Elon Musk pumps $446m into US midterms, as campaign spending set to 'shatter' records - BBC News

The 2026 campaign is projected to cost nearly $12bn - BBC Verify looks into where all that money has come from.

Image source, EPA/Shutterstock/Getty ImagesByJake HortonBBC VerifyPublished2 November 2026The US midterms campaign is set to be the most expensive on record - with the total cost projected to reach nearly $12bn (£9bn), according to Open Secrets, an independent organisation that tracks campaign finance.

Most of the spending is driven by outside political groups - known as Super Political Action Committees (Super Pacs) - pouring large sums of money into some key races ahead of election day on 3 November.

The top individual donor is billionaire businessman Elon Musk, who has spent almost half a billion dollars backing Republican candidates, particularly in Texas where many of his companies are based.

BBC Verify has looked into the figures and where the money was spent.

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