The 2026 US midterm election campaign is expected to become the most expensive in the country's history, with total spending projected to reach nearly $12 billion, according to Opensecrets, an independent organisation that monitors campaign finances.
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that → expect → finances
A significant share of the expenditure is being driven by outside political groups, particularly super political action committees (Super PACs), which are investing heavily in key electoral contests ahead of the November 3 election.
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which → drive → election
Billionaire businessman Elon Musk has emerged as the biggest individual donor, contributing nearly half a billion dollars to support republican candidates.
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Musk → emerge → candidates
Much of his spending has focused on Texas, where several of his companies are headquartered.
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several → focus → companies
BBC Verify has examined the campaign finance figures to assess how much has been spent, who is funding the candidates and where the money is going.
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money → examine → candidates
The president says he has held 31 rallies over 27 days, along with many tele-rallies, a term that's been used recently in US media to describe when a politician phones into a rally.
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politician → say → rally
How much money has been spent?
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money → spend → ?
US campaign finance regulations place limits on the amount individuals, political parties and traditional political action committees (PACs) can contribute directly to candidates.
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individuals → place → candidates
However, Super PACs can accept unlimited donations from individuals, corporations, labour unions and other political committees.
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PACs → accept → individuals
Although they cannot donate directly to candidates, they can independently spend money to support or oppose them.
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they → donate → them
The latest filings with the federal election commission (FEC), covering spending up to mid-October, show that more than $9.5 billion had already been spent during the current election cycle.
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billion → cover → cycle
PACs and Super PACs accounted for more than half of the expenditure, contributing approximately $5.5 billion.
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PACs → account → billion
Their spending almost doubled over the preceding couple of months.
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spending → double → months
Candidates, political parties and outside organisations are required to report their expenditure to the FEC.
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Candidates → require → FEC
However, the complete figures will only become available after the elections.
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figures → become → elections
Based on spending patterns from previous election cycles, Opensecrets estimates that the final amount could reach $11.9 billion.
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amount → base → billion
This would represent an increase of around 30% compared with the 2022 midterm elections.
Who are the biggest political donors?
According to the liberal-leaning Brennan Center for Justice, the 40 largest donors had contributed a combined $2.4 billion by October 14, marking a record amount for this stage of a midterm election cycle.
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donors → represent → cycle
Michael Beckel, a US campaign finance expert, said the 2026 elections had broken spending records, with an increasing proportion of the money coming from wealthy individuals and organisations.
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proportion → say → individuals
Apart from individual contributions, organisations also provide substantial funding to PACs.
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organisations → provide → PACs
Geosor Corp and the Fund for Policy Reform, both established by billionaire financier George Soros, have together donated $102 million to liberal groups.
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Corp → establish → groups
Former New York City mayor and businessman Michael Bloomberg has been another major democratic donor, contributing more than $60 million.
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Bloomberg → contribute → million
On the Republican side, several wealthy contributors have made large donations.
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contributors → make → donations
These include Jeff Yass, head of a major trading firm, and business supply company owners Richard and Elizabeth Uihlein, who have collectively contributed more than $100 million to Republican causes during the campaign, according to FEC records.
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who → include → records
Musk, however, remains the biggest individual contributor, having donated nearly $500 million as of October.
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Musk → remain → October
A large portion of his contributions has gone to America PAC, a Super PAC he established in 2024, as well as the republican-aligned senate leadership fund.
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he → go → 2024
Much of the funding has been directed towards the Texas Senate contest, where republican candidate Ken Paxton is facing democrat James Talarico.
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Paxton → direct → Talarico
America PAC has invested more than $45 million in the Texas race.
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PAC → invest → race
It has also allocated approximately $10 million each to senate contests in Michigan and Ohio.
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It → allocate → Michigan
The cryptocurrency industry has also emerged as a significant contributor this election cycle.
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industry → emerge → contributor
Brendan J Glavin of Opensecrets said ripple and coinbase had together donated $63 million to Super PACs seeking to advance the interests of the crypto sector.
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ripple → say → sector
Where is the campaign money being spent?
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money → spend → ?
Political campaigns and outside groups use their funds for a range of activities, including recruiting workers for grassroots voter outreach, organising rallies and other campaign events, and conducting internal opinion polls.
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campaigns → use → polls
However, advertising accounts for the largest share of campaign expenditure, particularly television commercials.
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advertising → account → expenditure
According to advertising tracking firm AdImpact, $11.15 billion had been spent on political advertising by the end of October.
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billion → accord → October
Beckel said traditional broadcast television continued to receive the largest share of advertising expenditure, although spending on digital platforms was also increasing.
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spending → say → platforms
AdImpact's tracking showed that the biggest advertising investments were concentrated in Senate contests in Michigan, Texas and Ohio, followed by Iowa and Maine.
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investments → show → Iowa
The Aporia
