The 2026 US midterm election campaign is expected to become the most expensive in the country’s history, with total spending projected to reach nearly $12 billion, according to Opensecrets, an independent organisation that monitors campaign finances.A significant share of the expenditure is being driven by outside political groups, particularly super political action committees (Super PACs), which are investing heavily in key electoral contests ahead of the November 3 election.Billionaire businessman Elon Musk has emerged as the biggest individual donor, contributing nearly half a billion dollars to support republican candidates. Much of his spending has focused on Texas, where several of his companies are headquartered.BBC Verify has examined the campaign finance figures to assess how much has been spent, who is funding the candidates and where the money is going.The president says he has held 31 rallies over 27 days, along with many tele-rallies, a term that’s been used recently in US media to describe when a politician phones into a rally.
How much money has been spent?
US campaign finance regulations place limits on the amount individuals, political parties and traditional political action committees (PACs) can contribute directly to candidates.However, Super PACs can accept unlimited donations from individuals, corporations, labour unions and other political committees. Although they cannot donate directly to candidates, they can independently spend money to support or oppose them.The latest filings with the federal election commission (FEC), covering spending up to mid-October, show that more than $9.5 billion had already been spent during the current election cycle.PACs and Super PACs accounted for more than half of the expenditure, contributing approximately $5.5 billion. Their spending almost doubled over the preceding couple of months.Candidates, political parties and outside organisations are required to report their expenditure to the FEC. However, the complete figures will only become available after the elections.Based on spending patterns from previous election cycles, Opensecrets estimates that the final amount could reach $11.9 billion. This would represent an increase of around 30% compared with the 2022 midterm elections.
Who are the biggest political donors?
According to the liberal-leaning Brennan Center for Justice, the 40 largest donors had contributed a combined $2.4 billion by October 14, marking a record amount for this stage of a midterm election cycle.Michael Beckel, a US campaign finance expert, said the 2026 elections had broken spending records, with an increasing proportion of the money coming from wealthy individuals and organisations.Apart from individual contributions, organisations also provide substantial funding to PACs. Geosor Corp and the Fund for Policy Reform, both established by billionaire financier George Soros, have together donated $102 million to liberal groups.Former New York City mayor and businessman Michael Bloomberg has been another major democratic donor, contributing more than $60 million.On the Republican side, several wealthy contributors have made large donations. These include Jeff Yass, head of a major trading firm, and business supply company owners Richard and Elizabeth Uihlein, who have collectively contributed more than $100 million to Republican causes during the campaign, according to FEC records.Musk, however, remains the biggest individual contributor, having donated nearly $500 million as of October.A large portion of his contributions has gone to America PAC, a Super PAC he established in 2024, as well as the republican-aligned senate leadership fund.Much of the funding has been directed towards the Texas Senate contest, where republican candidate Ken Paxton is facing democrat James Talarico.America PAC has invested more than $45 million in the Texas race. It has also allocated approximately $10 million each to senate contests in Michigan and Ohio.The cryptocurrency industry has also emerged as a significant contributor this election cycle. Brendan J Glavin of Opensecrets said ripple and coinbase had together donated $63 million to Super PACs seeking to advance the interests of the crypto sector.
Where is the campaign money being spent?
Political campaigns and outside groups use their funds for a range of activities, including recruiting workers for grassroots voter outreach, organising rallies and other campaign events, and conducting internal opinion polls.However, advertising accounts for the largest share of campaign expenditure, particularly television commercials.According to advertising tracking firm AdImpact, $11.15 billion had been spent on political advertising by the end of October.Beckel said traditional broadcast television continued to receive the largest share of advertising expenditure, although spending on digital platforms was also increasing.AdImpact’s tracking showed that the biggest advertising investments were concentrated in Senate contests in Michigan, Texas and Ohio, followed by Iowa and Maine.
