The Metropolitan Opera has launched a $1.5 billion fundraising campaign, "Make the Met Forever," the largest ever undertaken by a not-for-profit performing arts company.

The campaign has already generated $407 million in commitments. That figure includes a $100 million pledged bequest from the estate of an anonymous donor and two $50 million gifts from current board leaders: Met President Tod Johnson and C. Graham Berwind, III, Chairman of the Met's Executive Committee.

Of the $1.5 billion goal, $500 million will go toward substantially expanding the Met's endowment. The company describes the endowment as a critical resource for meeting ongoing financial needs. It has been reduced over the past years as a result of the company's financial crisis, which previously forced the Met to draw on endowment funds.

"The Met's board is determined to sustain the Met now and into the future with this campaign, which we hope will also attract broad public support," Johnson said in a statement.

Berwind framed his gift as an invitation to other donors. "Our goal is to keep this indispensable artistic institution thriving. It is my sincere hope that my gift will inspire others to contribute what they can to ensure the future for one of New York's greatest cultural assets," he said.

The campaign also positions the Met as a civic institution as much as an artistic one. The company recently announced it will distribute 70,000 free tickets to underserved New Yorkers over the course of this season and upcoming seasons, in partnership with the New York City Mayor's Office.

The announcement lands at a precarious moment for the company. The Met's recent financial troubles include a board misled by a fake millionaire and the collapse of General Manager Peter Gelb's planned Saudi funding deal.

The company opens its 2026-27 season on Sept. 22, 2026, with a new production of "Macbeth." Whether "Make the Met Forever" can close the gap between $407 million and its $1.5 billion target will help determine whether the Met can stabilize the finances that have strained it in recent seasons.