Sen. Ted Cruz's Democratic challenger Beto O'Rourke has raised more than $38 million in the third quarter, all from individual contributions, he announced on Friday morning.

The big picture: O'Rourke prides himself on not taking money from political action committees (PACs), and he's now set the record for biggest fundraising quarter in single a senate race. But the news doesn't guarantee he'll come out on top in November. Don't forget Rep. Rick Lazio, who challenged Hillary Clinton in 2000, and raked in in $22 million in the same quarter. Ultimately, he lost the race. And the latest poll from the New York Times puts Cruz 8 points ahead of O'Rourke.