By many media accounts, South Carolina is the “last stand” for Republican presidential hopeful Nikki Haley’s outside bid against Donald Trump. After all, the Palmetto State, which will hold its Republican primary on Saturday, is Haley’s home turf. She served as the state’s governor for six years and likely enjoys the highest name recognition there than anywhere else. Nevertheless, she trails Trump by an average of more than 30 points in public opinion polls of likely Republican voters in the state—a margin that, if borne out after votes are tallied, would prevent her campaign from declaring any sort of moral victory, much less a material one.

Still, even if rejected by the voters who know her best, it appears that South Carolina will not mark the end of Haley’s candidacy. She has shown no indications of an early exit, while avoiding the money problems that typically foreshadow a campaign in its last gasp. In January, the Haley campaign outraised Trump, bringing in a reported $11.5 million in donations—$2.7 million more than the former president’s campaign. (The fundraising reversal was not a complete disruption: At the end of January, the Trump campaign reported holding $30.5 million in cash. Haley reported $13 million.) Though Haley reportedly burned through much of her reserves in January, a pro-Haley super PAC brought in $5.8 million last month, the vast majority of which was gifted in six-figure increments, with many of the donations from venture capitalists and business magnates, according to The Wall Street Journal.

Financial wins have accomplished little for Haley in the past: Her Stand for America Fund super PAC outraised Trump’s Make America Great Again super PAC by roughly $5 million in the last half of 2023, thanks to gifts from top financiers and corporate executives wary of another Trump nomination, according to Bloomberg News. However, the extra cash failed to make the early primary battles competitive. 

Haley’s plan now, it seems, is to remain in the race for as long as possible, fueled by wealthy donors and the hope that Trump suffers some calamity that renders him unable to lead the party in November. Speaking in Greenville earlier this week, Haley offered what sounded like a preemptive but defiant post-loss statement. “South Carolina will vote on Saturday. But on Sunday, I’ll still be running for president,” said Haley, who has spent a reported $6 million on advertising in South Carolina and traversed much of the state on a two-week-long bus tour. “I’m not going anywhere. I’m campaigning every day until the last person votes,” she added.

Meanwhile, Trump is suffering a severe cash crunch, mainly due to legal expenses generated by his criminal cases and civil trials. The fees have been a heavy drain on Save America, a PAC that operates as Trump’s legal slush fund. It ended January with just $6.3 million, even after a $5 million cash infusion from another Trump PAC.

While South Carolina has often been the state that separates viable Republican candidates from their lackluster opponents, that distinction may have already been made after Trump notched commanding victories in Iowa, New Hampshire, and Nevada. He did not hold campaign events in South Carolina over the Presidents’ Day weekend, choosing instead to remain at his Mar-a-Lago club, where he met with House Speaker Mike Johnson. He did visit the state on Tuesday and is holding his final South Carolina primary rally in Rock Hill on Friday afternoon.