Top 40 donors pump $2.4bn into US midterms as spending records fall

The money hose is wide open. The 40 biggest donors in the US midterms had already written checks worth $2.4bn by 14 October, a record for that stage of a midterm cycle, according to the liberal-leaning think tank Brennan Center for Justice. That puts the 2026 races on course to be the priciest midterms in US history.

The cash is flowing from a shrinking pool of extremely wealthy wallets. Michael Beckel, a US campaign finance expert, said spending is 'shattering records, with more of the money coming from the wealthiest donors and groups this election.' In plain terms: fewer people, bigger checks.

On the left, billionaire financier George Soros looms large. Two organisations he founded, Geosor Corp and Fund for Policy Reform, have pushed a combined $102m to liberal groups. Former New York City mayor Michael Bloomberg ranks as the biggest Democratic individual donor after Soros, giving more than $60m.

Republicans have their own heavyweight backers. Jeff Yass, who runs one of the world's largest trading firms, and Richard and Elizabeth Uihlein, owners of a US business supply company, have each put over $100m into Republican causes this campaign, according to FEC filings.

But nobody comes close to Elon Musk. The billionaire has donated almost half a billion dollars as of October — by far the largest sum from any single individual this cycle. Individuals aren't the only route for cash, either: organisations can also funnel money to PACs.

The totals cover donations reported up to 14 October, so the final tally will climb as the remaining races close out. With the wealthiest donors driving the surge, the question hanging over these midterms is simple: how much higher can it go?