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More than 120,000 people have already bought tickets to attend the virtual grassroots event, slated to take place later on Tuesday, the Biden campaign confirmed to Fox News. Ticket prices reportedly start at $15 and go up to $1,000.
The initial haul from the event is expected to grow as the day goes on and could become Biden's best fundraiser to date.
Last week, Biden raked in a record amount during a virtual, big-money fundraiser that was headlined by Elizabeth Warren, his one-time rival for the Democratic presidential nomination.
The event marks the first time that Obama has fundraised for his former vice president and the presumptive Democratic nominee.
In April, after months on the sideline as the Democratic primary unfolded, Obama formally endorsed Biden.
“Choosing Joe to be my vice president was one of the best decisions I ever made, and he became a close friend. And I believe Joe has all the qualities we need in a president right now,” Obama said in a video posted online.
The joint fundraiser is intended to target tens of thousands of small donors. A similar event between Biden and his former 2020 rival Pete Buttigieg last month raked in $1 million from 35,000 donors.
It's the biggest grassroots fundraiser for Biden so far as he prepares to face-off against incumbent President Trump in November.
In May, Biden and the DNC raised close to $81 million, marking their biggest single-month of fundraising in the 2020 cycle. They concluded the month with $130 million in the bank. Trump and the Republican National Committee brought in a combined $74 million last month and ended the month with $265 million in cash on hand.