A person close to the committee revealed that more than $170 million has already been raised and said the committee plans to raise more than $200 million.
The committee has not yet revealed how exactly it plans to use the funds raised.
Business corporations have traditionally donated large sums of money to US presidential inaugurations, with the exception of 2009, when Barack Obama refused to accept corporate donations. He changed his mind before the second inauguration in 2013.
The amount raised by Trump’s inaugural committee is more than double the amount donated to incumbent President Joe Biden’s inauguration four years ago, according to Federal Election Commission data. Biden’s inaugural committee raised nearly $62 million.
A record amount was also donated to Trump’s first inauguration in 2016 – at that time it was 107 million dollars.
Meta, the parent company of social media platforms Facebook and Instagram, and Amazon announced last month that they would each donate $1 million to Trump’s inaugural fund.
Sam Altman, head of the artificial intelligence company OpenAI, also announced that he plans to donate a million dollars from his personal funds to the Trump inauguration fund.