German media: 2026 US midterms become most expensive ever, with about $15 billion spent

Never before have such large campaign donations flowed into US midterm elections as this year. A few major donors stand out in particular.

25 October 2026, 8:20 PM

Supporters of Abdul El-Sayed in Michigan: The Democratic candidate criticizes his rivals over large campaign donations. Photo: Reuters

By Sebastian Moll, New York

For Abdul El-Sayed — alongside Texan James Talarico, likely the most prominent Senate candidate in this year's US midterms — the role of money in politics is one of the most important campaign issues. He accused his opponent in the Democratic primary in Michigan, Hayley Stevens, of accepting funds from the pro-Israel lobby Aipac. His Republican rival in November, Mike Rogers, he said, is beholden to the oil lobby. And if he enters the Senate, El-Sayed said, he will devote all his energy to curbing the spending frenzy in US elections, which has become absurd.

The numbers seem to prove him right. As of 21 October, public broadcasting reported that around 15 billion dollars had already been spent on this year's congressional elections. But that is not the end of it: most advertising is usually placed in the final days before the election.

For comparison: in November 2024, when both Congress and the President were elected in the US, a total of 14 billion dollars was invested in political influence. The congressional election alone cost only 9 billion at that time.

Last Exit Before Totalitarianism

The numbers reflect the significance this election holds for the country's future. Democrats see it as the last opportunity to save the country from sliding into totalitarianism. Republicans warn of a supposed return to "left-liberal madness" such as open borders, diversity and inclusion programs, transgender people in sports, and an impeachment trial against Donald Trump.

But that alone does not explain the spending explosion. Such apocalyptic rhetoric has been applied in every election since 2018. Every election is always the "most important" in history. Rather, the suspicion arises that major donors fear losing their influence over politics.

For Senate races assessed as close, such as in Texas or Michigan, Republican candidates have taken in 946 million dollars, Democratic candidates 624 million. The Brennan Center for Justice at New York University believes that Republican candidates will receive more than twice as much money overall as Democratic ones. "This is probably the largest discrepancy in American history."

Super-Donor Elon Musk

The massive difference in the amount of campaign donations is due not least to the so-called mega-donors. At the top of these donors stands, not surprisingly, Elon Musk. According to the New York Times, the billionaire has so far given more than 276 million US dollars to Republican candidates.

Most recently, Musk donated 158 million to the "Senate Leadership Fund." The fund is the largest Republican "Super PAC" — a construct that prohibits direct collaboration with individual campaigns but allows practically unlimited donations. PACs (Political Action Committees) were one of the most consequential effects of the Supreme Court's 2010 ruling, which lifted the regulation and limitation of campaign donations under the pretext of free speech.

Mega-donors like Musk, meanwhile, know what they are getting for their money. Defense Secretary Pete Hegseth, who calls himself War Secretary, has just tasked the entrepreneur Musk with revolutionizing the use of technology on the battlefield. Similar advantages are expected by AI and crypto investors Marc Andreessen and Ben Horowitz, who together have spent 115 million dollars for Republican candidates. Next is hedge fund investor Jeff Yass, with more than 90 million. On the Democratic side, George Soros has put more than 100 million into the campaign.

Money Doesn't Score Goals

Election researchers such as the group RepresentUs, meanwhile, believe that money alone does not buy an election victory. The dynamic is rather the reverse: donors invest in candidates they already consider promising in order to buy later access to government.

However, there are plenty of examples showing that this calculation does not always work out. In the New York mayoral race, for instance, Zohran Mamdani accepted 40 times less in donations than his opponent — and won. An example that El-Sayed or Talarico now hope to repeat in the midterms.

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