US midterms set to cost a record $11.9 billion, OpenSecrets projects
The 2026 US midterm elections are on course to be the most expensive midterms in American history. Campaign finance researchers OpenSecrets projected on Friday, 30 October, that total federal election spending would reach $11.9 billion once all the reports are filed — a new record for a midterm year.
The previous midterm record was $8.9 billion in 2022, or $10.2 billion in today’s money. Even after adjusting for inflation, the 2026 total is expected to be about $1.7 billion higher — and to pass the amount spent on congressional races in the 2024 presidential election year.
Outside spending by super PACs and other groups is driving the surge. OpenSecrets expects it to reach $3.9 billion, nearly double the $2 billion of 2022. Conservative groups have outspent liberal groups by $360 million so far — $2.03 billion to $1.67 billion — led by the Senate Leadership Fund at $489 million and MAGA Inc., a super PAC linked to President Donald Trump, at $353 million.
The biggest single donor is Elon Musk, who has given $445 million to federal committees this cycle, according to OpenSecrets — already more than the nearly $300 million he gave in 2024. OpenSecrets has also tracked nearly $1.47 billion in “dark money” — contributions whose original source cannot be traced — already more than the $1.35 billion record set in 2024.
Why it matters
The money matters because it shapes what voters see and hear in the final days before polling day. Advertising alone is projected to cost about $11.6 billion this cycle, according to the ad-tracking firm AdImpact — more than the advertising spent in the 2024 presidential election. With candidates themselves expected to spend about $3.7 billion, and Democratic candidates outspending Republicans by roughly $800 million at candidate level, the fight for attention is as lopsided in places as the races themselves.
What happens next
Americans vote on Tuesday, 3 November, for all 435 seats in the House of Representatives and 35 in the Senate. The final spending totals will only be known once the post-election reports are filed with the Federal Election Commission, but OpenSecrets expects the record to stand — and the dark-money total to rise further as late donations are disclosed.
This article is for general information and education only. It is not legal or financial advice.
Sources
- https://www.opensecrets.org/news/2026/10/opensecrets-predicts-record-12-billion-in-midterm-election-spending/ (OpenSecrets, 30 October 2026)
- https://www.washingtonsun.com/influence/2026-election-most-expensive-midterm-ever (Washington Sun, 30 October 2026)
- https://www.morningstar.com/news/marketwatch/20261031118/these-10-megadonors-have-spent-a-total-of-1-billion-on-the-midterm-elections (Morningstar, 31 October 2026)
- https://campaignsandelections.com/industry-news/the-2025-2026-election-cycle-is-officially-the-most-expensive/ (Campaigns & Elections, 28 October 2026)
