NOVEMBER 3, 2026
Voters across the nation are heading to the polls for the 2026 midterms, which are expected to be the most expensive Congressional race in US history. The significant increase in money in politics is being driven by a small group of super-rich donors with the biggest name being billionaire tech mogul Elon Musk.

Musk has donated around $446 million of his own wealth (a drop in the ocean for the world’s richest man) to the 2026 cycle in an effort to help ensure the Republican Party retain their slim grip on both houses of Congress. Almost half (around 50%) has gone to the Texas Senate race to help Ken Paxton (Attorney General) win against Democrat James Talarico who is ahead in recent polls.
Musk is the largest donor of the cycle, but a report from OpenSecrets on Monday shows just how much 14 other billionaires and their partners have spent.
These include long-time GOP donors Richard and Elizabeth Uihlein who have donated almost $150 million to conservative candidates this cycle. Billionaire investor and school-choice advocate Jeff Yass has also put in over $110 million to help Republicans win the midterms.
“I think it’s quite clear why Elon Musk and the billionaires are throwing so much money into this race. They want to ensure that Trump and his Republican Congress work for them and not for working families. We can defeat them. We need to organise, organise, organise.” Senator Bernie Sanders (I-VT) said over the weekend.
The only Democrat in the top 5 individual donors this cycle is former New York City Mayor Michael Bloomberg who has donated over $83 million.
As with previous cycles, the large donors have made use of campaign finance laws which allow unlimited donations to independent political committees like Super PACs. These groups are allowed to spend any amount of money promoting or opposing candidates as long as they remain independent from official campaign committees.
According to data from OpenSecrets, the total amount of money spent on the 2026 midterms will be around $11.9 billion, beating 2024 to become the most expensive Congressional race in US history.
Super PACs must be transparent with where their money comes from, however they often get money from middlemen who are not bound by these rules.
Judd Legum, creator of the Popular Information newsletter, noted on Tuesday that $1.4 billion of the money raised this cycle comes from non-profits who do not disclose who their donors are according to federal records.
“This includes both money moved from these non-profits to super PACs and direct spending by the non-profits. We’ve never seen so much dark money in politics. Contributions from groups with unknown donors are over six times greater than the 2018 midterms.” Legum added.





