Musk leads $2.77 billion in donations for 2026 midterms

Political advertising for the 2026 United States midterm elections is projected to reach $11.6 billion. AdImpact, an ad-tracking firm, reports this figure exceeds spending from any previous election cycle, including the 2024 presidential race.

The top 50 donors and organizations have contributed a combined $2.77 billion so far. Republican-aligned groups account for $1.67 billion of that total, representing roughly 60 percent of the funds. Democratic-aligned contributors have provided $832 million, or 30 percent. The remaining $264 million comes from bipartisan or special interest groups.

Elon Musk, the head of Tesla and SpaceX, is the largest individual contributor with $446 million. Elizabeth and Richard Uihlein, founders of Uline, follow with $150 million. Jeff and Janine Yass, whose husband co-founded Susquehanna International Group, have given $110 million. All three are aligned with Republican interests.

On the Democratic side, George Soros leads individual giving with $102 million. Mike Bloomberg has contributed $84 million. Reid Hoffman and Michelle Yee, cofounders of LinkedIn, have given $41 million. Four individuals have each donated more than $100 million this cycle.

Organizations also dominate the rankings. One Nation, a nonprofit linked to Senate Republican leadership, has given $133 million. American Action Network, tied to House Republican leadership, has provided $64.3 million. On the Democratic side, Majority Forward and House Majority Forward have contributed $102 million and $93.7 million, respectively.

Cryptocurrency firms and industrial companies are also major players. Coinbase donated $57.8 million, while Ripple gave $49.6 million. Foris DAX, the company behind Crypto.com, contributed $39 million. The Koch conglomerate provided $46.8 million, and DraftKings gave $40.4 million.

Much of this money flows through super political action committees, or super PACs. These groups can accept unlimited donations as long as they do not coordinate spending directly with candidates. Some money also passes through nonprofits that do not disclose their donors, a practice known as dark money. Lawrence Lessig, a professor at Harvard Law School, argues this concentration of wealth, not the total spending, is the primary issue. He stated, “If you don’t have $100 million to put on the table, you’re not going to matter in the way that we think that people ought to matter in a democracy.”