Crypto, AI and betting billionaires transform US midterm money game

A group of tech billionaires and companies are dominating corporate spending in the 2026 US midterm elections, according to campaign finance experts and interviews with over a dozen political strategists. Industries such as cryptocurrency, artificial intelligence, and online betting are driving this influx of money, surpassing traditional power brokers in Washington.

The unprecedented $517 million spent by US companies on House and Senate races between January and March of this year marks a record, with even more expected in the final weeks of the November 3 elections. Critics argue that this spending may give disproportionate influence to niche interests, while supporters claim it offers a voice to emerging sectors that have historically lacked it.

Despite concerns about the role of money in politics, significant portions of American voters feel there is already too much influence from wealthy donors and corporations. Crypto, tech, and online gaming donations accounted for at least $294 million in corporate spending on midterm races from January 1, 2025, to the first quarter of the year.

Tech industry executives, including SpaceX founder Elon Musk and Google co-founder Sergey Brin, have directly spent millions on the 2026 elections. Meta, the parent company of Facebook and Instagram, has contributed $65 million to super PACs supporting candidates across various states. Overall, a record $11.6 billion is expected to be spent on political ads for the midterms, breaking the previous record set in the 2023-2024 cycle.