The 2026 US midterm campaign is set to surpass all previous records for election spending, with independent tracker Open Secrets projecting a total cost of nearly $12bn (£9bn). This figure represents an increase of approximately 30% compared to the expenditures seen during the 2022 midterms. While official totals from the Federal Election Commission (FEC) will only be finalized after the November 3 election day, filings through mid-October already indicate that more than $9.5bn has been spent in this cycle.
A significant portion of this financial surge is driven by outside political groups known as Super Political Action Committees (Super PACs). Unlike traditional candidates and parties, which face contribution limits, Super PACs can accept unlimited donations from individuals, corporations, and unions to spend indirectly on supporting candidates. These entities account for more than half of the spending so far, totaling about $5.5bn, with their expenditures nearly doubling in the final months leading up to the vote.
Billionaire businessman Elon Musk has emerged as the top individual donor, contributing almost half a billion dollars by October. The majority of his funding supports Republican candidates through his own America PAC, established in 2024, and the Senate Leadership Fund. His spending is heavily concentrated in the Texas Senate race, where he is backing Republican Ken Paxton against Democrat James Talarico with over $45m invested. Additionally, Musk's groups have allocated around $10m each to Senate races in Michigan and Ohio.
Other major contributors include billionaire financier George Soros, whose organizations Geosor Corp and Fund for Policy Reform have donated a combined $102m to liberal groups. Former New York City mayor Michael Bloomberg stands as the largest Democratic donor with over $60m. On the Republican side, trading firm executive Jeff Yass and business supply owners Richard and Elizabeth Uihlein have each contributed more than $100m. According to the Brennan Center for Justice, the top 40 donors collectively gave $2.4bn by mid-October, a record high for this stage of a midterm cycle.
The crypto industry has also played an active role, with companies Ripple and Coinbase combining to donate $63m to Super PACs advocating for the sector's interests. In terms of how these funds are utilized, the vast majority is directed toward advertising rather than ground operations or polling. Ad tracking firm AdImpact reports that $11.15bn was spent on advertising by the end of October. While traditional broadcast television remains the primary beneficiary, digital ad spending continues to rise, with the heaviest concentration of media buys occurring in the Senate contests for Michigan, Texas, and Ohio.
Sources: BBC News World.