Who funded the midterms? Inside US elections’ historic bipartisan spending

Key Points:

• The 2026 US midterm elections are set to be the most expensive ever, with total spending projected to reach nearly $12 billion, surpassing the 2024 presidential election, and a significant portion coming from "dark money" groups that do not disclose their donors.
• Mega-donors, including Elon Musk who has contributed $483 million, and influential figures from emerging industries like AI and cryptocurrency, are reshaping political financing by heavily favoring Republicans, especially in Senate races.
• Changes in campaign finance rules, such as a recent Supreme Court decision allowing greater coordination between parties and candidates, have enabled the GOP to inject substantial funds into key races, amplifying the influence of wealthy donors.
• Traditional donor bases like labor unions and finance have declined in influence, while new sectors such as tech, crypto, and pro-Israel interests have surged, with many top donors giving to both parties in unprecedented amounts.
• Despite record-breaking ad spending and financial influence, polling shows minimal movement in many competitive races, highlighting concerns about the growing power of mega-donors and dark money undermining democratic equality.