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The 15 biggest donors have contributed more than $15 billion to the upcoming US midterm elections, making the 2026 contest the most expensive midterm election cycle in American history, according to an analysis of Federal Election Commission data by Agence France-Presse (AFP).
The donors had channelled money to both the Republican and Democratic parties, as well as special-interest groups, through Wednesday. These groups include super political action committees (super PACs) that lobby for reduced government regulation of artificial intelligence (AI) and cryptocurrency.
Elon Musk, the world’s richest person and an ally of the Republicans, topped the list with more than $365 million in contributions. Musk, founder of SpaceX and owner of AI company xAI, donated $278 million after July 1 alone.
According to campaign finance watchdog OpenSecrets, Musk has become the largest individual political donor since restrictions on campaign spending were lifted in 2010.
“We are heading towards the most expensive midterm election in American history,” said Michael Beckel, director of the Money in Politics Reform programme at Issue One, a political reform organisation.
AFP analysed contributions made since November 6, 2024. In relevant cases, businesses and their executives, business partners, and spouses were counted together as a single donor, following a methodology introduced by The New York Times to track campaign financing.
Five of the 15 largest donors have ties to the technology sector, particularly AI and cryptocurrency. According to Beckel, many are spending heavily to support candidates who favour reducing government regulation of their industries.
Venture capital investors Marc Andreessen and Benjamin Horowitz have contributed more than $113 million. They donated $50 million to Leading the Future, a super PAC supporting AI, $46.8 million to the cryptocurrency-focused super PAC Fairshake, and $12 million to President Donald Trump’s MAGA Inc. super PAC.
Cryptocurrency exchange Coinbase has contributed around $57 million during the current election cycle, including donations from its chief executive and co-founder Brian Armstrong.
Crypto company Ripple Labs and its co-founder Chris Larsen have donated more than $68 million, with much of the money going to Fairshake.
Cryptocurrency entrepreneurs Cameron and Tyler Winklevoss have also contributed to MAGA Inc. and super PACs supporting cryptocurrency interests.
Most of Musk’s donations went to Republican-aligned groups, including America PAC and the Senate Leadership Fund. In September, the Senate Leadership Fund used $158 million from Musk to support Republican Senate candidate Ken Paxton in Texas.
Four of the 15 largest donors are nonprofit organisations known as 501(c)(4) groups, often referred to as “dark money” groups because they can keep their donors’ identities confidential under US law.
Shanna Ports, senior legal counsel at the Campaign Legal Center, told AFP that the growing volume of undisclosed political donations was concerning. She said voters should be able to know who funds political advertisements seeking to influence their choices.
Republican-aligned nonprofit One Nation donated nearly $138 million to the Senate Leadership Fund, while the American Action Network contributed more than $64 million to the Republican Congressional Leadership Fund.
Two Democratic-aligned nonprofits also made major contributions. House Majority Forward donated $95 million to the House Majority PAC, while Majority Forward contributed $104 million to the Senate Majority PAC. Both groups support Democratic candidates for Congress.
Several established political donors have continued to contribute heavily during the current election cycle.
Billionaire couple Elizabeth and Richard Uihlein have donated more than $135 million in support of Republicans.
George Soros, a longtime Democratic donor, has contributed at least $102 million. Miriam Adelson, an Israeli-American businesswoman and conservative political donor, has given around $67 million to various Republican PACs.
Billionaire Jeff Yass has contributed $109 million so far, most of it to Republican-aligned groups.
Former New York City mayor and billionaire Michael Bloomberg has spent $52.6 million, including around $30 million since September 1. His team told The New York Times that he planned to spend $80 million in September and October.
The scale of the contributions highlights the growing influence of wealthy individuals, major technology companies and outside political groups in US election campaigns, particularly in contests involving the future regulation of AI and cryptocurrency.