US Midterms Projected to Reach Record $12 Billion in Campaign Spending
US midterm election spending is on track to hit a record 12 billion dollars, driven largely by billionaire donors and outside political action committees.
At a glance
- The 2026 US midterm elections are projected to cost nearly 12 billion dollars, according to Open Secrets.
- Billionaire Elon Musk has donated almost half a billion dollars to support Republican candidates, largely in Texas.
- Federal Election Commission filings show more than 9.5 billion dollars had already been spent by mid-October.
The US midterm elections are on track to become the most expensive on record, with total costs projected to reach nearly 12 billion dollars. According to data from the independent tracking organisation Open Secrets, spending has surged by about 30 percent compared to the previous midterm cycle in 2022.
External political organisations called Super PACs, which are permitted to take unlimited funds, propel a significant portion of this financial backing. Federal Election Commission filings running up to mid-October indicate that more than 9.5 billion dollars had already been pumped into various campaigns ahead of election day on 3 November.
Major Donors
Wealthy individuals and external groups account for a major share of the financial activity. Michael Beckel, a US campaign finance expert, stated that spending is shattering previous records with contributions increasingly originating from the wealthiest donors. Among individual contributors, billionaire businessman Elon Musk has donated nearly half a billion dollars to back Republican candidates.
Federal Election Commission filings show Musk directed much of his funding to a Super PAC he established in 2024 named America PAC, as well as the Republican-aligned Senate Leadership Fund. His financial support heavily targeted the Texas Senate race, alongside investments in Michigan and Ohio.
Other major financial contributors include George Soros through the Geosor Corp and Fund for Policy Reform, which provided 102 million dollars to liberal groups. Former New York City mayor Michael Bloomberg contributed over 60 million dollars as a top Democratic donor. On the Republican side, Jeff Yass and business owners Richard and Elizabeth Uihlein each gave over 100 million dollars to conservative causes.
Where the Money Was Spent
Political action committees and super political action committees account for greater than 50 percent of all recorded expenditures, totaling roughly 5.5 billion dollars. The Brennan Center for Justice reported that the top 40 donors gave a combined 2.4 billion dollars up until 14 October, marking a record high for that stage in an election cycle.
Brendan J Glavin of Open Secrets noted that cryptocurrency firms have also maintained an active presence, with Ripple and Coinbase combining to provide 63 million dollars to Super PACs supporting industry interests. Tracking data from AdImpact shows that the majority of campaign funds are channeled into advertising, particularly traditional broadcast television and digital platforms, with the highest expenditures concentrated in Senate races across Michigan, Texas, Ohio, Iowa, and Maine.
Analysis
The projected 12 billion dollar price tag highlights the growing role of independent expenditure groups in American politics. While direct donations to candidates face strict legal limits, the unlimited nature of Super PAC contributions allows wealthy donors and corporate interests to exert substantial indirect influence on key legislative races.
As campaigns increasingly rely on expensive television and digital advertising to reach voters, the financial barrier to competitive elections continues to rise, establishing a new baseline for future American political cycles.
What to watch: Final spending totals and detailed campaign finance reports will be released by the Federal Election Commission after the midterm elections conclude.
Reporting from: BBC News. Spotted an error? Tell us.
- US Midterms
- Campaign Finance
- Elon Musk
- Open Secrets
- Federal Election Commission
- United States
- Politics