Who funded the midterms? Inside US elections’ historic bipartisan spending
Summary
The 2026 U.S. midterm elections are on track to become the most expensive in the country’s history, with estimates of total spending reaching $11.6 billion to $11.9 billion. Spending has become more concentrated among wealthy donors and corporations, while growing dark-money contributions make it harder to identify who is influencing races.Key Facts
- AdImpact estimates $11.6 billion in advertising spending this cycle, while OpenSecrets projects total midterm spending could reach $11.9 billion.
- The top 40 donors gave $2.4 billion by mid-October, seven times the inflation-adjusted amount given by the top 40 donors in 2014, according to the Brennan Center for Justice.
- The top 40 donors gave three times as much to Republicans as to Democrats this year; in 2014, they gave twice as much to Democrats as to Republicans.
- Super PAC spending reached $2 billion by the end of September, 51% above the inflation-adjusted total for the previous midterm cycle, according to the Brennan Center.
- The New York Times counted at least $1 billion in dark-money spending by the end of August. Such groups generally do not have to disclose their donors.
- The Brennan Center estimated that dark-money groups account for 29% of the top 40 donors’ contributions, with $699 million largely untraceable.
- Michael Bloomberg gave another $36 million to Democratic candidates, in addition to $80 million he had already committed.
- The article says Republicans hold a large spending advantage in Senate races and a narrower one in House races, while Democrats are positioned to regain the House and may regain the Senate.
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