Campaign spending for the 2026 midterms is anticipated to reach approximately $11.9 billion, representing a significant increase of about 30% compared to the previous midterm election cycle in 2022. According to Open Secrets, an independent campaign finance tracking organization, this spending level would represent a record for midterm elections.
Most expenditures come from outside political groups known as Super Political Action Committees, or Super Pacs, which can accept unlimited contributions from individuals and organizations. Federal Election Commission filings through mid-October showed that more than $9.5 billion had already been spent, with Pacs and Super Pacs accounting for more than half of that total at approximately $5.5 billion. Spending by these outside groups nearly doubled in the final two months of the campaign.
Billionaire entrepreneur Elon Musk emerged as the top individual donor, contributing almost half a billion dollars as of October. He directed most of this funding through America PAC, a Super Pac he established in 2024, and the Republican-aligned Senate Leadership Fund. The majority of Musk’s contributions have targeted the Texas Senate race in support of Republican candidate Ken Paxton, with America PAC investing more than $45 million there. His organizations have also invested approximately $10 million each in Senate races in Michigan and Ohio.
Other major donors included billionaire financier George Soros and his affiliated organizations, which combined to give $102 million to liberal groups, and former New York City Mayor Michael Bloomberg, who contributed over $60 million to Democratic causes. Republican-aligned donors including Jeff Yass and Richard and Elizabeth Uihlein each gave over $100 million. The top 40 donors collectively contributed $2.4 billion through mid-October, marking a record high for that point in a midterms cycle.
Advertising represents the largest category of campaign spending, with $11.15 billion allocated to ads through the end of October. Traditional broadcast television remains the primary recipient of advertising expenditures, though digital advertising continues to grow. Senate races in Michigan, Texas, and Ohio received the most advertising investment.
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