Tracking money: The biggest donors shaping the 2026 US midterm elections

A record spending outlook

The 2026 midterms are on course to become the most expensive US election cycle. Ad-tracking firm AdImpact projects political advertising alone will cost $11.6bn, exceeding spending in any prior cycle, including the 2024 presidential race.

Federal Election Commission data show that the 50 biggest donors and organizations have given a combined $2.77bn so far. The remaining $264m, about 10 percent, came from contributors classified as bipartisan or special interest, including groups supporting sports betting and cryptocurrency.

How independent spending grew

Individuals may contribute up to $3,500 per election to a federal candidate’s campaign during the 2025–26 cycle. Some contributors on the list have given hundreds of millions of dollars. Independent expenditure groups emerged in 2010 after two court rulings opened the way for unlimited election spending by groups operating separately from candidates. Such spending can obscure the original source of funds, a practice known as “dark money.”

The leading individual donors

Elon Musk, head of Tesla and SpaceX, is the cycle’s largest individual contributor, giving $446m to Republican-aligned groups, according to FEC data. The article describes him as the world’s richest man.

The largest Democratic-aligned individual donors are George Soros, founder of the Open Society Foundations; former New York City mayor Mike Bloomberg; and LinkedIn cofounder Reid Hoffman and his wife, Michelle Yee. Four individual contributors have each given more than $100m.

Organizations and crypto firms

Among Republican-aligned groups, One Nation, which is aligned with Senate Republican leadership, gave the most, followed by American Action Network, linked to House Republican leadership. On the Democratic side, Majority Forward and House Majority Forward, allied with the party’s Senate and House leadership, led contributions.

Cryptocurrency firms also ranked prominently. Coinbase gave $57.8m, Ripple contributed $49.6m, and Foris DAX, the company behind Crypto.com, gave $39m.