The Megadonors Funding The 2026 Midterms
As of October 2026, $9.8 billion has been raised for midterm elections, with mega-donors playing an outsized role. Republican-aligned billionaires are dominating donations, particularly from emerging sectors like cryptocurrency, AI, and online gambling, while Democratic mega-donors remain largely sidelined due to frustration over 2024 losses and DNC leadership concerns.
Summary
According to a CNBC analysis of Federal Election Commission records, $9.8 billion has been raised for the 2026 midterm campaigns and superPACs, with approximately one-eighth coming from just 20 donors. Top contributors include George Soros, Elon Musk, and Ken Griffin, who collectively contributed over $225 million. However, the fundraising landscape is notably lopsided: nine of the top ten individual and family donors are Republican-aligned, with $0.86 of every dollar from the top ten donors coming from Republican-backing billionaires—a 28% increase from 2022.
Elon Musk has emerged as a leading Republican donor, contributing $90.6 million to the 2026 cycle, including over $50 million to his America PAC. Other major Republican donors include Jeffrey Yass and his wife Jeanine ($95 million), Miriam Adelson ($67+ million), and Marc Andreessen and Ben Horowitz ($91 million). A significant trend identified by CNBC is the emergence of cryptocurrency, artificial intelligence, and online gambling sectors as major political players. These industries and their donors have collectively contributed roughly $377 million—nearly one-third of the money from the top 20 largest donors. Key figures in these sectors include Greg Brockman and Anna from OpenAI ($50 million), the Winklevoss twins ($55 million in crypto), and Forrest Stacks from crypto.com ($38.6 million). Companies like Coinbase ($57.7 million), Ripple ($50 million), and DraftKings ($35 million) are directing millions into industry-focused political groups and super PACs.
In stark contrast, Democratic mega-donors are largely sitting out this cycle. The Democratic National Committee ended August with only $16.9 million in cash against $17.6 million in debt, compared to the Republican National Committee's $125.6 million. Democratic powerbrokers cite three main reasons for this withdrawal: lingering anger over the 2024 presidential defeat, anxiety over democratic socialism, and loss of faith in DNC Washington leadership. Instead of funding the DNC directly, Democratic mega-donors are funneling money to individual candidates and targeted super PACs. Michael Bloomberg contributed $11 million to a super PAC supporting Micah Lasher in New York's 12th Congressional District, while LinkedIn co-founder Reid Hoffman gave $11.5 million to back Democratic Texas Senate nominee James Talarico. Overall, political spending is projected to reach $11.6 billion in 2026, setting a new record that will exceed previous presidential election years.
Key Insights
- Nine of the top ten individual and family contributors to the 2026 midterms are Republican-aligned donors, with Republican-backing billionaires accounting for $0.86 of every dollar from top ten donors—a 28% increase from 2022.
- Cryptocurrency, artificial intelligence, and online gambling sectors have collectively poured roughly $377 million into this election cycle, accounting for nearly one-third of money from the top 20 largest donors, representing a major new force in politics.
- The Democratic National Committee ended August with only $16.9 million in cash and $17.6 million in debt, compared to the Republican National Committee's $125.6 million, reflecting a significant fundraising disparity.
- Democratic mega-donors are staying on the sidelines primarily due to lingering anger over the 2024 presidential defeat, anxiety over democratic socialism, and loss of faith in DNC Washington leadership.
- Political spending is projected to reach $11.6 billion in 2026, setting a new record that will exceed spending in previous presidential election years.
Topics
Transcript
[0:00] $9.8 billion has been raised so far for campaigns and superPACs ahead of this year's midterm elections. As of October 2026, almost an eighth of that money is coming from just 20 donors. George Soros, Elon Musk and Ken Griffin alone contributed over $225 million, according to a CNBC analysis of Federal Election Commission records. The money it takes to run for office and to successfully be elected has just continued to grow [0:31] and grow and grow, cycle after cycle. But with less than a month until Election Day and the GOP struggling to retain its House majority, why are so many Democratic mega-donors keeping their wallets largely shut? And who are the top billionaire donors contributing to…
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