President Biden's campaign says his Radio City fundraiser on Thursday night with former Presidents Obama and Clinton is expected to raise over $25 million.

Why it matters: The impressive haul — the campaign says — would make it the "most successful political fundraiser in American history."

• The fundraiser also adds to Biden's already strong cash advantage over former President Trump.

Driving the news: The Biden camp is seeking to use the show of force by Democratic heavyweights to rally momentum as polling numbers start to show signs of a comeback.

• "This historic raise is a show of strong enthusiasm for President Biden and Vice President Harris and a testament to the unprecedented fundraising machine we've built," Biden-Harris 2024 campaign co-chair Jeffrey Katzenberg said in a statement.

Zoom in: The headline-grabbing event, which drew more than 5,000 supporters, features musical guests like Queen Latifah, Lizzo, Ben Platt Cynthia Erivo and Lea Michele.

• It also will include an "armchair conversation" moderated by Stephen Colbert with Biden, Obama and Clinton.

The big picture: The Biden campaign and the DNC say they ended February with $155 million — more than twice as much cash on hand as Trump and the RNC ($44.8 million), according to campaign finance reports.

• The Biden campaign is increasingly drawing attention to Trump's cash squeeze as he battles his four criminal indictments.
• "Unlike our opponent, every dollar we're raising is going to reach the voters who will decide this election — communicating the President's historic record, his vision for the future and laying plain the stakes of this election," Katzenberg said.

Go deeper: Inside Biden's monster cash advantage over Trump

Editor's note: This story was updated with new campaign finance figures from Biden's campaign.