US midterms campaign 'shattering' spending records to be most expensive ever
Summary
Spending in the 2026 U.S. midterm campaign is projected to reach $11.9 billion, which would make it the most expensive midterm cycle on record. Outside political groups account for more than half of spending reported through mid-October, while billionaire Elon Musk is the largest individual donor identified in the article.Key Facts
- More than $9.5 billion had been spent in the 2026 midterm cycle by mid-October, according to Federal Election Commission filings.
- OpenSecrets projects total spending of $11.9 billion, about 30% above the 2022 midterm total.
- Political action committees and Super PACs accounted for about $5.5 billion of reported spending.
- The 40 largest donors gave $2.4 billion through October 14, according to the Brennan Center for Justice.
- Elon Musk had donated almost $500 million, primarily to America PAC and the Republican-aligned Senate Leadership Fund.
- Musk-backed America PAC spent more than $45 million in the Texas Senate race and about $10 million each in Michigan and Ohio Senate races.
- Michael Bloomberg gave more than $60 million to Democratic causes, while organizations founded by George Soros gave a combined $102 million to liberal groups.
- Ripple and Coinbase together gave $63 million to Super PACs promoting the crypto industry's interests.
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