Campaign spending is projected to reach $11.9 billion, nearly 30 per cent higher than in 2022.
Elon Musk has contributed approximately $445 million to Republican candidates and political groups.
Rising fuel and food prices have intensified questions over the influence of wealthy donors in US politics.
The 2026 US midterm elections are on track to become the most expensive in the country's history, with campaign spending projected to reach nearly $12 billion, according to OpenSecrets, a research organisation that tracks money in American politics.
The record expenditure comes as rising living costs, fuel prices and affordability dominate voter concerns, raising questions about the influence of wealthy donors and special interest groups on the electoral process.
According to BBC Verify, more than $9.5 billion had already been spent by mid-October, with political action committees (PACs) and super PACs accounting for approximately $5.5 billion. OpenSecrets estimates the final expenditure will reach $11.9 billion, nearly 30 per cent higher than the 2022 midterm elections.
Why Have The US Midterms Become So Expensive?
Campaign funding in the US comes through two primary channels: direct contributions to candidates and independent spending by outside political groups.
Candidates can raise money directly for their campaigns, subject to federal contribution limits. According to OpenSecrets, Democratic candidates are expected to spend more than $2.2 billion in this election cycle, compared with approximately $1.4 billion by Republicans.
The second channel, known as “outside spending”, allows corporations, labour unions and advocacy groups to independently fund election-related activities, including advertisements and voter outreach.
This expanded following a 2010 US Supreme Court ruling in Citizens United v Federal Election Commission, which held that restrictions on independent political spending by corporations and unions violated constitutional protections for political speech. A subsequent lower court ruling allowed groups that do not coordinate directly with candidates to accept unlimited contributions.
Federal Election Commission data cited by Al Jazeera shows that outside spending has increased from $4.12 billion in 2016 to an estimated $11.9 billion in 2026.
What Are Super PACs And How Do They Work?
Super PACs, formerly known as independent expenditure-only political action committees, can raise unlimited sums from individuals, corporations, unions and other organisations.
While they cannot contribute directly to candidates or coordinate their spending with campaigns, they can independently finance advertisements and other activities supporting or opposing candidates.
Among the biggest Republican-aligned groups are the Senate Leadership Fund, which has spent $489 million, and MAGA Inc., with $353 million. On the Democratic side, the Senate Majority PAC has spent $248 million and the House Majority PAC approximately $192 million, according to Al Jazeera.
Although super PACs must disclose their contributors, money routed through intermediary organisations and nonprofits can make it difficult to identify its source. Such unidentified political contributions are commonly described as “dark money”.
OpenSecrets estimates that dark money contributions will exceed $1.5 billion in the 2026 midterms, surpassing the previous record of $1.35 billion set in 2024.
Who Are The Biggest Donors?
Billionaires and wealthy individuals have emerged as some of the largest contributors to the election cycle.
According to BBC Verify, Elon Musk is the biggest individual donor, having contributed nearly $500 million to Republican candidates and political groups. Al Jazeera cites campaign finance records putting his contributions at approximately $445 million.
Much of Musk's money has gone to America PAC, the super PAC he established in 2024, and the Republican-aligned Senate Leadership Fund. His spending has been particularly concentrated in Texas, where Republican Ken Paxton is contesting the Senate race against Democrat James Talarico. America PAC has invested more than $45 million in the contest, BBC Verify reported.
Other major donors include billionaire financier George Soros, whose organisations Geosor Corp and Fund for Policy Reform have together contributed $102 million to liberal groups. Former New York City mayor Michael Bloomberg has given more than $60 million to Democratic causes.
The Brennan Centre for Justice reported that the top 40 donors had contributed $2.4 billion by October 14, a record for that stage of a midterm election cycle.
What Is AIPAC's Role In Campaign Spending?
The American Israel Public Affairs Committee (AIPAC), a prominent pro-Israel lobbying organisation, has also faced scrutiny over its influence on US elections.
Much of its campaign spending has been channelled through the United Democracy Project, an affiliated super PAC. The organisation has been accused of using substantial campaign expenditure to influence Democratic primaries and oppose progressive candidates critical of Israel.
According to Al Jazeera, the United Democracy Project spent nearly $15 million backing Democrat George Latimer against progressive Jamaal Bowman in New York's 16th Congressional District primary in 2024. It also spent $5.24 million supporting Wesley Bell against Cori Bush in Missouri. Both candidates backed by the group won their respective contests.
Ahead of the 2026 midterms, the group has spent $20.7 million campaigning against Abdul El-Sayed in the Michigan Senate race.
New York Mayor Zohran Mamdani has accused AIPAC of spending “millions in dark money”, while public records reviewed by Al Jazeera found that the organisation channelled millions through intermediary political committees.
Where Has The Most Money Been Spent?
Competitive races in states such as Georgia, Texas and Michigan have attracted significant campaign expenditure.
Michigan has emerged as one of the most expensive contests, with an estimated $333 million spent on the Senate race between Republican Mike Rogers and Democrat Abdul El-Sayed, according to Al Jazeera.
Rogers has raised approximately $23 million in direct contributions, compared with El-Sayed's $54 million. Outside groups have spent around $169 million supporting Rogers and $94 million backing El-Sayed.
The race has also become a focal point for campaign finance reform, with El-Sayed campaigning on the promise of taking “money out of politics”.
Cryptocurrency companies have also contributed significantly. According to BBC Verify, Ripple and Coinbase have together given $63 million to super PACs promoting the crypto industry's interests.
What Is The Money Being Spent On?
Campaign funds are used for hiring staff, organising rallies, conducting voter outreach and internal polling. However, advertising accounts for a major share of the expenditure.
According to advertising tracking firm AdImpact, $11.15 billion had been spent on political advertising by the end of October. Television advertisements remain a major component, alongside digital campaigns and other efforts to influence voters, BBC Verify reported.
How Does The Spending Compare With The Cost-Of-Living Crisis?
The record expenditure comes as affordability and the economy remain central concerns for American voters.
The Trump administration's war on Iran has added to economic pressures, with disruptions to shipping through the Strait of Hormuz contributing to rising fuel and fertiliser costs. According to Al Jazeera, diesel prices have increased by 65 per cent, while fertiliser costs have risen by up to 40 per cent, putting further pressure on food prices.
The Iran War Energy Cost Tracker estimates that Americans have spent at least $150 billion on petrol and diesel since the US-Israel war on Iran began in February, approximately 30 per cent more than they would have spent without the price increases.
Al Jazeera estimates that the $12 billion projected election expenditure could cover around 8 per cent of these additional fuel costs, equivalent to approximately $92 per household.
The same amount could increase the National Institutes of Health's $47 billion research funding budget by roughly one-quarter. It is also comparable to the $12 billion in proposed Department of Education spending cuts included in the Trump administration's 2026 fiscal budget.
The contrast between record campaign expenditure and mounting household costs has intensified criticism of the US campaign finance system, with reform advocates warning that wealthy donors and special interest groups risk gaining disproportionate influence over political priorities.
With inputs from agencies.
