Elon Musk leads US midterm election donations with nearly $500 million as campaign spending hits record $11.9 billion

US midterm election spending is expected to reach a record $11.9 billion in 2026. Rich individuals, political groups and campaign teams are spending billions of dollars to support candidates across the country. This will make the 2026 midterm elections the most expensive in US history.Elon Musk leads billionaire donations as US midterm election spending is projected to hit a record $11.9 billion. (REUTERS)According to OpenSecrets, an independent group that tracks election funding, total spending is expected to reach $11.9 billion. This is around 30% more than the previous record set during the 2022 midterm elections.More than $9.5 billion had already been spent by mid-October during the 2026 midterm election campaign, according to campaign finance records cited by the BBC. Spending is expected to increase further as candidates and political groups continue to spend money on advertisements and other campaign activities.Elon Musk leads billionaire donations in US midtermsElon Musk has given the most money among individual billionaire donors during the 2026 US midterm elections. The Tesla and SpaceX chief has donated nearly $500 million to political groups supporting Republican candidates.A large part of Musk's donations has gone to America PAC, a political action committee he established in 2024, and the Senate Leadership Fund, which supports Republican candidates. A significant portion of Musk's political spending has supported Republican candidate Ken Paxton in the Texas Senate race, where he is facing Democrat James Talarico.Also read: US midterms 2026: Prediction markets and polls differ over Democrats' chancesOn the Democratic side, organisations backed by billionaire financier George Soros have contributed a combined $102 million to liberal political groups. Former New York City mayor Michael Bloomberg has also donated more than $60 million to political causes.Republican billionaire donors have also contributed heavily to conservative political groups. Jeff Yass, along with Richard and Elizabeth Uihlein, are among the major contributors, with their combined donations running into hundreds of millions of dollars.Super PACs drive US midterm election spendingSuper PACs have played a major role in driving election spending. These political action committees can collect unlimited amounts of money from individuals, corporations and other organisations to support political causes and candidates.However, Super PACs are not allowed to donate money directly to candidates or coordinate their spending with election campaigns. They operate independently and can spend money on activities such as political advertisements and other campaign-related efforts.Political action committees (PACs) and Super PACs accounted for around $5.5 billion of the spending recorded by mid-October, according to Federal Election Commission filings.The concentration of election funding among a small group of wealthy individuals has also drawn attention. The Brennan Center for Justice reported that the 40 biggest donors had contributed $2.4 billion by October 14.Also read: US midterm results 2026: When will winners be declared? All you need to know about vote counting"Spending in the 2026 midterms is shattering records, with more of the money coming from the wealthiest donors and groups this election," US campaign finance expert Michael Beckel told the BBC.Political advertising drives US campaign spendingPolitical advertising has become the biggest destination for campaign money, with television commercials accounting for a major share of the spending. Digital advertising is also gaining ground as candidates and political groups try to reach voters through online platforms.According to advertising tracking firm AdImpact, political advertising expenditure had reached $11.15 billion by the end of October. This highlights the huge amount of money being spent to influence voters ahead of the midterm elections.Crypto companies contribute millions to Super PACsThe cryptocurrency industry has also emerged as a major source of political funding during this election cycle. Crypto companies Ripple and Coinbase have together contributed $63 million to Super PACs that support the industry's interests."Crypto companies have also been very active this cycle, with Ripple and Coinbase combining to give $63 million to fund Super PACs promoting the crypto industry's interests," OpenSecrets' Brendan J Glavin told the BBC.The final campaign spending figures will become clearer after Election Day, when candidates, political parties and outside political groups complete and submit their campaign finance disclosures. These records will provide a fuller picture of how much money was spent during the 2026 midterm elections and who funded the campaigns.