The most surprising thing about the Republican presidential primary right now is that Nikki Haley is still in the race.

Traditionally, a candidate who wins the first two contests in Iowa and New Hampshire — as Donald Trump has — and who is on track to win South Carolina as well, sees his rivals drop out.

Not Haley. The former South Carolina governor, who went on to serve as U.S. Ambassador to the United Nations during the Trump presidency, has been unexpectedly defiant.

“I refuse to quit,” Haley said in a speech Tuesday, ahead of the Republican primary in her home state this coming Saturday. “South Carolina will vote on Saturday. But on Sunday I’ll still be running for president … I’m not going anywhere. I’m campaigning every day until the last person votes.”

Of course, that may change in the coming weeks. But so far, Haley’s resolve is surprising on a few counts.

“My own political future is of zero concern”

Over two decades in politics, Haley has been best known for her political savvy. She hasn’t exactly been known as the type of politician who would sacrifice her future on principle.

Haley has been seen as shrewd and even cutthroat, to the point where many admire her skills but also see her as a self-serving opportunist. This was best captured in a 2021 profile by journalist Tim Alberta, whose reporting showcased Haley’s waffling back and forth on how to handle Trump after he tried to overturn the 2020 election results.

So the fact that Haley is refusing to drop out of the Republican primary seems a bit out of character for a politician who has excelled at self-preservation.

Haley even said in her Tuesday speech that she has “no fear of Trump’s retribution.” The mere mention of revenge suggested that Haley is fully aware of such a threat to her from a former president who talks often about the subject.

“My own political future is of zero concern,” Haley added.

Yet, Haley’s case for staying in the race is not moralistic. True to her brand, she’s making a pragmatic argument that Trump is a fatally flawed candidate who endangers handing the presidency to Democrats for another term.

“He’s going to be in a courtroom all of March, April, May and June. How in the world do you win a general election when these cases keep going and the judgments keep coming?” Haley said in an interview with the Associated Press.

Haley’s defiance bucks a growing trend in the GOP

Since Trump rose to political prominence in the summer of 2015, he has rarely been challenged by other Republicans.

Those who have stood up to Trump have largely done so out of concern for democracy, or the rule of law and the Constitution, or what they see as Trump’s lack of decency. Former Rep. Liz Cheney, retiring Sen. Mitt Romney, former Sen. Jeff Flake and others all fit into this category.

All of those Republicans have either lost their seat in Congress, as Cheney and Flake did, or decided it’s not worth the trouble to try to fend off a challenge in a Republican primary, as Romney did.

The message has been received loud and clear by other Republicans: oppose Trump, and you lose your power. Party members have increasingly fallen in line behind Trump as a result, despite his attempt to overturn the 2020 election, and despite the fact that Trump is the reason Republicans have lost so many winnable elections in the last several years, in 2018, 2020, and 2022.

Haley, long skilled at seeking power, is bucking this trend.

Haley raised more money than Trump in January

In January, Haley’s campaign and a Super PAC supporting her raised a combined $23.6 million, with $11.5 million going to Haley’s campaign and another $12.1 million to the SFA Fund, according to Federal Election Commission data compiled by CNN.

By comparison, Trump’s campaign and his main Super PAC raised $16.2 million, with $8.8 million to the campaign and $7.4 million to MAGA Inc.

However, Trump had far more cash on hand at the end of that month, with $50.2 million combined between the two entities ($30.5 million at the campaign and $19.7 million at the outside group). Haley had only $14.9 million by comparison, with $13 million at the campaign and only $1.9 million at the super PAC.

Those numbers show a few things. Haley is gaining some momentum as she takes on Trump more aggressively. She’s also spending a lot of money to try to capitalize on that momentum.

But she’s also close to running out of money if donors, big and small, decide she’s done. That’s why her only chance to stay in the race is to project determination.

So far enough donors are buying into Haley’s message to keep her afloat.

“There’s value in her sticking in and gathering delegates, because if and when [Trump] stumbles who knows what happens,” Eric Levine, a New York donor who hosted a fundraiser for Haley, told the Associated Press. Levine said he will support Haley up to the Republican convention in Milwaukee, July 15-18.

Haley signaled in her interview with the AP that she is looking to the March 5 contests in 15 states, this year’s Super Tuesday, for a shot in the arm.

But if Trump is able to win a significant majority of the more than 800 delegates up for grabs on March 5, that will put him one big step closer to clinching the nomination.