Elon Musk donates $446 million to 2026 midterm races
Total spending hits $11.21 billion, with Texas, Ohio, and Michigan contests leading the record-breaking cycle as voters head to the polls on Tuesday.
By Charlotte Dubois ·
Voters across the United States cast ballots on Tuesday in the 2026 midterm elections.
The results will determine which party controls Congress during the final two years of President Donald Trump's second term. The cycle has already broken records for total expenditure. AdImpact, an advertising firm, reported that $11.21 billion has been spent on advertisements and reservations as of October 26. That figure is more than triple the $3.2 billion spent during the 2024 presidential election season.
Texas is the most expensive Senate race this year. Campaigns and outside groups have spent more than $534 million on the contest. Democrat James Talarico is challenging Republican Attorney General Ken Paxton for the seat. Talarico has raised $146 million, while Paxton has raised roughly $22 million. However, outside spending heavily favors Paxton, with nearly $300 million spent on his behalf compared to about $80 million for Talarico. MAGA Inc, a super PAC aligned with the president, contributed $37 million to Paxton. A CNN poll from late October showed Talarico leading 49 percent to 43 percent. The Texas secretary of state’s office reported that nearly 4.5 million Texans voted in the first week of early voting alone.
Ohio ranks as the second-costliest Senate race. More than $435 million has been spent on the battle between Democrat Sherrod Brown and Republican Jon Husted. Brown has received roughly $187 million in spending, while Husted has received about $248 million. A Marist Poll released on October 20 gave Brown a four-point lead, though other surveys show the race as a dead heat.
In Michigan, an estimated $333 million has been spent on the contest between Republican Mike Rogers and Democrat Abdul El-Sayed. El-Sayed has raised approximately $54 million, outpacing Rogers' $23 million. Outside groups have spent about $169 million for Rogers and $94 million for El-Sayed. A Michigan State University poll from late October shows El-Sayed leading 48 percent to 45.5 percent.
Federal Election Commission filings indicate that Republicans have raised more than Democrats since the start of 2025. The Republican National Committee received about $341 million and spent roughly $303 million as of October 14. The Democratic National Committee raised nearly $252.3 million but spent about $252.8 million. An analysis by Politico found that Republicans rely more on large donors as their small-dollar base shrinks. Most donations from everyday people went directly to Trump rather than to candidates.
Elon Musk is the largest individual donor this cycle. He gave $446 million, nearly matching the combined total of the next six top donors. Elizabeth and Richard Uihlein donated about $150 million. Jeff and Janice Yass contributed $110 million to right-wing causes. On the left, George Soros gave about $102 million, and Michael Bloomberg pledged $84.2 million, adding $36 million on Friday. Reid Hoffman and his wife Michelle Yee gave about $41.2 million. Musk directed more than $150 million toward Paxton in Texas, one of the largest political donations in US history.
Big-dollar donors are increasingly funneling money to Senate candidates as the House appears likely to fall under Democratic control. On the Republican side, One Nation has spent $133 million. The American Action Network has spent $64.3 million, and the American Prosperity Alliance has spent about $51 million. On the Democratic side, Majority Forward has spent $102 million. House Majority Forward has spent about $93.7 million, and the Economic Opportunity Fund has spent $41.5 million.
