US midterms campaign projected to cost record $12bn

Summarised from 2 outlets · Updated 3 Nov, 16:20 · Archive

The 2026 US midterm elections are projected to be the most expensive on record, costing nearly $12bn.

The 2026 US midterm elections are set to be the most expensive on record, with total spending projected to reach nearly $12bn (£9bn), according to Open Secrets, an independent organisation that tracks campaign finance. This represents about 30% more than the $9.2bn spent during the 2022 midterm elections. According to the latest Federal Election Commission filings running to mid-October, more than $9.5bn had already been spent.

Most of the spending is driven by Super Political Action Committees (Super Pacs), which make up more than half of total spending at about $5.5bn. Unlike traditional political action committees, Super Pacs can accept unlimited contributions from individuals, corporations and labour unions. They cannot give money directly to candidates but can spend it supporting them indirectly. In the final months before election day on 3 November, Super Pac spending nearly doubled.

Billionaire businessman Elon Musk is the top individual donor, having spent almost half a billion dollars backing Republican candidates, particularly in Texas. Democratic candidates are expected to have spent more than $2.2bn compared with $1.4bn by Republican candidates. Critics have questioned the huge sums spent on campaigning during an election cycle in which the cost of living has been a key issue, arguing that campaign spending policy gives wealthy donors and special interest groups outsized influence over candidate and policy selection.

How it is being reported

• How US midterms have cost a record $12bn as cost of living soarsCandidates, donors and super PACs are spending more than ever on political campaigns.Al Jazeera · 3 Nov, 15:40
• US midterms campaign 'shattering' spending records to be most expensive everThe 2026 campaign is projected to cost nearly $12bn - BBC Verify looks into where all that money has come from.BBC News · 2 Nov, 20:54

In this story: Elon Musk · Open Secrets · Federal Election Commission · Republican Party · Democratic Party · Texas · United States

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