Ten Megadonors Poured $1.08 Billion Into Midterms, OpenSecrets Says

Ten individual megadonors have shoveled $1.08 billion into super PACs and other outside groups for the 2026 midterms, according to watchdog group OpenSecrets. Elon Musk alone is responsible for nearly half of that outlay, and eight of the ten top givers directed their money to Republican or right-leaning groups.

SpaceX and Tesla CEO Musk ranks first on the list with $445,457,890 in contributions — 100% to Republican or right-leaning outside groups, per OpenSecrets data. Richard Uihlein of Uline follows at $141,963,415, also entirely to the right. Jeff Yass of Susquehanna International Group gave $109,000,000, again 100% Republican.

Who are the top ten donors?

The list, based on OpenSecrets data, breaks down as follows:

• Elon Musk — SpaceX, Tesla, Texas — $445,457,890 (100% Republican)
• Richard Uihlein — Uline, Illinois — $141,963,415 (100% Republican)
• Jeff Yass — Susquehanna International Group, Pennsylvania — $109,000,000 (100% Republican)
• Michael Bloomberg — Bloomberg LP, New York — $82,878,998 (97.6% Democratic)
• Miriam Adelson — Adelson Clinic, Nevada — $66,097,500 (99.9% Republican)
• Marc Andreessen — Andreessen Horowitz, California — $55,780,000 (12.4% Republican)
• Benjamin Horowitz — Andreessen Horowitz, California — $55,780,000 (12.4% Republican)
• Paul Singer — Elliott Management, Florida — $48,712,400 (94.7% Republican)
• Reid Hoffman — Greylock Partners, Washington — $38,468,724 (100% Democratic)
• Stephen Schwarzman — Blackstone Group, New York — $35,435,400 (100% Republican)

Just two of the ten — Bloomberg and Hoffman — gave mostly to Democratic or left-leaning outside groups. Every name on the list has been a big spender in past election cycles.

What's driving the record spending?

The cash is fueling an all-time spending record. AdImpact, an ad-tracking company, said this week that it projects $11.6 billion in advertising spending for the 2026 election cycle. That tops the $11.2 billion spent during the 2024 presidential election, making 2026 "the most expensive election cycle on record" — though adjusting for inflation, the 2024 outlay would be around $12 billion.

Michael Beckel, director of the money-in-politics reform program at advocacy group Issue One, points to one key driver: more competitive races.

"As the political climate has deteriorated for national Republicans and for President Trump's popularity, a lot of seats have been viewed as much more competitive than they were just a few months ago or at the beginning of the cycle," Beckel told MarketWatch. "When you've got competitive races, you've got a lot of money flowing into competitive races, and I think that perfect storm has helped enable a lot of new records to be shattered this election cycle."

Beckel said Republican megadonors are a central reason the GOP has stayed in the fight. "In many places, the Democratic candidates have outraised the Republican candidates, and Republican megadonors are one reason that a GOP-aligned super PAC calvary has been able to come in and help keep a lot of those races competitive — in terms of the ads that are being aired, in terms of what's been done to advance messages," he said.

"It is just some really jaw-dropping, astonishing amounts of money that some of these top donors have pumped into the 2026 midterms," Beckel added.

Why is Musk spending so much?

Musk has been explicit about his motives. In a social-media post this week, he wrote that his "biggest concern" is that Democrats winning the House, Senate and presidency in 2028 would bring statehood for the District of Columbia and Puerto Rico, plus citizenship for "everyone living in America illegally to cement a permanent majority."

"This would result in America becoming a permanent one-party state and the end of democracy in any meaningful sense of the word," said Musk, whose estimated net worth is around $874 billion. "All that is needed to ensure this doesn't happen is 51 Republican senators in 2029. That is why you should vote for Republican senators this election. Other reasons are irrelevant compared to this one."

What do the odds say?

Prediction market Kalshi currently gives Democrats a 94% chance of winning the House and a 71% likelihood of capturing the Senate. That's the backdrop against which $1.08 billion from ten people — super PACs can raise and spend unlimited sums — is contesting the outcome. If Kalshi's pricing holds, the megadonor avalanche may end up buying competitiveness, not control.