The 2026 US midterm election campaigns are on track to become the most expensive in history, shattering previous spending records. As of October, the top 40 donors alone contributed $2.4 billion, a new high for this point in a midterm cycle, according to the Brennan Center for Justice.
Michael Beckel, a US campaign finance expert, noted that "Spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election." Organizations, alongside individuals, are making significant contributions to Super PACs and other political action committees.
Notable contributions include $102 million from entities founded by financier George Soros, such as Geosor Corp and the Fund for Policy Reform, to liberal groups. Former New York City mayor and businessman Michael Bloomberg has also been a major donor to Democratic causes, contributing over $60 million. On the Republican side, billionaires including Jeff Yass and Richard and Elizabeth Uihlein have collectively donated over $100 million to Republican campaigns, according to FEC filings. Elon Musk leads all individual donors, having contributed nearly half a billion dollars by October.
Overall, the 2026 midterm campaign is projected to cost nearly $12 billion, with significant funding coming from PACs and Super PACs, which have collectively accounted for about $5.5 billion. Candidate campaigns have raised approximately $3 billion, and party committees around $1 billion.