The key facts

  • Musk donated more than $200 million in the quarter ending September 30, 2026, including $158 million to the Senate Leadership Fund — one of the largest known political donations in US history
  • More than $80 million went to America Pac, and another $10 million to Lone Star Liberty Pac, which supports Ken Paxton in Texas
  • Analysts link Musk's and other tech executives' spending to a desire for less government regulation

Largest donations ahead of the midterm elections

Billionaire and Tesla chief Elon Musk is once again pouring hundreds of millions of dollars into American elections — this time to help Republicans keep control of Congress. According to Federal Election Commission (FEC) filings reviewed by the BBC, Musk donated more than $200 million (about £150 million) in the quarter ending September 30. The documents were published just over two weeks before the 2026 midterm elections, in which many races for the House of Representatives and the Senate are close, and Republicans risk losing their majority in both chambers. In 2024, Musk already spent $290 million and considerable effort on electing Donald Trump and other Republicans.

The bulk of the money — to the Senate Leadership Fund

The largest share of the latest quarter's donations — $158 million — went to the Senate Leadership Fund (SLF), a super-PAC supporting Republican Senate candidates in competitive races. According to the BBC, this is one of the largest publicly known single political donations in US history, and some consider it the largest. SLF quickly transferred the money to a group supporting Texas Republican Ken Paxton. Texas Attorney General Paxton risks losing to Democrat James Talarico in the contest for a seat the party has held for decades. Polls show them tied, and the outcome is seen as an indicator of the future of Republican power. Musk also donated more than $80 million to America Pac, which he founded during the 2024 elections.

Texas — the key focus

In the past quarter, America Pac spent millions on digital communications, mailings and calls against Talarico, as well as thousands on political marketing in support of Paxton. In addition, Musk directed another $10 million to Lone Star Liberty Pac, a group primarily supporting Paxton. The flow of money underscores the central theme for Musk — Texas. In recent years he has been relocating his business empire, including SpaceX, Tesla and X, to the southern state after expressing clear dissatisfaction with operating in California. Texas offers less government regulation, as well as no personal income tax or corporate income tax. Political analyst Case Myers told the BBC that keeping in office politicians who favor fewer restrictions — typically Republicans — can help sustain an environment favorable to Musk. At the same time, he added: 'Republicans have the fundraising advantage this time, but fundraising alone does not guarantee success.'

A broader trend among tech executives

For many voters this year, technology has become one of the main issues: across the country, demands are growing to strengthen government oversight of artificial intelligence, data centers and social media. According to Myers, this is pushing tech leaders like Musk closer to the Republican Party, which has historically advocated less regulation. 'They are looking at a future where demand for regulation and calls for it are growing, and I think they want to be in an advantageous position. We see them shifting and aligning with Republicans,' he said. Other tech industry leaders are also investing in Republicans: OpenAI president Greg Brockman and his wife Anna donated $25 million to the Trump-linked MAGA Inc Pac last year. Myers noted that large sums are coming not only from the tech sector but also from the cryptocurrency and gambling industries: 'It's the idea of shaping the regulatory environment through donations.'

Elon MuskImage source, Getty Images
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