Elections · Washington
US midterm ad spending tops $3.8 billion as top 20 donors give about $2 billion
Republican advertisers lead in seven of the eight most contested Senate races, while Elon Musk has given more than any other donor, according to analyses published on 1 November.
AI text based on reports by The New York Times, Adnkronos, Le Temps and other publishers. Published . How it is made
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In brief
Arcadia counts more than $3.8 billion in ad spending sent to the Federal Election Commission, $872.2 million above the same point in the 2024 cycle, with $2.3 billion for the general election.
Three weeks before the vote, Republican advertisers led in seven of the eight most contested Senate races and in 25 of 42 House races rated Toss Up or Lean by the Cook Political Report.
The New York Times' updated ranking shows the top 20 donors have put roughly $2 billion into federal races, about 15 percent of all ad money this cycle according to AdImpact, with three new Democratic megadonors on the list.
Le Temps reports at least $407 million from Elon Musk since February 2025 through 14 October, while Open reports at least $446 million, and the Times says his giving is nearly three times that of the next-closest donor.
Ad spending runs ahead of the 2024 pace
More than $3.8 billion in advertising for the congressional races has been transmitted to the Federal Election Commission, according to an analysis by Arcadia, which puts the sum $872.2 million ahead of the same point in the 2024 cycle. Of that total, $2.3 billion is tied to the general election, and another $837.7 million has already been booked through polling day. A separate figure cited by Open, drawing on FEC and AdImpact data, places overall campaign spending at no less than $11.6 billion and says it has already exceeded the 2024 presidential race. Corriere della Sera analysis, cited by Open, traces the escalation to the 2010 Citizens United ruling, which allowed unlimited super PAC funding as long as those committees stay independent of candidates.
- General election
- 2300 million USD
- Booked through election day
- 837.7 million USD
Data from the article text
Republicans lead the early battleground buys
Three weeks before election day, Republican advertisers led in ad spending already transmitted in seven of the eight most contested Senate races, according to Arcadia, and in 25 of the 42 House contests that the Cook Political Report rates Toss Up or Lean. The pattern reverses 2024, when Democrats led in seven of the eight Senate battlegrounds and in 34 of the 42 House races at the same stage. Republicans have also placed a record $1.3 billion in Senate election advertising so far, a figure above the party's total final spending in both 2022 and 2024. The comparison covers money already transmitted, so the balance could still shift before the vote.
Top donors and the megadonor tilt
The New York Times' updated ranking, which counts contributions through the mid-October filing deadline, found that the top 20 donors have put roughly $2 billion into federal races this cycle. AdImpact, cited by the Times, equates that to about 15 percent of all money to be spent on ads this cycle. Three new megadonors, all Democrats, entered the list since the August ranking, but the paper says the biggest spenders still lean Republican and toward tech. The Times notes that the party is hoping its ties to tech billionaires and other mega-contributors will help offset headwinds including what it calls an unpopular war with Iran and high consumer prices. Le Temps reports that the 45 largest donors gave about $2.6 billion of the $5.3 billion contributed in gifts of $10,000 or more.
Elon Musk at the top of the list
Le Temps, citing FEC figures through 14 October 2026, reports that Elon Musk has given at least $407 million since February 2025, while Open puts his Republican giving at no less than $446 million. Le Temps calls him the largest individual donor in modern US history. The Times says he has contributed nearly three times as much as the next-closest donor, and its total leaves out tens of millions of dollars, including money given after 14 October or to entities that do not file with the FEC. He also spent more than $200 million to help elect Ken Paxton, the Texas attorney general, to the Senate, including through an extensive field campaign in Texas. Other donations from Musk went to political groups active in the Kentucky and Alaska races.
- Elon Musk
- 446 million USD
- Richard and Elizabeth Uihlein
- 150 million USD
- Jeff Yass
- 110 million USD
- George Soros
- 102 million USD
- Michael Bloomberg
- 84 million USD
- Reid Hoffman
- 41 million USD
Data from the article text
Other large donors and candidates
Richard and Elizabeth Uihlein, founders of the packaging and shipping supplier Uline, gave close to $150 million, and financier Jeff Yass, a ByteDance shareholder, gave $110 million, according to Open. On the Democratic side, George Soros gave $102 million and Michael Bloomberg gave $84 million, while Reid Hoffman, LinkedIn co-founder and a former business partner of Musk, gave about $41 million. Candidates have also drawn large direct sums: James Talarico raised nearly $150 million for his Texas race against Paxton, and Abdul El Sayed raised about $53 million in Michigan. Open notes that Jon Ossoff is running in Georgia and that Sherrod Brown is seeking to win back the Ohio Senate seat he lost in 2024.
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Sources and context
- The New York Times$2 Billion From 20 Top Donors Fuels a Hugely Expensive Midterms
- AdnkronosMost expensive midterm elections in history, 3.8 billion dollars already spent: the analysisElezioni midterm più costose della storia, spesi già 3,8 miliardi di dollari: l'analisi · original in Italian
- Le TempsInfluence and very big money: who are the most important donors for the US midterm elections?Influence et très gros sous: qui sont les plus importants donateurs des élections de mi-mandat aux Etats-Unis? · original in French
- OpenUS Midterms, the most expensive campaign in history: over 11 billion spent. From Musk to Soros, here are all the super-donorsMidterm Usa, la campagna più cara della storia: oltre 11 miliardi spesi. Da Musk a Soros, ecco tutti i superdonatori · original in Italian
- Elon Musk
- Tesla and SpaceX head and the largest individual donor this cycle according to the sources
- Ken Paxton
- Texas attorney general running for the Senate, whose election Musk helped fund
- James Talarico
- Democratic Senate candidate in Texas running against Ken Paxton
- George Soros
- Leading Democratic donor with $102 million in reported giving
- Michael Bloomberg
- Former New York mayor and Democratic donor with $84 million in reported giving
- Reid Hoffman
- LinkedIn co-founder and Democratic donor with about $41 million in reported giving
- Jeff Yass
- Financier and ByteDance shareholder who gave $110 million
- Richard Uihlein
- Co-founder of Uline who, with his wife Elizabeth, gave close to $150 million to Republicans
- Jon Ossoff
- Democratic senator running for re-election in Georgia
- Sherrod Brown
- Former Ohio senator seeking to regain his Senate seat
- Abdul El Sayed
- Democratic candidate in Michigan who raised about $53 million from individual donors
- Places
- Washington, United States, Washington, D.C.
- Organizations
- Tesla
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