI-related holdings, including more than $1.1 billion in semiconductor equipment maker ASML and hundreds of millions of dollars each in data storage company Seagate, chip equipment company Applied Materials, and data center developers Hut 8 and TeraWulf.
MD PAC was registered in July 2025 as a hybrid PAC, a committee that maintains one account for limited contributions and another that can accept unlimited contributions. According to a Sludge review of Federal Election Commission records, the committee has received 96% of the $17.5 million it raised this cycle from six billionaires.
The largest share of that funding, about 76%, has come from hedge fund manager Stephen Mandel and his wife Susan. Mandel is also underwriting a network of centrist-leaning organizations, including the think tank Searchlight Institute.
Mandel's firm, Lone Pine Capital, has heavy exposure to artificial intelligence companies. A Securities and Exchange Commission filing shows a nearly $1.2 billion stake in AI infrastructure company Nebius as of June 30. The fund also reported billions of dollars in other AI-related holdings, including more than $1.1 billion in semiconductor equipment maker ASML and hundreds of millions of dollars each in data storage company Seagate, chip equipment company Applied Materials, and data center developers Hut 8 and TeraWulf.
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