According to OpenSecrets, total spending on the 2026 US midterms is projected to reach $11.9 billion, around 30% higher than the previous midterm record set in 2022.
The 2026 US midterm elections are heading towards a record-breaking price tag, with campaign spending projected to touch nearly $12 billion, as some of the world’s wealthiest individuals pour huge sums into political groups backing candidates across the country.
According to OpenSecrets, an independent campaign finance watchdog, total spending is expected to reach $11.9 billion, around 30% higher than the previous midterm record set in 2022.
According to the BBC, more than $9.5 billion had already been spent in the 2026 midterm election cycle by mid-October, based on campaign finance records.
Musk Leads Billionaire Spending
Tesla and SpaceX chief Elon Musk has emerged as the biggest individual donor, contributing nearly $500 million to Republican-aligned political causes.
Much of his money has gone to America PAC, a political action committee he established in 2024, and the Senate Leadership Fund. A significant portion has supported Republican candidate Ken Paxton in the Texas Senate race against Democrat James Talarico.
On the Democratic side, billionaire financier George Soros-backed organisations have contributed a combined $102 million to liberal groups. Former New York mayor Michael Bloomberg has also donated more than $60 million.
Republican donors Jeff Yass and Richard and Elizabeth Uihlein have each contributed heavily to conservative political causes, with their combined contributions running into hundreds of millions of dollars.
Super PACs Drive Spending
A major share of the election expenditure has come through political action committees, particularly Super PACs, which can raise unlimited funds from individuals, corporations and other organisations.
However, they cannot contribute directly to candidates or coordinate their spending with campaigns.
Federal Election Commission filings showed that PACs and Super PACs accounted for around $5.5 billion of the spending recorded by mid-October.
The Brennan Center for Justice also reported that the 40 biggest donors had contributed $2.4 billion by October 14.
“Spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election,” US campaign finance expert Michael Beckel told BBC.