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The 2026 US midterm elections are on course to be the most expensive in American history, with total campaign spending projected to reach $11.9 billion, according to Open Secrets, the independent organisation that tracks campaign finance. That figure would represent roughly a 30 percent increase over the $9.2 billion spent during the 2022 midterm cycle.
Federal Election Commission filings covering the period through mid-October already show more than $9.5 billion disbursed. Political action committees and Super PACs account for more than half of that sum — approximately $5.5 billion — with their outlays nearly doubling in the final two months of the campaign.
“Spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election,” said Michael Beckel, a campaign finance expert. The top 40 donors collectively gave $2.4 billion through 14 October, a record high for that point in any midterms cycle, according to the liberal-leaning Brennan Center for Justice.
Musk Leads All Individual Donors by a Wide Margin
Elon Musk has donated almost half a billion dollars as of October, making him by far the largest individual contributor in this cycle. The bulk of his money has flowed into America PAC, a Super PAC he established in 2024, and into the Republican-aligned Senate Leadership Fund. Musk has concentrated his spending on the Texas Senate race, where Republican candidate Ken Paxton faces Democratic challenger James Talarico. America PAC alone has invested more than $45 million in that contest, with an additional roughly $10 million directed into Senate races in both Michigan and Ohio.
On the Republican side, Jeff Yass — who runs one of the world’s largest trading firms — and Richard and Elizabeth Uihlein, owners of a US business supply company, have each given over $100 million to Republican causes, according to FEC filings.
Democratic donors have also committed substantial sums. Geosor Corp and the Fund for Policy Reform, both founded by billionaire financier George Soros, have together given $102 million to liberal groups. Former New York City mayor Michael Bloomberg has been the largest individual Democratic donor, contributing more than $60 million.
Super PACs and the Rules That Govern Them
Under US campaign finance law, individuals, parties and standard political action committees face strict limits on direct contributions to candidates. Super PACs operate under different rules: they may accept unlimited contributions from individuals, corporations, labour unions and other political committees, provided they do not give that money directly to candidates. They may, however, spend it independently to support or oppose candidates — a distinction that has made them the dominant vehicle for large-scale political spending.
The crypto industry has emerged as a notable new force in this cycle. Ripple and Coinbase have combined to give $63 million to Super PACs promoting the sector’s interests, according to Brendan J. Glavin of Open Secrets.
Advertising Absorbs the Vast Majority of Funds
Of the projected total, $11.15 billion had been spent on advertising through the end of October, according to ad-tracking firm AdImpact. Traditional broadcast television remains the single largest recipient of those expenditures, though digital advertising continues to grow as a share of the total. The Senate races in Michigan, Texas and Ohio have attracted the heaviest advertising investment, followed by Iowa and Maine — a geographic pattern that closely mirrors Musk’s own spending priorities.
Full spending disclosures will not be available until after election day on 3 November, when candidates, parties and outside groups are required to submit final FEC reports. Open Secrets’ $11.9 billion projection is based on spending trends from previous cycles.