The 2026 midterm elections are on track to become the most expensive election cycle in American history, with campaign spending passing 10 billion dollars this week and projections pointing far higher before Election Day.
According to the tracking group AdImpact, political advertising spending for the 2025-2026 cycle is projected to reach 11.6 billion dollars, which would surpass the 8.9 billion spent during the 2022 midterms and even the 11.2 billion recorded during the 2024 presidential election, according to reports. The figures are projections rather than a final accounting, but they demonstrate the extraordinary scale of this election season.
Where the money flows
The Senate race in Ohio has already cost more than 460 million dollars in combined ad spending, the Texas Senate race has surpassed half a billion, and the Maine Senate race has seen 260 million, according to reports. The most expensive House race is not in California or New York but Michigan’s 7th congressional district, with nearly 60 million in ads.
Rich donors have used the Supreme Court’s 2010 Citizens United decision, which placed no limits on super PAC donations, to steer hundreds of millions up and down the ballot, according to reports. Elon Musk alone has given 276 million dollars to Republican groups since July, while George Soros has given more than 100 million to Democrats this cycle. Broadcast television still commands the largest share at 48 per cent, an estimated 5.6 billion, while connected TV and digital take 2.7 billion and 1.6 billion respectively.
Voters’ real concerns
Meanwhile, voters tell pollsters their top issues are the economy and the cost of living, according to reports. Inflation is up, gas prices have spiked since the start of the Iran war, and groceries cost a third more than in 2019. The record spending raises questions about who is financing campaigns, where the money goes, and how it shapes the political landscape.
