Massachusetts Sen. Elizabeth Warren is plotting to shape the Democratic Party in her populist image after largely lying low over the last year.

Why it matters: No, Warren isn't running for president in 2028. But as one of the most influential voices on the progressive left, she wants more of a say in the party's next chapter.

Driving the news: Warren plans to deliver a fiery speech about the Democratic Party's future Monday at the National Press Club in D.C. as part of her reemergence. Her plan is to try to influence the direction of the party ahead of the midterm elections and the 2028 presidential race, we're told.

• She'll warn that Democrats shouldn't cozy up to wealthy elites as the party tries to find its way out of the electoral wilderness, according to a preview of the speech shared with Axios.
• Warren is reasserting her voice at a time when a debate is raging within the Democratic Party over whether to embrace an economically populist, tax-the-rich vision à la New York City Mayor Zohran Mamdani — or back a moderate, pro-business agenda to lure disenchanted Trump voters.
• Warren, who endorsed Mamdani's mayoral campaign, is firmly in the progressive camp, which she'll underscore in her speech.

Zoom in: "Yes, Democrats need a big tent," Warren will argue, per excerpts of her speech. "But there are two visions for what a big tent means."

• "One vision says that we should shape our agenda and temper our rhetoric to flatter any fabulously rich person looking for a political party that will entrench their own economic interests."
• "The other vision says we must acknowledge the economic failures of the current rigged system, aggressively challenge the status quo, and chart a clear path for big, structural change."

Even as Warren's party has united this year over fighting President Trump and backing Affordable Care Act subsidies, it remains divided over other economic issues.

• Some top Democrats have tried to repair their relationship with Silicon Valley donors and grown closer to the crypto industry. Others have pushed for a proposed wealth tax in California and chanted, "Tax the rich!" at Mamdani's events.

Zoom out: Warren is wading into this year's Democratic primary for the Senate in Minnesota, endorsing progressive Lt. Gov. Peggy Flanagan over the more moderate Rep. Angie Craig.

• Warren trumpeted last week that she is donating $400,000 to 23 Democratic state parties in hopes of picking up seats in the midterm elections.
• She also announced that she raised more than $1 million for candidates in 2025.

Behind the scenes: A person familiar with Warren's thinking told us that she's spent time considering what a "big tent" means for the Democratic Party.

• It's a topic that liberal intellectuals like New York Times columnist Ezra Klein have discussed throughout the year.
• Warren was taken aback when some Democrats hoping to expand the party's tent called for welcoming Musk into the fold amid his fallout with President Trump earlier this year, the person said. Musk and Trump later made up.

Flashback: Warren has a history of successfully shaping the party in her image.

• Though she lost the 2020 presidential primary, she managed to be influential in staffing the Biden administration in 2021 by focusing on personnel during his transition.

Between the lines: Despite such activity, Warren has been somewhat quiet in the past year compared with other leading Democrats.

• Another progressive, Vermont Sen. Bernie Sanders, has had a larger footprint recently as he's endorsed several high-profile candidates and appeared at large rallies during his "Fighting Oligarchy" tour.
• Sanders also swore in Mamdani at his inauguration this month.
• Warren did headline some events in 2025, including a Democratic National Committee town hall in Nashville and a rally in Austin, Texas, championing democracy.

The bottom line: Now, Warren is looking to make a bigger splash.

• In her Monday speech, she will talk about the two roads she believes the party can take in the years ahead.
• "Democrats have a choice to make — and the first step in rebuilding trust is to admit that we have to choose," she is expected to say.