US midterms campaign 'shattering' spending records to be most expensive ever

The US midterms campaign is set to be the most expensive on record, with the total cost projected to reach nearly $12bn (£9bn), according to Open Secrets, an independent organisation that tracks campaign finance. Most of the spending is being driven by outside political groups known as Super Political Action Committees, or Super Pacs, which are pouring large sums into key races ahead of election day on 3 November. According to the latest Federal Election Commission filings, which run to mid-October, more than $9.5bn had been spent in this midterms cycle. Pacs and Super Pacs make up more than half of that, at about $5.5bn, with their spending in the last couple of months almost doubling. Candidates, parties and outside groups must report their spending to the FEC, but full totals will not be available until after the elections. Open Secrets has projected the final figure at $11.9bn based on trends in past cycles, which would be about 30% more than what was spent during the last midterm elections in 2022. The top 40 donors gave $2.4bn up until 14 October, according to the Brennan Center for Justice, a record high for that point in a midterms cycle. "Spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election," said Michael Beckel, a US campaign finance expert. While there are rules on how much individuals, parties and Pacs can give directly to candidates, Super Pacs can accept unlimited contributions from individuals, corporations, labour unions and other political committees. They cannot give money directly to candidates but can spend it supporting them indirectly. The top individual donor is billionaire businessman Elon Musk, who has spent almost half a billion dollars backing Republican candidates, particularly in Texas where many of his companies are based. Most of his money has gone to America PAC, which he set up in 2024, as well as to the Republican-aligned Senate Leadership Fund. Much of it has been spent on the Texas Senate race, supporting Republican candidate Ken Paxton, who is running against Democratic candidate James Talarico. America PAC's investments in that race total more than $45m, and it has also invested around $10m into each of the Senate races in Michigan and Ohio. Other major donors include Geosor Corp and Fund for Policy Reform, both founded by billionaire financier George Soros, which have given a combined $102m to liberal groups. Former New York City mayor and businessman Michael Bloomberg has been the biggest Democratic donor, giving more than $60m. Several billionaires, including Jeff Yass, who runs one of the world's largest trading firms, and Richard and Elizabeth Uihlein, owners of a US business supply company, have each given over $100m to Republican causes this campaign, according to FEC filings. "Crypto companies have also been very active this cycle, with Ripple and Coinbase combining to give $63 million to fund Super Pacs promoting the crypto industry's interests," said Brendan J Glavin of Open Secrets. Campaign groups spend money on staff for on-the-ground voter outreach, campaign events such as rallies and internal polling, but the majority of funds go on advertising, especially on television. Ad tracking firm AdImpact said $11.15bn had been spent on advertising up until the end of October. "Traditional broadcast television remains the top beneficiary of advertising expenditures, though expenditures on digital ads continue to increase," said Beckel. AdImpact tracked that most advertising money has been spent on the Senate races in Michigan, Texas and Ohio, followed by Iowa and Maine.