US midterms campaign 'shattering' spending records to be most expensive ever

The 2026 US midterm campaign is on track to be the most expensive on record, according to Open Secrets, an independent group that tracks campaign finance. The group projects total spending will reach nearly $12 billion, based on trends from past cycles.

According to Federal Election Commission filings through mid-October, more than $9.5 billion had been spent this cycle. Political action committees and Super PACs account for about $5.5 billion of that total. Their spending in the last couple of months nearly doubled.

Open Secrets' projection is about 30% higher than spending in the 2022 midterms. Full totals will not be available until after the election on 3 November, because candidates, parties and outside groups report their spending to the FEC on a delayed basis.

Elon Musk is the top individual donor, according to the report. He has given almost half a billion dollars, mostly to America PAC, a Super PAC he set up in 2024, and to the Republican-aligned Senate Leadership Fund. Most of his money has gone to the Texas Senate race, where he backs Republican Ken Paxton against Democrat James Talarico. America PAC has spent more than $45 million in Texas and about $10 million each in the Michigan and Ohio Senate races.

The Brennan Center for Justice, a liberal-leaning think tank, reported that the top 40 donors had given $2.4 billion as of 14 October. That is a record for that point in a midterm cycle. Campaign finance expert Michael Beckel said that "spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election."

Other large donors include George Soros, whose Geosor Corp and Fund for Policy Reform gave a combined $102 million to liberal groups, and Michael Bloomberg, who has given more than $60 million to Democratic causes. According to FEC filings, billionaires Jeff Yass and Richard and Elizabeth Uihlein have each given over $100 million to Republican causes this campaign.

Advertising accounts for most campaign spending. Ad tracking firm AdImpact reports that $11.15 billion had been spent on ads through the end of October, with traditional broadcast television still receiving the largest share.