Mr Ossoff raised a record $106.8 million for his battle to unseat Republican incumbent Senator David Perdue.
Mr Ossoff’s campaign say that he attracted more than 1.4 million donations during the period of 15 October to 16 December.
Filings with the Federal Election Commission show that Mr Perdue raised more than $68 million during the same period.
Mr Warnock raked in more than $103 million during the last two months in his battle to unseat Senator Kelly Loeffler.
The Republican incumbent, a vocal supporter of outgoing president Donald Trump, meanwhile raised $64 million.
If Mr Ossoff and Mr Warnock win both seats in the 5 January runoffs, Democrats will control the senate as vice president-elect Kamala Harris can break ties in the chamber.
But if Republicans can hold just one of the seats then Mitch McConnell will remain in charge of the senate.
Interest in the races and the money pouring in mens that they will both become two of the most expensive ever run in US history.
Fair Fight, the super PAC aligned with former gubernatorial candidate Stacey Abrams, has received more than $22 million in donations between 24 November and 16 December.
It sent out $11 million to a string of political groups in the state.
Actor Leonardo DiCaprio gave Fair Fight $5,000 earlier this month, financial records show.
Georgia flipped for Joe Biden during the presidential election and Democrats hope to complete the blue sweep in the state.
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