Spending on the 2026 US midterm election campaign is projected to reach $11.9 billion, which would make it the most expensive election campaign in the country’s history, according to political-spending tracker OpenSecrets. The estimate is 30% higher than the $8.9 billion spent in the 2022 midterms and above the $11.4 billion recorded for the 2024 presidential campaign.
A major part of the increase is expected to come from outside groups, including Super PACs. OpenSecrets projects their spending will reach about $3.9 billion, compared with $2 billion in the 2022 midterms. Republican-aligned Super PACs are projected to spend $2.03 billion, $360 million more than their Democratic counterparts.
Among the largest Republican-aligned spenders are the Senate Leadership Fund and MAGA Inc., a Super PAC associated with President Donald Trump. The organizations reported spending $489 million and $353 million, respectively. On the Democratic side, two groups linked to party leadership in the House and Senate spent $248 million and $192 million.
Billionaire Elon Musk has contributed $445 million to support Republican candidates, including through the Senate Leadership Fund and America PAC, which he founded in 2024. That makes him the largest contributor to a federal election since 2010, according to the report. Republican donors Elizabeth and Richard Uihlein gave more than $135 million. Democratic donors included George Soros, who contributed at least $102 million, and former New York mayor Michael Bloomberg, who spent $52.6 million, with his team also telling The New York Times that he had given a total of $80 million in September and October.
Four nonprofit organizations are among the campaign’s 15 largest contributors. Because they are not required to disclose their donors, their funding is classified as “dark money.” Federal Election Commission filings through October 22 showed $1.47 billion had passed through such organizations, surpassing the previous record of $1.35 billion set in 2024.
Although outside spending is higher on the Republican side, Democratic candidates are projected to spend more directly. OpenSecrets estimates they will spend over $2.2 billion, compared with $1.4 billion for Republican candidates. In Senate races, Democratic spending is expected to approach $1 billion, while Republican spending is projected to remain below $500 million.
The difference is reflected in fundraising by candidates James Talarico in Texas and Jon Ossoff in Georgia, who raised $145 million and $115 million, respectively. Their Republican opponents, Ken Paxton and Mike Collins, raised $22 million and $6.5 million. According to FEC filings available through October 22, more than $9.5 billion had already been spent, with OpenSecrets forecasting further growth through Election Day.
Sources: Le Figaro.