Billionaire entrepreneur Elon Musk has spent nearly $446 million supporting Republican candidates in the 2026 US midterm elections, making him the largest individual donor in a campaign cycle projected to cost a record $11.9 billion.
According to campaign finance data reviewed by BBC Verify, more than $9.5 billion had been spent by candidates, political parties and outside groups by mid-October. The final figure is expected to rise as spending continues ahead of election day on November 3.
The independent campaign finance watchdog OpenSecrets estimates that total expenditure could reach $11.9 billion, approximately 30 per cent higher than the amount spent during the 2022 midterm elections.
Much of the money has come from outside political groups, particularly Super Political Action Committees (Super PACs), which can receive unlimited contributions from individuals, corporations, labour unions and other political committees.
Unlike traditional PACs, Super PACs cannot donate directly to candidates but can independently finance activities supporting or opposing them.
Federal Election Commission filings showed that PACs and Super PACs had spent approximately $5.5 billion by mid-October, while candidates accounted for about $3 billion and party committees roughly $1 billion.
Musk has channelled most of his contributions through America PAC, a political committee he established in 2024, as well as the Republican-aligned Senate Leadership Fund.
A significant portion of his spending has gone towards the Texas Senate race, where Republican candidate Ken Paxton is facing Democrat James Talarico. America PAC has invested more than $45 million in the contest.
The group has also directed approximately $10 million each towards Senate races in Michigan and Ohio.
Other wealthy donors have also contributed substantial sums to the election cycle. The Brennan Center for Justice reported that the 40 largest donors had given a combined $2.4 billion by October 14, a record amount for that stage of a midterm election campaign.
Among Democratic-aligned donors, former New York mayor Michael Bloomberg has contributed more than $60 million, while organisations founded by financier George Soros have given a combined $102 million to liberal groups.
On the Republican side, billionaire investors Jeff Yass and Richard and Elizabeth Uihlein have each contributed more than $100 million to Republican causes, according to campaign finance filings.
The cryptocurrency industry has also emerged as a major source of campaign funding. OpenSecrets reported that Ripple and Coinbase had contributed a combined $63 million to Super PACs promoting the industry’s interests.
Campaign funds have been used for voter outreach, rallies, staffing, polling and advertising. However, television and digital advertising account for a significant share of election expenditure.
Ad tracking firm AdImpact reported that political advertising spending had reached $11.15 billion by the end of October, with traditional broadcast television remaining the largest beneficiary as digital campaign advertising continued to grow.
The Senate races in Michigan, Texas and Ohio have attracted some of the highest advertising expenditure, followed by contests in Iowa and Maine.
The final cost of the 2026 midterm elections will only be established after candidates, parties and political groups submit their remaining campaign finance reports.
