Billionaires have poured $1.2 billion into the 2026 midterms
The 20 largest donors in the 2026 midterm election have combined to pour $1.2 billion into federal races, according to a New York Times analysis, while corporations have donated a record $646 million. Tech billionaires and crypto, betting, and AI firms are driving the surge months before voters head to the polls on November 3.
American politics has always run on big money. This cycle, the scale is historic. Billionaires, their companies, and allied super PACs are bankrolling House and Senate races at levels that dwarf prior midterms — and the spending is still climbing.
Key Takeaways
- The top 20 megadonors have funneled $1.2 billion into federal midterm races so far, per a New York Times analysis.
- The 10 biggest billionaire donors alone account for more than $734 million in federal giving.
- Corporate political donations reached $646 million through June — 40% above the entire 2024 presidential cycle.
- Crypto, online betting, and AI companies contributed $344 million, more than half of all corporate giving.
- Republican-leaning donors dominate the billionaire lineup, reflecting a GOP fundraising edge in midterm money.
Who Are the Biggest Billionaire Donors in the Midterm Election?
Federal election records compiled by Forbes show the 10 top billionaire donors have already given more than $734 million. Marc Andreessen, his partner Ben Horowitz, and their venture fund Andreessen Horowitz lead with a combined $115.3 million, much of it flowing to crypto, AI, and pro-Trump PACs.
George Soros and his son Alex rank as the top Democratic givers at $103.7 million combined. Trump-aligned investor Jeff Yass has poured $93.8 million in, including $20 million to a super PAC backing Vivek Ramaswamy's Ohio gubernatorial bid.
Elon Musk has given roughly $90.5 million, primarily to his America PAC, which he has reportedly authorized to spend up to $120 million on battleground races. Other major givers include Richard and Elizabeth Uihlein ($70 million), Miriam Adelson ($67.6 million), Ripple co-founder Chris Larsen ($65.7 million), Paul Singer ($52.5 million), the Winklevoss twins ($42.7 million), and Ken Griffin ($32.2 million).
For more on how extreme wealth shapes American power, see our Net Worth & Wealth coverage.
How Much Are Corporations Spending on the Midterm Election?
Corporate giving is shattering records on a parallel track. Companies donated $646 million to U.S. political campaigns in the 18 months through June, according to watchdog group Public Citizen data reported by Reuters. That total is already 40% higher than corporate spending across the full 2024 presidential cycle.
The surge is concentrated in newer industries. Cryptocurrency, online betting, and AI firms together accounted for $344 million — more than half of all company donations. Sports betting giants including DraftKings, FanDuel, Fanatics, and bet365 routed roughly $76 million toward the November 3 elections. Koch Inc., Big Tobacco, and cannabis companies also donated heavily.
Where Is All This Money Going?
Trump's MAGA Inc. super PAC has assembled a roughly $400 million war chest, with 96% of funds coming from donations of $1 million or more, according to the Brennan Center for Justice. Billionaire checks have flowed in from Kelcy Warren, Stephen Schwarzman, Greg and Anna Brockman, and Miriam Adelson, among others.
On the congressional side, the Senate Leadership Fund and Congressional Leadership Fund are drawing eight-figure gifts from GOP-aligned billionaires. Democrats counter through the Senate Majority PAC and House Majority PAC, backed by donors including Connie Ballmer, Reed Hastings, and J.B. Pritzker.
What Is Still Unknown About Midterm Fundraising?
These totals cover federal election spending only. They exclude state-level races, where billionaires are also active — from Alaska's ranked-choice voting ballot measure to California's wealth tax fight. Dark-money groups that do not disclose donors remain off the books entirely.
Political giving typically accelerates as Election Day nears. Federal reports filed after November will reveal how much more the megadonor class poured in — and whether that money translated into victories.