US midterms 2026: Political ad spending tops $10 billion — where is the money coming from and what is driving the surge?

In the 2026 US midterm elections, spending on political advertising has reached a record-breaking $10 billion, with projections suggesting it will surpass $11.6 billion by Election Day. This spending exceeds the $8.9 billion invested during the 2022 midterms but falls short of the $11.2 billion spent during the 2024 presidential election cycle.

The surge in advertising expenditure is driven by Republicans and Democrats vying for control of Congress, with wealthy donors and political groups heavily investing in key races. Republicans have outspent Democrats in several closely contested Senate races, with the latter category accounting for nine such contests. In these races, Republicans have spent $233 million on broadcast television ads, while Democrats have spent $121 million.

Republicans have also allocated nearly $947 million for advertising in Senate races considered toss-ups, compared to $625 million for Democrats. This spending gap is smaller in House races, where Republicans have outspent Democrats by $14 million across 21 toss-up contests. Texas has emerged as one of the costliest Senate races, with combined advertising spending and reservations surpassing $500 million.

The world's richest person, Elon Musk, contributed $158 million to the Senate Leadership Fund, which in turn transferred a matching amount to Texas PAC, supporting Republican candidate Ken Paxton. Musk also donated $10 million to Lone Star Liberty PAC. Ohio and Maine have also seen significant advertising spending, with Republican and Democratic candidates each receiving substantial support from outside groups.

While the $11.6 billion figure covers political advertising, it does not encompass the full cost of running campaigns, which includes staffing, travel, and voter outreach.