Key facts
- Open Secrets projected total midterms spending of $11.9bn, about 30% more than the 2022 midterms.
- More than $9.5bn had been spent through mid-October, per FEC filings cited in the report.
- Pacs and Super Pacs accounted for about $5.5bn of spending, with outlays almost doubling in two months.
- The top 40 donors gave $2.4bn through October 14, a record for that point, per the Brennan Center for Justice.
- Elon Musk gave almost half a billion dollars to Republican causes, mostly through America PAC.
- Ripple and Coinbase combined to give $63m to Super Pacs promoting crypto interests, per Open Secrets.
The US midterms campaign is projected to cost nearly $12bn, which would make it the most expensive on record, according to Open Secrets, an independent organization that tracks campaign finance. The group based the $11.9bn projection on trends in past cycles, and the report said full totals will not be available until after election day on November 3.
According to the latest Federal Election Commission filings, which run to mid-October, more than $9.5bn had been spent in the cycle. Pacs and Super Pacs accounted for more than half of that, at about $5.5bn, and their spending in the prior two months almost doubled. Super Pacs can accept unlimited contributions but cannot give money directly to candidates.
The top 40 donors gave $2.4bn through October 14, a record high for that point in a midterms cycle, according to the liberal-leaning Brennan Center for Justice. Elon Musk was the largest individual donor, giving almost half a billion dollars to Republican causes as of October, mostly to America PAC, which he set up in 2024, and the Republican-aligned Senate Leadership Fund. America PAC invested more than $45m in the Texas Senate race backing Republican Ken Paxton against Democrat James Talarico, and around $10m in each of the Michigan and Ohio Senate races.
Geosor Corp and Fund for Policy Reform, both founded by financier George Soros, gave a combined $102m to liberal groups. Michael Bloomberg gave more than $60m to Democratic causes. Jeff Yass and Richard and Elizabeth Uihlein each gave over $100m to Republican causes, according to FEC filings. Ripple and Coinbase combined to give $63m to Super Pacs promoting crypto interests, according to Brendan J Glavin of Open Secrets.
Michael Beckel, a campaign finance expert, said spending in the 2026 midterms is shattering records, with more money coming from the wealthiest donors and groups. AdImpact tracked most advertising spending to the Senate races in Michigan, Texas and Ohio, followed by Iowa and Maine.