US midterms campaign 'shattering' spending records to be most expensive ever
The 2026 campaign is projected to cost nearly $12bn - BBC Verify looks into where all that money has come from.
US midterms campaign set to break spending records as most expensive ever
The US midterms campaign is on course to become the costliest ever, with total spending expected to hit almost $12bn (£9bn), according to Open Secrets, an independent group that monitors campaign finance.
Much of the money is being driven by outside political organisations known as Super Political Action Committees, or Super Pacs, which are pouring huge sums into several crucial contests before election day on 3 November.
The biggest individual donor is billionaire businessman Elon Musk, who has spent nearly half a billion dollars supporting Republican candidates, especially in Texas, where many of his companies are based.
Rules limit how much individuals, parties and political action committees, or Pacs, can donate directly to candidates.
Super Pacs, however, can take unlimited donations from individuals, corporations, labour unions and other political committees. They cannot pass that money straight to candidates, but they can spend it to back them indirectly.
According to FEC filings through mid-October, more than $9.5bn had already been spent in this midterms cycle.
Pacs and Super Pacs account for more than half of that total, at about $5.5bn, with their spending over the past couple of months nearly doubling.
Candidates, parties and outside groups must report their spending to the FEC, but the final totals will not be known until after the midterm elections.
Even so, Open Secrets has estimated the overall figure will reach $11.9bn based on patterns from previous cycles.
That would be about 30% higher than spending in the last midterm elections in 2022.
The top 40 donors contributed $2.4bn through 14 October, according to the liberal-leaning think tank, a record for that stage of a midterms cycle.
"Spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election," says Michael Beckel, a US campaign finance expert.
Alongside individuals, organisations can also donate to Pacs. For instance, Geosor Corp and Fund for Policy Reform, both created by billionaire financier George Soros, have together given $102m to liberal groups.
Beyond Soros, former New York City mayor and businessman Michael Bloomberg has been the largest Democratic donor, contributing more than $60m.
Several billionaires, including Jeff Yass, who heads one of the world’s largest trading firms, and Richard and Elizabeth Uihlein, owners of a US business supply company, have each given more than $100m this campaign to Republican causes, according to FEC filings.
But Musk has contributed by far the most of any individual, donating almost half a billion dollars as of October.
Most of Musk’s money has gone to a Super Pac he created in 2024 called America PAC, as well as the Republican-aligned Senate Leadership Fund.
The bulk of his spending has been directed at the Texas Senate race, backing Republican candidate Ken Paxton, who is facing Democratic candidate James Talarico.
America PAC’s spending in the Texas race totals more than $45m. It has also put around $10m into each of the Senate races in Michigan and Ohio.
"Crypto companies have also been very active this cycle, with Ripple and Coinbase combining to give $63 million to fund Super Pacs promoting the crypto industry's interests," says Brendan J Glavin of Open Secrets.
Campaigns and political groups spend money in many ways to reach voters, including hiring staff for on-the-ground voter outreach and holding campaign events such as rallies. They also spend money on internal polling.
But most of the funds go to advertising, particularly on television.
In this cycle, $11.15bn has been spent on advertising through the end of October, according to ad tracking firm AdImpact.
"Traditional broadcast television remains the top beneficiary of advertising expenditures, though expenditures on digital ads continue to increase," says Beckel.
As with Musk’s spending, AdImpact found that most of the advertising money has gone to the Senate races in Michigan, Texas and Ohio, followed by Iowa and Maine.