Democrat Beto O’Rourke has out-raised incumbent Republican Sen. Ted Cruz by more than $16 million in the third quarter.

The O’Rourke campaign reports a record $38.1 million, smashing the previous record of $22 million raised by Republican Rick Lazio in 2000 for his bid against Democrat Hillary Clinton in New York.

The Cruz campaign reports it has raised more than $12 million.

KHOU political analyst Bob Stein said the amount of money that each campaign has raised, may not matter in this race.

“I think it tells you that he’s [O’Rourke] a national candidate,” said Stein. “He isn’t talking, necessarily, about things that Texans care about specifically. He’s talking about things that most Americans care about.”

RELATED: Cruz says he's willing to debate O'Rourke on CNN

A new poll released Friday by CBS News shows Cruz leading O’Rourke by six points, 50 percent - 44 percent. Stein believes that for the sake of Cruz’s long term political career, winning isn’t going to be enough.

“Ironically, Cruz needs more than just to win he needs to win and win by a good margin," Stein said. "I think that there will be people in the Republican Party that will begin to marginalize Ted Cruz. He’ll have to do more to raise his star.”

O’Rourke hasn’t always out-raised Cruz. In the second quarter they both raised $23.3 million.

“He’s raising a respectable amount of money for an incumbent Republican.”

“…Beto raised money as part of a campaign but it’s not a predictor of outcomes. A good predictor of outcomes, at this point, are good polls.”

So which number is THE number to have more of?

Both candidates have until Monday to report their full finances to the Federal Election Commission.