American billionaires contributed historic sums during the 2026 midterms, and many of the country's wealthiest citizens have discovered that hefty donations aren't always enough to buy the results they want. According to The New York Times, 20 individuals poured over $2 billion into federal races this cycle, while Al Jazeera reported that the 50 largest donors contributed almost $2.8 billion. OpenSecrets, a political transparency group, found that 1 percent of donors accounted for 98 percent of donations to outside groups, with 64 percent of spending coming from 100 individuals.
While billions of dollars went to both parties, the majority favored Republican campaigns, meaning the majorities Democrats have achieved in both chambers have left a number of billionaires considerably out of pocket. As the last preelection Federal Election Commission (FEC) reports cover up to October 14, the full scale of money that has helped fund the 2026 midterms will not become clear for weeks. According to a CNBC analysis published October 31, the final 10 weeks of the race saw 22 super PACs form and spend about $637 million.
Individuals are limited to $3,500 per election when donating directly to a candidate, but super political action committees can take contributions of any size, leading to staggering spending this election cycle. "My overall impression of this midterm is that it demonstrates the collapse of campaign finance law," Michael Kang, a Northwestern Pritzker School of Law professor, told Newsweek ahead of the election. "Elon Musk's extraordinary spending in a midterm election, as well as that of other billionaires, demonstrates not just the current levels of wealth inequality and hyperpartisanship, but also how campaign finance regulation no longer really limits the use of money in campaigning." By all accounts, the Tesla and SpaceX CEO has contributed far more than any individual this cycle.
Analysis of FEC data by OpenSecrets, Al Jazeera and The New York Times all put his spending around $445 million—though some estimates suggest this likely climbed even higher in the final days of the election cycle. The three sources differ in their calculations based on which expenditures are counted and editorial grouping, with some donors coupled up because of either close professional or personal affiliations. The list below is ranked according to OpenSecrets' methodology, based on FEC records of "outside spending"—contributions to groups and entities that are independent of the candidates' campaigns—during the 2025-2026 cycle.
Senate race and national battlegrounds While the FEC placed his individual contributions at slightly over $110 million as of mid-October, the near-trillionaire used several vehicles to transfer close to half a billion dollars into key Senate and House races. This includes $216 million for America PAC—which Musk established in 2024 to support Donald Trump's election bid—and other entities that funneled political spending, such as the Elon Musk Revocable Trust and United States of America Inc. Through his own super PAC and donations to others such as the Senate Leadership Fund, much of Musk's money went toward supporting Texas Attorney General Ken Paxton, the Republican candidate in the state's U.S.
Senate race, who lost to Democrat James Talarico. Industry: Industrial supplies/distribution Focus: GOP super PACs and conservative candidates Uihlein is the billionaire owner of the private supply company Uline, which he founded in 1980 with his wife, Elizabeth. Alongside his wife, Uihlein has contributed generously to GOP-aligned PACs and candidates in this year's election cycle, with major recipients including the Restoration of America PAC.
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