“People see it as an inside-the-beltway play, and I think donors see it the same way,” said one operative with ties to major GOP fundraisers. He noted that while activists may take visceral satisfaction in Cruz’s campaign, many donors are more results-oriented — and they’re savvy enough to know that none of his maneuvering will actually stop the law from being implemented.

But Cruz has never shown much interest in, or capacity for courting his party’s elite. He was elected in Texas by taking on the favored candidate of the establishment and running to his right as a champion of the common conservative voter. And at a Republican National Committee fundraiser this week in Manhattan, Cruz was one of the only prospective 2016 candidates who didn’t show his face.

As of June 30, Cruz’s PAC, the Jobs, Growth & Freedom Fund, raised just $313,323 with $183,537 cash on hand, according to OpenSecrets.org. That’s a far cry from the $1.8 million Rubio’s PAC has raised, and the $929,904 Rand Paul’s PAC has taken in.