Crypto, AI and betting firms emerge as new US political kingmakers
The new money surging into US politics comes from a fresh class of billionaires hailing from industries that barely existed a generation ago.
Billionaires and companies are driving unprecedented corporate spending in the 2026 US midterm elections, with crypto firms, AI companies, and online betting firms emerging as key players in shaping the political landscape, according to campaign finance watchdogs and political strategists. Over 15 months, companies spent $517 million on House and Senate races, surpassing the $461 million spent in corporate spending during the 2024 elections.
Critics warn that this influx of money from niche industries could overshadow voters' concerns about issues like gas prices and healthcare, while supporters argue it gives emerging sectors a voice in the political process. Crypto companies, AI firms, and online betting firms have collectively donated at least $294 million to midterm races from January 2025 to the first quarter, using a network of super PACs, affiliate PACs, and dark money nonprofits to avoid direct donations and coordinate with candidates.
High-profile donors such as Elon Musk and Sergey Brin have also contributed significantly to the 2026 federal elections. In total, a record $11.6 billion is expected to be spent on political ads for the midterms, breaking the 2023-2024 cycle's record of $11.2 billion.
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