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.
