Elon Musk spends $474 million on 2026 US midterm campaigns

Elon Musk has contributed $474 million to Republican candidates and groups in the 2026 midterm cycle, according to a New York Times review of Federal Election Commission filings, IRS records and state campaign-finance disclosures through mid-October. The sum is the largest amount any individual who is not a candidate has spent in a single US election cycle.

The money breaks down as follows. Roughly $216 million went to America PAC, the super PAC Musk controls. The group is running a nationwide field operation. In 2025 it spent about $47 million on a Wisconsin state judicial race that Musk’s preferred candidate lost. Another $168 million went to the Senate Leadership Fund, the main super PAC supporting Senate Republicans. Nearly all of that sum supported Ken Paxton, the Republican nominee in Texas. The Congressional Leadership Fund received $30 million. Additional donations of roughly $44 million went to other federal Republican committees or candidates, and about $16 million supported state-level efforts in Michigan, Texas and Wisconsin.

How the total was calculated

The New York Times compiled the figure from the most recent public filings. Federal records run only through 14 October, so any contributions made in the final three weeks of the campaign are not included. State systems were checked in the jurisdictions where Musk disclosed activity. The analysis excludes personal spending on his own businesses or unrelated political activity.

Only Michael Bloomberg, when he self-funded a presidential run in 2020, has spent more in a single cycle. No other non-candidate donor has approached the $474 million mark. Musk’s net worth is estimated in the hundreds of billions; the political outlay represents a small fraction of that total, yet it exceeds the entire disclosed spending of most national party committees in previous midterms.

Where the money is going

America PAC’s field operation is the largest single piece. The group has hired staff and contractors across multiple states to contact voters. Its earlier Wisconsin effort showed that large spending does not guarantee results; the preferred candidate lost despite the $47 million outlay. In Texas the Senate Leadership Fund money is concentrated on Paxton. A win there would flip or hold a seat the Democrats had hoped to contest. Losses in either the field operation or the Texas race would leave most of the $474 million without a corresponding seat gain.

The remaining federal and state donations are smaller but still large by historical standards. They support House races, other Senate contests and targeted state efforts. Full itemised lists of every recipient are available in the underlying FEC and state filings; the New York Times summary aggregates them into the categories above.

Context on midterm spending

US midterm cycles have seen rising outside spending since the Citizens United decision. Super PACs can accept unlimited contributions from individuals and corporations. Musk’s total dwarfs previous records set by other wealthy donors. Whether the spending alters outcomes in the competitive House and Senate races will become clear once polls close on 3 November and results are certified. Early voting totals and polling averages have been published by multiple outlets; none of those averages incorporate the final weeks of Musk’s undisclosed contributions.

The filings remain public. Anyone can download the FEC reports and state records that the New York Times used. Those documents list the dates, amounts and recipients of the disclosed gifts. They do not show private communications between Musk and the groups he funded, nor do they reveal any conditions attached to the money.