US midterms campaign 'shattering' spending records to be most expensive ever

What the report says

The BBC says the 2026 US midterm campaign is on track to become the most expensive election cycle ever, with OpenSecrets projecting total spending of nearly $12bn. The report, published by BBC Verify, says spending had already topped $9.5bn by mid-October, with political action committees and Super PACs accounting for more than half of that amount.

A major driver of the surge is outside money from wealthy donors and aligned groups, which can spend heavily without giving directly to candidates. According to the BBC’s reporting, the largest individual donor has been Elon Musk, who has given almost half a billion dollars, much of it through America PAC and the Republican-aligned Senate Leadership Fund. The article says much of that money has gone to Texas, where Musk has backed Republican Ken Paxton in the state’s Senate race. Other prominent donors named include George Soros-linked organizations, Michael Bloomberg, Jeff Yass, and Richard and Elizabeth Uihlein.

The BBC also highlights the role of political advertising, especially on television. AdImpact data cited in the report shows that more than $11bn had been spent on ads by the end of October, with the heaviest activity in Senate contests in Michigan, Texas and Ohio. The broader significance is that campaign finance in the US is increasingly shaped by outside groups and mega-donors, raising questions about the influence of concentrated spending in key races.