Retired Cmdr. Ryan Zinke, a 23-year Navy veteran, filed the paperwork for the new "Special Operations for America" super-PAC with the Federal Election Commission on June 14.
However, group spokesman Scott Hommel told USA Today that the group is in negotiations with donors and is aiming for a budget of $10 million.
During his career in the Navy, Zinke served with the Navy's Special Warfare Development Group, the official name for SEAL Team Six.
Zinke told USA Today that the group was spurred on by outrage within the tight-knit special operations community over the White House's perceived exploitation of the bin Laden raid and other covert missions carried out by American special forces.
"Who was it at risk?" Zinke said. "Was it the president? Or was it the young SEAL with the wife and kid at home? That's the arrogance."
Republicans, including presumptive GOP presidential candidate Mitt Romney, have hammered the Obama administration for its handling of the aftermath of the bin Laden raid last May.
Many GOP supporters resented a political ad released by Obama’s campaign shortly after the one-year anniversary of the Navy SEAL raid on bin Laden's Pakistani compound that questioned whether Romney would have made the same decision.
In response, Republicans quickly accused the president of “spiking the football” over the bin Laden issue via the ad.