The US midterm election campaign may become the most expensive in history — nearly $12 billion

The key facts

Open Secrets projects total spending of about $11.9 billion — roughly 30% more than in the 2022 midterm elections
According to the FEC, more than $9.5 billion had been spent by mid-October, of which about $5.5 billion went to PACs and Super PACs
Elon Musk is the largest individual donor: nearly $500 million, most of it for the Texas Senate race

Record spending ahead of the November 3 elections

The campaign ahead of the US midterm elections scheduled for November 3 is likely to become the most expensive in history: Open Secrets, an independent organization that tracks campaign financing, projects total spending of about $11.9 billion (£9 billion). That is roughly 30% more than was spent on the previous midterm elections in 2022. The bulk of the spending comes from outside political groups — Super PACs, which can accept unlimited donations from individuals, corporations and unions without giving money directly to candidates, instead spending it on indirect support for them. This is reported by BBC News in a BBC Verify analysis.

How much has already been spent

According to the latest reports from the Federal Election Commission (FEC) as of mid-October, more than $9.5 billion has already been spent in the current cycle. PACs and Super PACs account for about $5.5 billion — more than half of the total — and their spending has nearly doubled over the past couple of months. Full figures will only be known after the election: candidates, parties and outside groups are required to report to the FEC, but the final data has not yet been tallied. Open Secrets' $11.9 billion projection is based on trends from past cycles.

Who is donating the most

The top 40 donors gave a combined $2.4 billion by October 14 — a record for this stage of a midterm cycle, according to the center-left think tank Brennan Center for Justice. 'Spending on the 2026 midterm elections is breaking records, and this time more money is coming from the wealthiest donors and groups,' noted campaign finance expert Michael Beckel. The largest individual donor is Elon Musk, who by October had donated nearly half a billion dollars, mostly to America PAC, which he created in 2024, and the Republican Senate Leadership Fund. Other major donors include: Geosor Corp and the Fund for Policy Reform, founded by George Soros, which together sent $102 million to liberal groups; Michael Bloomberg, who gave more than $60 million to Democrats; as well as Jeff Yass and Richard and Elizabeth Uihlein, who donated over $100 million to Republican causes. Open Secrets expert Brendan Glavin also noted the activity of the crypto industry: Ripple and Coinbase together allocated $63 million to Super PACs that promote its interests.

Where the money goes

Most of the funds are spent on advertising, primarily on television: according to the ad-tracking company AdImpact, $11.15 billion had been spent on it by the end of October. Traditional broadcast television remains the main recipient of advertising spending, although spending on digital advertising continues to grow, Beckel noted. As with Musk's donations, the largest share of advertising money went to the Senate races in Michigan, Texas and Ohio, followed by Iowa and Maine. In Texas, America PAC spent more than $45 million supporting Republican Ken Paxton, whose opponent is Democrat James Talarico; the PAC also directed about $10 million to each of the Senate races in Michigan and Ohio.