Who funded the midterms? Inside US elections’ historic bipartisan spending
The 2026 US midterm elections are set to be the most expensive in American history, with total spending projected to reach $11.9 billion, while dark money groups have already spent at least $1 billion to influence races.
Ad industry tracker AdImpact predicts $11.6 billion in ad spending this cycle, surpassing the $11.2 billion spent in the 2024 presidential election. The top 40 donors have contributed $2.4 billion by mid-October, seven times the amount given by the top 40 donors in 2014 when adjusted for inflation.
A significant shift in donor allegiance has occurred since 2014, when the top 40 donors gave to Democrats by a two-to-one margin. This year, the top 40 donors have given to Republicans by a three-to-one margin, reflecting the changing landscape of political funding.
Dark money surge
Spending from Super PACs has hit $2 billion by the end of September, 51% higher than the last midterm cycle when adjusted for inflation. The New York Times counted at least $1 billion spent by dark money groups by the end of August, with these organizations accounting for an unprecedented 29% share of the top 40 donors.
Dark money comes from 501(c)4 non-profits that aren't required to disclose their donors, though they're supposed to limit political activity. The Brennan Center estimates that $699 million of this spending is largely untraceable, with dark money increasingly influencing even lower-profile races and primary contests.
Megadonor influence
Elon Musk alone has given $483 million to help Republicans maintain a Senate majority, particularly in Texas. His giving is double what George Soros contributed to Democrats in 2022. Other major donors include Jeffrey Yass and the Uihlein family, who combined gave at least $260 million, and AI tycoons Marc Andreessen and Ben Horowitz.
In a democracy, it's supposed to be one person, one vote, and the more one person can influence, the less egalitarian our system becomes.
New rules, new industries
A June Supreme Court decision allowing political parties to spend more in coordination with candidates has helped Republicans inject significant funds into crucial races. Republican committees have raised more than $48 million under this new framework, compared to just $4 million additional for Democrats.
The industries influencing elections have shifted dramatically, with traditional finance's share of top donor contributions dropping from nearly half in 2014 to just 15% this year. New industries like cryptocurrency, artificial intelligence, and online gambling have emerged as major players, with bipartisan giving increasing by more than 100 times since 2022.
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