The 2026 US midterms campaign is on track to be the most expensive on record, with Open Secrets projecting nearly $12bn (£9bn) in total spending — about 30% more than the 2022 midterms. Election day was 3 November.

Most of the money is flowing through outside groups known as Super PACs, which can raise unlimited sums from individuals, companies and unions and spend them to support candidates indirectly. Federal Election Commission filings through mid-October already showed more than $9.5bn spent, with PACs and Super PACs accounting for roughly $5.5bn.

The largest individual donor is Elon Musk, who has put almost half a billion dollars behind Republican causes — chiefly via America PAC, which he founded in 2024, and the Senate Leadership Fund. Much of that cash targeted Texas, where many of his companies are based, backing Republican Senate candidate Ken Paxton against Democrat James Talarico.

America PAC’s Texas Senate outlay exceeded $45m; it also put about $10m into each of the Michigan and Ohio Senate races. Other big Republican donors include Jeff Yass and Richard and Elizabeth Uihlein, each above $100m this cycle, according to FEC filings cited by the BBC.

On the Democratic side, groups linked to George Soros (Geosor Corp and Fund for Policy Reform) gave a combined $102m to liberal committees, while Michael Bloomberg donated more than $60m. Crypto firms Ripple and Coinbase together put $63m into Super PACs promoting industry interests, Open Secrets said.

The Brennan Center for Justice reported the top 40 donors had given $2.4bn by mid-October — a record for that point in a midterms cycle. AdImpact tracked $11.15bn in advertising alone through late October, still led by broadcast TV even as digital spending rises, with Michigan, Texas and Ohio Senate races absorbing the heaviest buys.

Source: Musk pumps $446m into US midterms, as campaign spending set to ‘shatter’ records (BBC News)