Republican Sen. Susan Collins heads into Maine's closely watched U.S. Senate race with a sizable financial advantage after Democrats selected former state Senate President Troy Jackson as their nominee following a tumultuous shake-up in the race, reports the New York Times.

Jackson officially became the Democratic nominee Saturday after delegates overwhelmingly backed him at a special party convention, replacing Graham Platner, who withdrew from the race earlier this month after allegations of sexual assault surfaced.

Platner has denied the allegations.

The contest is expected to be one of the nation's most competitive Senate races as Democrats seek to regain control of the chamber.

Collins, a five-term incumbent, is the only Republican senator seeking reelection in a state won by the Democratic presidential nominee in 2024.

Federal campaign finance filings show Collins has raised nearly $18.9 million during the 2026 election cycle and had about $11 million in cash on hand as of June 30.

Republican allies have also committed tens of millions of dollars in outside spending to defend her seat, underscoring the race's national importance.

Jackson, however, has moved quickly to build his campaign after entering the race less than two weeks ago.

His campaign announced earlier this week that it had raised more than $1 million during that span, providing an early boost as he seeks to introduce himself to voters statewide.

"I’m going to definitely bust my ass in these next four months to make up the difference" in money, Jackson told the Times.

"And in the end, I think I’m on the right side of the issues compared to Susan Collins," Jackson said, adding, "So, I feel very good about the race."

He estimated he would need between $40 million and $50 million, but admitted, "That’s probably not even enough."

A fifth-generation logger from northern Maine, Jackson served as president of the Maine Senate before leaving office because of term limits.

He has campaigned as a champion of organized labor and working-class voters, arguing that Washington has become increasingly disconnected from everyday Americans.

Collins has emphasized her record of bipartisan deal-making and experience in the Senate while portraying Jackson as too liberal for Maine voters.

Republicans have sought to tie the Democratic nominee to the party's progressive wing as the campaign shifts into the general election.

Despite Collins' fundraising advantage, Democrats view the race as one of their best pickup opportunities this fall.

National parties and outside groups are expected to spend heavily in the state, making the contest among the most expensive Senate campaigns in the country as both parties battle for control of the Senate.

"We’re probably never going to be able to match what the Republicans are going to spend, but we’ve got to have a fight," said Rufus Gifford, a leading Democratic fund-raiser who hosted an event for donors to Platner in May, told the Times.

"This is not a level playing field by any stretch of the imagination," he added.