U.S. companies have spent a record $517 million on the 2026 midterm elections in the 15 months through March, eclipsing the $461 million spent over the full two-year cycle of the 2024 elections, according to data compiled by Public Citizen.
The surge is driven largely by contributions from crypto, technology and online gaming firms, which have donated at least $294 million since January 2025. The total excludes spending by billionaires, labor groups and social causes, which is expected to push overall political ad spending to a new high of $11.6 billion, up from the previous record of $11.2 billion in the 2023-2024 cycle, per AdImpact.
Crypto-focused super PACs have led the corporate push. Fairshake entered 2025 with a $193 million war chest and reported $130 million remaining as of filings. The group, which advocates for crypto-friendly policies, has received $23.8 million from Andreessen Horowitz, the investment firm co-founded by Marc Andreessen and Ben Horowitz. The firm has contributed more than $81 million to crypto and AI political action committees this cycle, with Horowitz and Andreessen each personally donating about $4 million, primarily to Donald Trump’s MAGA Inc. super PAC.
AI companies and executives have also accelerated their political engagement. OpenAI and Anthropic-backed groups spent $23 million in June alone supporting two competing Democratic candidates in a New York City district. OpenAI co-founder and president Greg Brockman and his wife Anna donated $25 million to MAGA Inc., while Anthropic has routed at least $40 million through the dark-money nonprofit Public First Action, which has raised $100 million overall. Anthropic co-founder and CEO Dario Amodei contributed $1 million to Public First, a super PAC linked to the company.
Online sports betting firms have emerged as the third-largest corporate donor sector, contributing $72 million to midterm races. DraftKings, FanDuel, Fanatics and bet365 have collectively outpaced traditional corporate sectors, with prediction market Polymarket donating $1 million to the Republican super PAC Congressional Leadership Fund in June.
The unprecedented scale of corporate spending has drawn scrutiny. Rick Claypool, research director at Public Citizen, noted that one-third of all corporate money spent since 2010 has been deployed in the current cycle alone. He argued that corporate donations are reshaping political discourse, diverting attention from broader economic concerns such as consumer prices. Brendan Glavin, director at OpenSecrets, highlighted the rapid adoption of crypto industry strategies by AI groups, describing the competition as a direct emulation of past crypto tactics.
Meta Platforms has contributed $65 million to four super PACs supporting candidates in competitive state races, including California and Texas. SpaceX founder Elon Musk has allocated over $90 million to the 2026 federal elections, with plans to increase spending ahead of November. Google co-founder Sergey Brin has spent over $106 million in California opposing a proposed wealth tax and other state-level issues.
The influx of corporate funds underscores the growing influence of emerging industries in U.S. politics, as traditional boundaries between technology, finance and campaign finance continue to blur.
