Top 50 donors give $2.77 billion for November elections

Political advertising in the 2026 United States midterm elections is expected to cost more than any previous cycle. The ad-tracking firm AdImpact projects total spending on political ads will reach $11.6 billion. This figure exceeds the cost of the 2024 presidential race. The funds largely originate from wealthy individuals, political nonprofits, and businesses aiming to influence legislative priorities.

The 50 largest donors and organizations have contributed a combined $2.77 billion so far in the current cycle. Republican-aligned groups account for $1.67 billion of that total, representing approximately 60 percent. Democratic-aligned contributors have provided $832 million, or 30 percent. The remaining $264 million, about 10 percent, comes from entities classified as bipartisan or special interest. These include groups supporting sports betting and cryptocurrency industries.

Individual donors can give up to $3,500 per election to a federal candidate's campaign in the 2025-26 cycle. However, many top contributors have given hundreds of millions of dollars. This is permitted because the majority of funds flow to super political action committees, or super PACs. These organizations can accept unlimited donations. They spend the money primarily on advertising, provided they do not coordinate directly with candidates or their campaigns.

Super PACs emerged in 2010 following two court rulings that allowed unlimited independent spending. These groups must report their donors to the Federal Election Commission. However, some major contributors, such as One Nation and Majority Forward, are nonprofits that do not disclose their own donors. This practice, often called dark money, can obscure the original source of political funds.

Lawrence Lessig, a professor of law and leadership at Harvard Law School, argues that the money is hidden only from voters. He stated, “It’s not dark to the politicians. It’s dark to us.” Lessig added that politicians are never confused about where the money comes from or what is expected of them in return. He made these remarks during a debate on Al Jazeera’s Let’s Focus with Bradley Smith, a former chairman of the Federal Election Commission.

Elon Musk, the head of Tesla and SpaceX, is the largest individual contributor of the cycle. Federal Election Commission data shows he has given $446 million. He is followed by Elizabeth and Richard Uihlein, founders of the shipping supplies company Uline, with $150 million. Jeff and Janine Yass have contributed $110 million. Jeff Yass cofounded the trading firm Susquehanna International Group. All three individuals have given to Republican-aligned groups.

On the Democratic side, the largest individual donors are George Soros, Mike Bloomberg, and Reid Hoffman. Soros, the founder of the Open Society Foundations, has given $102 million. Bloomberg, the former New York City mayor and founder of the financial data company Bloomberg, has contributed $84 million. Reid Hoffman, a LinkedIn cofounder, and his wife Michelle Yee have given $41 million. Four individual donors in total have each given more than $100 million.

Lessig contends that the concentration of donors, rather than the overall cost of elections, is the primary concern. He said, “The problem isn’t the spending. The problem is the concentration of donors.” He added that without $100 million to offer, a person will not matter in the way democracy intends.

Organizational giving is led by political nonprofits, cryptocurrency firms, and industrial conglomerates. One Nation, a nonprofit aligned with Senate Republican leadership, gave $133 million. American Action Network, linked to House Republican leadership, contributed $64.3 million. American Prosperity Alliance gave $50.7 million. On the Democratic side, Majority Forward, allied with Senate leadership, gave $102 million. House Majority Forward, allied with House leadership, contributed $93.7 million. Economic Opportunity Fund gave $41.5 million.

Cryptocurrency companies also made significant contributions. Coinbase, the largest US crypto exchange, gave $57.8 million. Ripple, a blockchain payments company, contributed $49.6 million. Foris DAX, the company behind Crypto.com, gave $39 million. The industrial conglomerate Koch provided $46.8 million, while the sports betting company DraftKings contributed $40.4 million. These funds are currently being deployed ahead of the November 3 vote.