The Barack and Michelle Obama statue outside The Obama Presidential Center in the Hyde Park neighborhood in Chicago, Illinois, May 29, 2026.
Joshua Lott | The Washington Post | Getty Images
The opening of the Obama Presidential Center in Chicago on Thursday will be a celebration of the legacy of former President Barack Obama and his accomplishments. The star-studded event that will feature an address from Obama and performances by Stevie Wonder, Bruce Springsteen and Jennifer Hudson is also expected to be the biggest gathering of donors, fundraisers and business leaders aligned with the Democratic Party ahead of the 2026 midterm elections.
“It’s a celebration of Obama’s historic candidacy and a celebration of the extraordinary work he did on behalf of our country,” said John Rogers, a co-founder of Ariel Investments and a long-time Obama supporter who donated to the center and will attend the opening.
In addition to the nostalgia, insiders expect conversations on the sidelines between large donors, business leaders, electoral candidates and hopefuls in the next presidential cycle about fundraising and the future of the Democratic Party.
“People will be talking about how important it is for us to take back the House of Representatives and the Senate, try to encourage all of us in this sort of dismal and disheartening period in our country that it is important for us to step up,” Rogers said.
The event will be a delicate balance between celebrating the legacy of the first Black U.S. president at a striking facility on Lake Michigan and looking to the political future of what Obama stood for in office.
Business leaders, former White House staffers and donors to the center who spoke with CNBC say the messaging from the Obama Presidential Center has been clear that the event and site itself are not political.
Obama Foundation CEO Valerie Jarrett, a former Obama administration senior advisor, notes that because the foundation, which will run the center, is a registered non- profit, the new facility is officially non-partisan.
“We want people from different political ideologies, from different perspectives on issues to come here and have a healthy conversation because that is what a democratic society is all about,” Jarrett told CNBC.
Charles Phillips, co-chairman of the Black Economic Alliance, co-founder of technology investment firm Recognize and a donor to the center, shared a similar sentiment.
“It’s a reminder of the dignity of office of the presidency, because President Obama chaired that office well and conducted himself in a way that made all Americans proud of him,” he told CNBC.
He also said the political undertones of the event will make it a place to be seen for certain presidential hopefuls.
“It’s good for anyone who is thinking about running for president to have their face out there and be seen, shake some hands,” Phillips said. “It’s a good way to reach a lot of people at once because a lot of important people will be there, and you can remind people that you are out there and enhance the relationship.”
The launch could also provide the Democratic Party an opportunity to change the dynamics of its relationship with the business community according to Jeff Sonnenfeld, founder of the Chief Executive Leadership Institute at Yale University. Sonnenfeld says in his conversations with CEOs, they are seeking any counterbalance to the current political climate in the country.
“They see this an opportunity to restore national unity,” Sonnenfeld said. “To have their constituents pointing fingers at each other with angry veins bulging at the neck, no CEO wants that, they don’t want shareholders, employees, customers, suppliers caught up in divisive partisan politics. They are trying to pilot their businesses down the center of the road.”
Tony Coles, co-chair of the Black Economic Alliance, chair of real estate and investment firm TRATE Enterprises and board director for Regeneron, agrees the business community is looking for a path out of the partisan divide.
“I’ve been a lifelong Democrat, but I recognize as a business person, that the best ideas don’t have either an ‘R’ or a ‘D’ behind them,” he said. “They are just good ideas and we should track towards really good ideas because we have some big policy challenges in this country and a lot of Americans that really need help.”
A drone image of the Obama Presidential Center on June 3, 2026, weeks before it opens to the public in Chicago, Illinois.
Eric Cox | Reuters
But even that could be a double-edged sword. President Donald Trump has been openly critical of the Obama Center, and some CEOs may be concerned about backlash from the current White House if they attend.
“They are not advertising the attendee list yet, because people want to avoid recriminations from Trump for attending,” Sonnenfeld said ahead of the event.
While the full attendee list has not been released, some details are known: Trump, who has been in France at the G7 summit this week, was not invited to ceremony but has been invited to tour the facility.
Former Presidents Bill Clinton, George W. Bush and Joe Biden have all been invited, and sources tell CNBC former Vice President Kamala Harris is expected to attend.
Amazon founder Jeff Bezos donated $100 million to the center and requested its plaza be named after the late civil rights leader and congressman John Lewis, but it is not clear if he will attend.
Microsoft, PepsiCo and Nike are among the more than a dozen S&P 500 companies that have donated $1 million directly or through a foundation that have not responded to inquiries from CNBC about their CEOs attending the ceremony.
Calvin Butler, CEO of Exelon, a utility that donated $1 million to the center, says CEOs are focused on finding balance in the current political climate.
“A presidential center in your home state sparks economic growth, community stability, and as business leaders whether you are Republican or Democrat, you lean into all the good,” said Butler who has also focused on community development on Chicago’s South Side as CEO of the Chicago-based company. “Working with Republican and Democrats is essential. We make long-term investments. I’m making 30- to 40-year investments.”
With CEOs looking to make those kind of long-term investments, that can range from controversial data centers to capital intensive manufacturing sites, the center opening is more than just a celebration according to Mike Murphy, co-director of the Center for the Political Future at the University of
Southern California and a Republican strategist.
“It is a beauty contest that is as much about the 2028 election as it is about Obama’s legacy,” Murphy said. “This is an opportunity for candidates to get seen, impress people and find allies to help, particularly to fundraise. … This is whale hunting, the whales are in the room.”
Gilbert Garcia, managing partner of Garcia Hamilton & Associates and a “bundler” for Democratic candidates, sees the opening of the Obama Presidential Center as a political inflection point for the midterms, 2028 presidential election and beyond.
“It’s going to be a catalyst for momentum for the Democratic Party,” he said. “I believe there will just be so many people reliving the Obama Presidency. I believe it’s going to be a real catalyst for significant donations, significant manpower on the ground, everything for Democrats all over the country.”
