US Midterm Campaign Spending Projected to Reach Record $12 Billion

The United States midterm election campaign is on track to become the most expensive on record, with total spending projected to reach nearly $11.9 billion (£9 billion). The forecast, compiled by the independent campaign finance tracking organisation Open Secrets, indicates a potential 30 percent increase compared to the previous midterm election cycle in 2022.

Much of the unprecedented expenditure is being propelled by outside political groups known as Super Political Action Committees (Super PACs). These entities are pouring substantial sums into competitive key races ahead of election day on November 3.

Role of Super PACs and Campaign Finance Rules

Under US campaign finance regulations, strict limits apply to direct financial contributions from individuals, political parties, and political action committees (PACs) to candidates. However, Super PACs are permitted to accept unlimited contributions from individuals, corporations, labor unions, and other political committees. While Super PACs cannot provide funds directly to candidates, they are allowed to spend unlimited amounts to support them indirectly.

Data from the latest Federal Election Commission (FEC) filings running to mid-October reveals that more than $9.5 billion has already been spent during this midterms cycle. PACs and Super PACs account for over half of that total, contributing approximately $5.5 billion. Spending by these groups nearly doubled in the final months leading into the election.

Although candidates, political parties, and outside groups are required to submit regular financial reports to the FEC, complete figures will only become available after the midterm elections conclude.

Top Donors and Major Contributors

Analysis by the liberal-leaning think tank Brennan Center for Justice shows that the top 40 donors contributed $2.4 billion up to October 14, marking a record high for that point in a midterm cycle. Michael Beckel, a US campaign finance expert, noted that spending in the 2026 midterms is shattering previous records, with a larger share of funding originating from the wealthiest donors and political groups.

Billionaire businessman Elon Musk stands as the largest individual donor of the cycle, having spent nearly half a billion dollars as of October in support of Republican candidates. A major portion of Musk's funding has directed toward Texas, where many of his business enterprises are located. He has allocated the bulk of his donations to America PAC—a Super PAC he established in 2024—and to the Republican-aligned Senate Leadership Fund.

In the Texas Senate contest, America PAC has invested more than $45 million to back Republican candidate Ken Paxton against Democratic candidate James Talarico. America PAC has also directed approximately $10 million into Senate races in both Michigan and Ohio.

Other prominent donors to Republican causes include Jeff Yass, head of one of the world's largest trading firms, as well as Richard and Elizabeth Uihlein, owners of a US business supply company. FEC filings show that both Yass and the Uihleins have given over $100 million each during this campaign.

On the Democratic side, former New York City mayor and businessman Michael Bloomberg has emerged as the largest individual contributor, donating more than $60 million. Additionally, organisations founded by billionaire financier George Soros—specifically Geosor Corp and the Fund for Policy Reform—have provided a combined $102 million to liberal political groups.

The cryptocurrency sector has also maintained a strong presence in this election cycle. Brendan J. Glavin of Open Secrets highlighted that crypto companies Ripple and Coinbase together contributed $63 million to fund Super PACs promoting the interests of the digital asset industry.

Allocation of Funds and Advertising Dominance

Political campaigns and outside groups deploy funding across several operational areas, including hiring field staff for voter outreach, organising campaign rallies, and conducting internal polling. Nevertheless, the vast majority of resources are directed toward advertising, with traditional broadcast television remaining the primary beneficiary.

According to data from ad tracking firm AdImpact, $11.15 billion was spent on advertising by the end of October. While traditional television accounts for the largest share of advertising budgets, digital ad expenditures continue to grow.

AdImpact's figures show that the heaviest concentration of advertising spending has occurred in Senate races across Michigan, Texas, and Ohio, followed by major ad investments in Iowa and Maine.