US midterm spending hits $11.21 billion, over $534 million in Texas Senate race alone; Republicans ahead in fundraising

Candidates, political parties and various organisations are spending huge sums in the United States' 2026 midterm elections. Voting in the midterms will take place across the United States on Tuesday, November 3. The election is also being seen as a verdict on the first two years of President Donald Trump's second term. Holding the Republican majority in both chambers of Congress is important for implementing Trump's legislative plans.

According to advertising analytics firm AdImpact, spending on advertising and advertising reservations for this midterm cycle had reached a total of $11.21 billion as of October 26. By comparison, advertising spending in the entire 2024 presidential election season was $3.2 billion.

The most expensive race is the Texas Senate contest. More than $534 million has been spent so far in the contest between Democratic candidate James Talarico and Republican candidate Ken Paxton. The report says the Senate races in Texas, Ohio and Michigan account for the heaviest spending.

In Texas, Talarico has raised about $146 million in campaign funds, while Paxton has raised about $22 million. But outside organisations have spent about $300 million in support of Paxton, compared with about $80 million for Talarico. Of that, the Trump-linked super PAC MAGA Inc spent $37 million for Paxton.

The second most expensive race is the Ohio Senate contest. More than $435 million has been spent in the race between Democrat Sherrod Brown and Republican John Husted — about $248 million in support of Husted and $187 million for Brown.

Michigan is third. An estimated $333 million has been spent in the contest between Republican Mike Rogers and Democrat Abdul El-Sayed. Rogers has raised about $23 million and El-Sayed about $54 million, while outside organisations have spent about $169 million for Rogers and $94 million for El-Sayed.

According to the Federal Election Commission (FEC), Republicans have raised more money than Democrats since the start of 2025. As of October 14, the Republican National Committee (RNC) had received about $341 million in donations and spent about $303 million. The Democratic National Committee (DNC), by contrast, raised about $252.3 million but spent about $252.8 million.

An analysis by the political magazine Politico found that Republicans have become more dependent on large donors such as Elon Musk, while the party's fundraising from ordinary small donors has fallen. Much of the money given by ordinary people went directly to Trump, not to candidates.

Most of this election's biggest donors back the Republicans. Tesla and SpaceX chief executive Elon Musk gave $446 million. Elizabeth and Richard Uihlein, owners of the shipping and supply company Uline, gave about $150 million. Jeff Yass, founder of the investment firm Susquehanna International Group, and his wife Janice Yass gave $110 million. The report says more than $150 million of Musk's giving was spent on the campaign of Texas Republican candidate Ken Paxton, aimed at preserving the Republican majority in the Senate.

Among Democrat-leaning donors, philanthropist George Soros gave about $102 million. Former New York City mayor Michael Bloomberg pledged $84.2 million to the Democrats, with a further $36 million added later. LinkedIn co-founder Reid Hoffman and his wife Michelle Yeo gave about $41.2 million.

Spending by organisations shows the same pattern. The Republican-leaning political nonprofit One Nation, founded by close associates of former Republican Senate leader Mitch McConnell, spent $133 million on election campaigning. The conservative American Action Network spent $64.3 million and the American Prosperity Alliance about $51 million. Among Democrat-leaning groups, Majority Forward spent $102 million, House Majority Forward $93.7 million and the Economic Opportunity Fund $41.5 million.

Although Republicans have raised and spent more, there is uncertainty over how much supporter enthusiasm for the Democrats' campaign will matter. Various opinion polls suggest control of the House of Representatives could pass to the Democrats. The contest for control of the Senate has also become important, the report notes.