The 2026 midterm elections are on pace to become the most expensive in American history, with more than $15 billion raised so far to influence the outcome and control of Congress.
Campaign spending has already passed the $10 billion mark this week alone, according to tracking group AdImpact, and the torrent of money shows no sign of slowing with three weeks to go. The sums dwarf every previous midterm cycle and reflect a political environment in which both parties believe control of Congress is genuinely up for grabs.
The biggest dollars are flowing into a handful of marquee Senate races. The Ohio Senate contest has already cost more than $460 million in combined ad spending, while the Texas Senate race has surpassed half a billion dollars. The Maine Senate race has drawn $260 million. In the House, the most expensive race in the country is not in California or New York but in Michigan’s 7th congressional district, with nearly $60 million in ads, while contests in Iowa and Florida are each just under $50 million.
Megadonors bankroll the fight
A small number of billionaires are shaping the battlefield. Elon Musk has given $276 million to Republican groups just since July, while George Soros has contributed more than $100 million to Democrats this cycle. Since the Supreme Court’s Citizens United decision in 2010, there are no limits on donations to super PACs, which can publicly support or oppose candidates but cannot coordinate directly with campaigns.
Democratic nominees in House and Senate races are raking in remarkable sums, outraising Republicans by a 5-to-1 margin in the 13 competitive races highlighted by the Cook Political Report, even though the Democratic Party itself remains unpopular. Currently, 75 percent of planned ad buys are concentrated in toss-up races or those leaning Republican, a sign that both parties see the battleground as the path to the majority.
An unpopular choice on both sides
The money is flowing in an election where voters are deeply dissatisfied with both parties. Republicans are unpopular largely because of the war in Iran, spiking gas prices, and the economy. Voters tell pollsters their top issues are the economy and the cost of living: inflation is up, gas prices have surged since the Iran war began, and groceries cost roughly a third more than they did in 2019.
Some of the most competitive congressional races may not be called until days after Election Day, with California’s slow vote count again drawing scrutiny. When the dust settles, the 2026 midterms will have rewritten the record books for campaign spending, whether or not they rewrite the balance of power in Washington.
