US midterms campaign set to become the most expensive ever
Spending in the 2026 US midterm elections is breaking records, with more of the money coming from the wealthiest donors. As of October, Musk was the largest individual donor, having given almost half a billion dollars.
Money flowing into the 2026 US midterm elections, in which Americans choose the makeup of Congress, has reached record levels, making this the most expensive midterm campaign yet. A growing share of the funds comes from the wealthiest donors and groups.
According to the Brennan Center for Justice, a liberal-leaning think tank, the 40 biggest donors gave $2.4bn up to 14 October. That is the highest total for that point in any midterm cycle. Michael Beckel, a US campaign finance expert, says spending is shattering records and that more of the money is coming from the richest donors and organisations.
Who is giving
Donations come not only from individuals but also from organisations, which can give to political action committees (Pacs). Geosor Corp and Fund for Policy Reform, both founded by the billionaire financier George Soros, have given a combined $102m to liberal groups.
Apart from Soros, the biggest Democratic donor is businessman and former New York City mayor Michael Bloomberg, who has given more than $60m.
On the Republican side, several billionaires have each given more than $100m to Republican causes, according to filings with the Federal Election Commission (FEC). They include Jeff Yass, who runs one of the world's largest trading firms, and Richard and Elizabeth Uihlein, owners of a US business supply company.
However, Musk has given by far the most of any individual, donating almost half a billion dollars as of October.
