The 2026 US midterm elections are emerging as a contest shaped as much by big money as by candidates and voters. The 15 biggest contributors have together donated more than $1.5 billion since November 20204, according to an AFP analysis of Federal Election Commission data, putting the elections on track to become the most expensive midterms in US history.
The list is led by Elon Musk, who has contributed more than $365 million, but it includes a broader mix of donors. Republican-aligned billionaires and non-profit groups account for a large share of the money, while Democratic donors and groups have also channelled hundreds of millions od dollars into congressional races. Tech companies and executives have directed large contributions towards super PACs focussed on AI and cryptocurrency policy.
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The money has not gone exclusively to Republican candidates or groups. Some donors have supported one party, while others have backed issue-based super PACs. The list also includes “dark money” organisations that do not have to reveal their own donors.
Who are the top 15 donors funding the 2026 US midterms?
Elon Musk: Over $365 million
Elon Musk, the world’s richest man and a Republican ally, is the biggest contributor identified in the analysis.
Musk has donated more than $365 million, including $278 million since July 1. Most of his contributions have gone to his Republican-leaning America PAC and the Republican Senate Leadership Fund super PAC.
According to campaign finance tracker OpenSecrets, Musk is the largest individual contributor in a federal election cycle since unlimited election spending was allowed in 2010.
The Senate Leadership Fund used $158 million donated by Musk in September to support Ken Paxton, the Republican Senate candidate in Texas.
One Nation: Nearly $138 million
One Nation is a Republican nonprofit group. It donated nearly $138 million to the Senate Leadership Fund.
The organisation is among the nonprofit groups classified as “dark money” organisations because such groups are not legally required to disclose their donors.
Elizabeth and Richard Uihlein: Over $135 million
Billionaire couple Elizabeth and Richard Uihlein donated more than $135 million during the election cycle.
Their contributions have gone towards supporting Republican candidates and groups.
Marc Andreessen and Benjamin Horowitz: Over $113 million
Venture capitalists Marc Andreessen and Benjamin Horowitz have spent more than $113 million.
They donated $50 million to Leading the Future, a super PAC supporting artificial intelligence interests. They also gave $46.8 million to Fairshake, a cryptocurrency super PAC, and $12 million to President Donald Trump’s Make America Great Again Inc super PAC.
Jeff Yass: $109 million
Billionaire businessman Jeff Yass has donated $109 million during the election cycle.
Most of his contributions have gone to Republican groups.
Majority Forward: $104 million
Majority Forward is a Democratic nonprofit group that focuses on helping Democratic candidates get elected to Congress.
It contributed $104 million to the Senate Majority PAC.
George Soros: At least $102 million
George Soros, a longtime Democratic donor, has contributed at least $102 million during the election cycle.
His donations have gone to Democratic political groups.
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House Majority Forward: $95 million
House Majority Forward is another Democratic nonprofit group involved in supporting Democratic candidates.
It contributed $95 million to the House Majority PAC.
Ripple Labs and Chris Larsen: Over $68 million
Cryptocurrency company Ripple Labs and its co-founder Chris Larsen have donated more than $68 million.
Most of their contributions went to Fairshake, a super PAC supporting cryptocurrency interests.
Miriam Adelson: Nearly $67 million
Miriam Adelson is an Israeli-American businesswoman and conservative political donor.
She has donated nearly $67 million to various Republican political action committees.
American Action Network: Over $64 million
The American Action Network is a Republican nonprofit group.
It contributed more than $64 million to the Republican Congressional Leadership Fund, which supports Republican candidates for the House of Representatives.
Coinbase and Brian Armstrong: Nearly $57 million
Cryptocurrency exchange Coinbase has donated nearly $57 million during the election cycle.
The figure includes contributions from Brian Armstrong, the company’s CEO and co-founder. A large share of the donations went to Fairshake.
Michael Bloomberg: $52.6 million
Michael Bloomberg, billionaire businessman and former mayor of New York City, has spent $52.6 million so far.
Around $30 million of his contributions were made after September 1.
Bloomberg’s team told The New York Times that he would spend $80 million in September and October.
Paul Singer: Over $52 million
Hedge fund manager Paul Singer has donated more than $52 million during the election cycle.
Most of his contributions have gone to Republican groups.
Cameron and Tyler Winklevoss: Amount not specified
Cameron and Tyler Winklevoss, prominent figures in the cryptocurrency industry, have donated to MAGA Inc and to their own pro-cryptocurrency super PAC.
The AFP analysis did not specify the total amount of their contributions.
‘Dark money’ groups raise concerns
Four anonymous nonprofit groups, including One Nation, American Action Network, House Majority Forward and Majority Forward, are among the 15 biggest contributors.
These groups are not legally required to publicly disclose the identities of their donors.
“Dark money spending has been increasing year over year, and it is a troubling trend because voters should be able to know who is financing the ads that they see,” Shanna Ports, senior legal counsel at the Campaign Legal Center, told AFP.
“We're on track to have the most expensive midterm elections in US history,” Michael Beckel, director of money in politics reform at bipartisan advocacy organisation Issue One, told AFP.