Key facts
- Corporate spending on U.S. midterm elections is being driven by crypto, AI, and betting firms.
- U.S. companies have spent $517 million on the 2026 House and Senate races through the first quarter.
- These new industries accounted for at least $294 million of corporate spending in the first 15 months.
- Elon Musk has spent over $90 million on the 2026 federal elections, with plans for more.
- Sergey Brin spent over $106 million on California state issues.
- Meta has donated $65 million to super PACs for state races.
Record corporate spending is flowing into the 2026 U.S. midterm elections, driven by emerging industries such as cryptocurrency, artificial intelligence, and online betting, according to campaign finance data and political strategists. These sectors, led by a new class of billionaires, are deploying unprecedented funds to influence congressional races and shape regulatory landscapes.
U.S. companies have already spent $517 million on the 2026 House and Senate races in the 15 months through the first quarter, surpassing the $461 million spent over two years for the 2024 elections. The crypto, tech, and online gaming industries alone contributed at least $294 million to this spending. This surge in funding is expected to push total political ad spending for the midterms to a record $11.6 billion.
These industries are leveraging a vast network of super PACs, affiliate PACs, and dark money nonprofits, which allow for unlimited donations but prohibit direct coordination with candidates. Executives from these companies are also making substantial direct contributions. Elon Musk has already spent over $90 million on the 2026 federal elections, while Google co-founder Sergey Brin invested over $106 million in California state issues. Meta has donated $65 million to super PACs for state races.
The playbook, pioneered by the crypto industry, involves backing candidates who support their policy goals regardless of party affiliation. This strategy was notably employed by the Fairshake super PAC, funded by Coinbase and Ripple, which aimed to unseat critics of the crypto industry. This approach is now being emulated by Big Tech and other sectors. AI companies like OpenAI and Anthropic are also entering the fray, with their backed groups spending millions on competing candidates in a New York City district.
Critics argue that this influx of money from niche interests risks overshadowing more pressing pocketbook issues for voters, such as healthcare and grocery prices. Supporters, however, contend that it provides emerging sectors a voice comparable to those long enjoyed by other corporate interests. Despite the financial power, polls indicate a majority of Americans feel there is too much money in politics, and some progressive candidates are campaigning on this platform.