Tracking the money: The biggest donors in the 2026 US midterm elections

What the report says

Al Jazeera reports that the 2026 US midterm elections are shaping up to be the most expensive election cycle in US history, with political advertising alone projected by AdImpact to reach $11.6bn. In a visual explainer based on Federal Election Commission data, the outlet says the 50 biggest donors and organizations have together contributed $2.77bn so far.

The reporting says Republican-aligned contributors account for $1.67bn, or about 60 percent of that total, compared with $832m from Democratic-aligned donors and $264m from bipartisan or special-interest contributors. Much of the money is routed through super PACs and nonprofit groups, which can obscure the original source of funds because some of them do not disclose their donors. Al Jazeera notes that this has renewed debate over so-called dark money in US politics.

Among individual donors, Elon Musk leads with $446m to Republican-aligned groups. He is followed by Elizabeth and Richard Uihlein and Jeff and Janine Yass, while George Soros, Mike Bloomberg, and Reid Hoffman and Michelle Yee are the biggest Democratic-aligned donors listed. Al Jazeera says four individuals have each given more than $100m, underscoring how concentrated political funding has become.

On the organizational side, the largest contributors include One Nation and American Action Network on the Republican side, and Majority Forward and House Majority Forward on the Democratic side. The list also features major cryptocurrency firms such as Coinbase and Ripple, as well as companies including Koch and DraftKings, highlighting the role of business interests in election spending.