US midterms on track to be the most expensive campaign on record
Open Secrets projects nearly $12bn in total spending, much of it from Super Pacs, with Elon Musk the largest individual donor.
The US midterm campaign is set to be the most expensive ever recorded, according to the BBC. The BBC cited Open Secrets, an independent organisation that tracks campaign finance. Based on trends in past cycles, Open Secrets projects total spending of $11.9bn ahead of election day on 3 November.
That would be about 30% more than was spent in the 2022 midterms, the BBC reported.
Federal Election Commission (FEC) filings running to mid-October show more than $9.5bn already spent this cycle. Political action committees (Pacs) and Super Pacs account for about $5.5bn of that, and their spending almost doubled over the last couple of months. Super Pacs can accept unlimited contributions from individuals, corporations, labour unions and other political committees. They cannot give that money directly to candidates, but they can spend it to support them indirectly.
The largest individual donor is Elon Musk. According to the BBC, he has given almost half a billion dollars as of October to back Republican candidates. Most of it went 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, backing Republican Ken Paxton against Democrat James Talarico. America PAC has put more than $45m into Texas and around $10m into the Senate races in Michigan and Ohio.
Other major donors include groups founded by George Soros, which have given a combined $102m to liberal groups, and Michael Bloomberg, who has given more than $60m to Democrats. FEC filings show that Jeff Yass and Richard and Elizabeth Uihlein, along with other billionaires, have given over $100m to Republican causes.
The report points to a growing share of money coming from a small number of donors. The BBC, citing the Brennan Center for Justice, which it describes as a liberal-leaning think tank, reported that the top 40 donors gave $2.4bn up to 14 October. That is a record for that point in a midterm cycle.
“Spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election.”Michael Beckel, US campaign finance expert
Brendan J Glavin of Open Secrets told the BBC that crypto companies Ripple and Coinbase had given a combined $63m to Super Pacs promoting the industry's interests.
Most campaign money goes on advertising, especially on TV. The BBC, citing ad tracking firm AdImpact, reported $11.15bn in advertising spending up to the end of October, mostly on Senate races in Michigan, Texas and Ohio, followed by Iowa and Maine. The report does not explain how this figure fits with the lower FEC total and the Open Secrets projection.
The final cost is not yet known. Campaigns and outside groups must report their spending to the FEC, but full totals will not be available until after the election. The $11.9bn figure is a projection, not a final count.
