US Midterms Campaign Sets Record‑Breaking Spending, Most Expensive Election Ever
According to the liberal‑leaning Brennan Center for Justice, the top 40 donors have contributed $2.4 billion by 14 October, setting a record high for the current midterms cycle.
Michael Beckel, a US campaign finance expert, notes that spending in the 2026 midterms is shattering records, with a larger share of funds flowing to the wealthiest donors and groups this election.
Beyond individuals, organisations can also contribute to Political Action Committees (PACs). Geosor Corp and the Fund for Policy Reform—both created by billionaire financier George Soros—have each donated $102 million to liberal groups.
In addition to Soros, former New York City mayor and businessman Michael Bloomberg stands as the top Democratic donor, contributing over $60 million.
Several billionaires, such as Jeff Yass—who leads one of the world’s largest trading firms—and Richard and Elizabeth Uihlein, owners of a U.S. business‑supply company, have each donated more than $100 million to Republican candidates, per FEC filings.
However, Elon Musk leads the pack as the single‑largest individual contributor, having pledged nearly $500 million by October.
