WASHINGTON (The Thursday Times) — This year’s US midterm elections are set to be the most expensive on record, with total spending projected at nearly $12 billion, according to the campaign finance tracker Open Secrets, and Elon Musk the biggest individual donor at almost half a billion dollars.
Federal Election Commission filings up to mid-October already show more than $9.5 billion spent. Open Secrets projects the final figure at $11.9 billion, about 30% above the 2022 midterms. The full totals will not be known until after the vote.
Outside groups account for more than half of the money so far, at about $5.5 billion, and their spending has almost doubled in the past couple of months. Super PACs can take unlimited sums from individuals, companies and unions, as long as they do not give the money directly to candidates.
The top 40 donors gave $2.4 billion up to October 14, a record for that point in a midterm cycle, the Brennan Center for Justice said. “Spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election,” said campaign finance expert Michael Beckel.
Musk has backed Republicans, mostly through America PAC, the group he set up in 2024, and the Senate Leadership Fund. Other big Republican donors include Jeff Yass and Richard and Elizabeth Uihlein, who have each given more than $100 million. On the Democratic side, groups founded by George Soros have given a combined $102 million to liberal causes, and Michael Bloomberg more than $60 million.
The money is aimed at a small number of races that could decide Congress, with the Senate contests in Texas, Michigan and Ohio among those drawing it.
