Money Floods the US Midterms: Top 50 Donors Give $2.77bn, Led by Elon Musk's $446m

The 2026 US midterm elections are on track to be the most expensive in the country's history. Spending on political advertising alone is projected to reach $11.6bn, more than in any previous election cycle, including the 2024 presidential race, according to the ad-tracking firm AdImpact.

Much of that money comes from wealthy donors, political nonprofits and businesses seeking to shape Washington's priorities. In a visual explainer ahead of the November 3 vote, Al Jazeera used Federal Election Commission data to trace the billionaires, financiers and companies behind the largest contributions.

The 50 largest donors and organisations have so far contributed a combined $2.77bn during the 2026 midterm cycle. Republican-aligned contributors accounted for $1.67bn, or about 60 percent of donations — double the $832m (30 percent) from Democratic-aligned contributors. The remaining $264m, about 10 percent, came from contributors classified as bipartisan or special interest, including groups backing sports betting and cryptocurrency.

Individuals can donate up to $3,500 per election to a US federal candidate's campaign in the 2025-26 cycle. Yet some people on this list have given hundreds of millions of dollars. That is legal because most of the money went not to candidates but to super PACs, which can accept donations of any size.

A super PAC is a group that can raise and spend unlimited sums to support or oppose candidates, mainly through advertising. The main condition is that it must not coordinate its spending with candidates or their campaigns. Super PACs emerged in 2010 after two court rulings paved the way for unlimited spending on elections by groups independent of candidates.

Super PACs must report their donors to the Federal Election Commission (FEC), the US agency that oversees federal elections. But some major contributors, including One Nation and Majority Forward, are nonprofit groups that do not have to disclose their own donors. This can hide where political money originally comes from — a practice known as "dark money".

Lawrence Lessig, a professor of law and leadership at Harvard Law School and a campaign finance reform advocate, argues the money is hidden only from voters: "It's not dark to the politicians. It's dark to us. Nobody's confused from the politician's side about where this money is coming from, and they know what they need to do."

Elon Musk, the world's richest man and head of Tesla and SpaceX, is the largest individual contributor of the cycle, with $446m given to Republican-aligned groups. He is followed by Elizabeth and Richard Uihlein, founders of the shipping supplies company Uline, and Jeff Yass, cofounder of the trading firm Susquehanna International Group, and his wife Janine Yass. All have given to Republican-aligned groups.

The largest Democratic-aligned donors are George Soros, the billionaire investor and founder of the Open Society Foundations; Mike Bloomberg, the former New York City mayor and founder of the financial data company Bloomberg; and LinkedIn cofounder Reid Hoffman and his wife, Michelle Yee.

Four individual donors have each given more than $100m. For Lessig, that concentration, not the overall cost of elections, is the real concern: "The problem isn't the spending. The problem is the concentration of donors. If you don't have $100 million to put on the table, you're not going to matter in the way that we think that people ought to matter in a democracy."

Political nonprofits led the organisational rankings, alongside cryptocurrency firms and an industrial conglomerate. On the Republican side, the largest was One Nation, a nonprofit aligned with Senate Republican leadership, followed by American Action Network.