Where the Most Expensive Midterm Races Are—and Who Is Funding Them

Spending surges in key races

The 2026 midterms are expected to set a record for spending across a US election cycle. AdImpact estimated that advertising spending and reservations totaled $11.21bn as of October 26, compared with $3.2bn during the 2024 presidential election season.

Among the costliest contests are toss-up Senate races in Texas, Ohio and Michigan. Spending by candidates, parties and outside groups could help shape which party controls Congress, a major factor for President Donald Trump’s legislative agenda in his final two years.

Texas contest draws record sums

More than $534m has gone to the Texas Senate race between Democrat James Talarico and Republican Ken Paxton. Talarico has raised $146m, compared with about $22m for Paxton, but outside groups have spent nearly $300m supporting Paxton and roughly $80m supporting Talarico.

MAGA Inc, a super PAC aligned with Trump, provided $37m for Paxton. A CNN projection in late October put Talarico at 49 percent support and Paxton at 43 percent. Nearly 4.5 million Texans voted during the first week of early voting, according to the Texas secretary of state’s office.

Ohio and Michigan totals

Ohio is the second-most expensive Senate race this cycle, with more than $435m spent on Democrat Sherrod Brown and Republican Jon Husted. About $248m has reportedly been spent on Husted, against $187m on Brown. A Marist Poll released October 20 showed Brown leading by four points, while other surveys found the candidates virtually tied.

Party finances and top donors

Federal Election Commission filings show Republicans raised more than Democrats from the start of 2025. The Democratic National Committee raised nearly $252.3m and spent about $252.8m, while the Republican National Committee received about $341m and paid out roughly $303m by October 14.

A Politico analysis of donations from January 2025 through October found Republicans increasingly reliant on large donors as their small-dollar donor base shrank. The biggest donors largely supported Republicans: Elon Musk gave $446m, Elizabeth and Richard Uihlein donated about $150m, and Jeff Yass and his wife, Janice, contributed $110m to right-wing causes. George Soros gave about $102m to left-leaning candidates. Polls suggested Democrats could retake the House and were favored to control the Senate.