OpenSecrets forecasts $11.9 billion in US election spending — BBC News
In the United States, campaign spending ahead of the 2026 midterm elections could reach a record $11.9 billion. This forecast was published by OpenSecrets, an organization that tracks election campaign financing, BBC News reports. The vote is scheduled to take place on November 3.
Spending has already exceeded $9.5 billion
According to US Federal Election Commission filings as of mid-October, more than $9.5 billion has been spent in the current election cycle. About $5.5 billion of this amount was accounted for by political action committees and Super PACs—independent political entities that can accept unlimited contributions from individuals, corporations, trade unions and other political committees.
Super PACs cannot transfer money directly to candidates, but they may spend it on indirect support. Full spending data will become available after the elections. OpenSecrets forecasts that the total will be about 30% higher than during the 2022 midterm elections.
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Largest donors and key races
According to calculations by the Brennan Center for Justice, the 40 largest donors had provided $2.4 billion by October 14, a record figure for this stage of the campaign. The largest individual donor was businessman Elon Musk: as of October, he had provided nearly half a billion dollars to support Republican candidates.
Musk directed most of the funds to America PAC, which he created in 2024, as well as to the Senate Leadership Fund, which supports Republicans. America PAC spent more than $45 million on the Senate race in Texas, where Republican Ken Paxton is competing against Democrat James Talarico. The organization also directed about $10 million to each of the Senate campaigns in Michigan and Ohio.
According to AdImpact, $11.15 billion had been spent on advertising in this election cycle by the end of October. The largest advertising expenditures were in Senate elections in Michigan, Texas and Ohio, followed by Iowa and Maine. A significant share of spending goes to traditional television, while spending on digital advertising is increasing.
