Where are the most expensive midterm races and who is funding them?

On Tuesday, voters throughout the United States will head to the polls to cast a ballot in the 2026 midterm elections.

Key points

• On the Democratic side, Majority Forward has spent $102m, followed by House Majority Forward at regarding $93.7m and the Economic Opportunity Fund at $41.5m.
• On the right, Tesla and SpaceX CEO Elon Musk offered $446m, and Elizabeth and Richard Uihlein of the shipping supply chain business Uline donated regarding $150m.
• Former New York City Mayor Michael Bloomberg additionally pledged $84.2m to Democrats, with an further $36m continued on Friday.
• A late October poll published by Michigan State University has El-Sayed leading Rogers 48 percent to 45.5, but the race is anticipated to be tight.
• As of October 14, the Republican National Committee, meanwhile, received regarding $341m and paid out roughly $303m.

In practice, the race is projected to serve as a referendum on Republican President Donald Trump's job performance so far, at the halfway mark of his second term.

Maintaining the Republican majority in both chambers of Congress will be key for the success of Trump's legislative agenda in his final two years.

But control of the US Congress could hinge on a handful of closely contested Senate and House of Representatives races nationwide.

Candidates, political parties and outside groups are pouring hundreds of millions of dollars into the contests, with major political action committees (PACs), including those associated with billionaire tech CEO Elon Musk, fuelling the spending battle.

Which races are costing the most, and who is bankrolling the fight for control of Congress? What are the most expensive races?

This year's midterms are projected to break records for the total amount of spending in a political election cycle.

Notably, the advertising firm AdImpact estimated that $11.21bn has been spent in total for and reservations as of October 26, compared with $3.2bn for the 2024 presidential election season.

Among the most expensive individual races are those for toss-up Senate seats. Battles in Texas, Ohio and Michigan rank as the costliest.

Meanwhile, the race in Texas, for instance, is projected to shatter spending records for a US Senate race. A Democrat has not won statewide office in Texas since 1994, but Senate hopeful James Talarico intends to break the left-wing party's losing streak.

Almost every major poll suggests Talarico has a slim lead over his Republican rival, Texas Attorney General Ken Paxton. CNN, for instance, projected in late October that Talarico had 49 percent backing, compared with Paxton's 43 percent.

Interest in the race is high. The Texas secretary of state's office published data indicating that almost 4.5 million Texans cast their ballots in the first week of early voting alone.

This election cycle, candidate campaigns and outside groups have spent more than $534m on the Texas race.

Talarico has outpaced his opponent in fundraising. The Democrat has raised $146m, compared with Paxton's roughly $22m. Nevertheless, Paxton has benefitted from significantly more outside spending, with almost $300m spent on his behalf, compared with regarding $80m for Talarico.

Some $37m for Paxton has come from MAGA Inc, a super PAC aligned with President Donald Trump.

Ohio is considered the second-most expensive Senate race this cycle. More than $435m has been spent so far on the contest between Democrat Sherrod Brown and Republican Jon Husted.

Polls are tight in the Buckeye State. While other surveys demonstrated the two candidates virtually tied, a Marist Poll published on October 20 suggested Brown was leading Husted by four points.

So far, roughly $248m has reportedly been spent on the Republican Husted, compared with $187m on the Democrat Brown.

Michigan has additionally seen record spending in its Senate contest between Republican Mike Rogers and Democrat Abdul El-Sayed.

Meanwhile, an estimated $333m has been spent on that race. As in Texas, Democrat El-Sayed has led in fundraising but lagged behind his Republican opponent in outside spending.

While El-Sayed has brought in approximately $54m, rogers has raised regarding $23m. Outside groups, meanwhile, have spent approximately $169m supporting Rogers and roughly $94m supporting El-Sayed.

Meanwhile, a late October poll published by Michigan State University has El-Sayed leading Rogers 48 percent to 45.5, but the race is anticipated to be tight. How do fundraising totals compare for Democrats and Republicans?

Republicans have out-raised – and out-spent – Democrats during this year's midterm cycle.

Candidates and political groups are required to file quarterly reports on campaign donations and spending with the Federal Election Commission (FEC).

According to the FEC's filings, Republicans have raised more than Democrats since the start of 2025. That cash advantage was noticeable among the committees that lead each party.

For instance, the Democratic National Committee (DNC). It heads the Democratic Party, spent more than it took in. It raised almost $252.3m but spent concerning $252.8m.

For context, an analysis by the publication Politico. It looked at donors from January 2025 through October, discovered that Republicans are more reliant on substantial donors, like Musk, as their small-dollar donor base has grown smaller.

Most donations from everyday individuals, Politico identified, have gone straight to Trump, not the candidates.

But it is unclear whether the Republican Party's fundraising and spending prowess will be enough to counter Democrats' enthusiasm. Polls project that the Democratic Party will probable take back the US House and is favoured to control the US Senate as well. Who are the biggest midterm donors? The top donors during this campaign have overwhelmingly backed Republicans.

Jeff Yass, founder of the trading firm Susquehanna International Group, and his wife, Janice, additionally contributed $110m to right-wing causes in the midterm cycle.

On the left, philanthropist George Soros offered concerning $102m to left-leaning candidates.

Former New York City Mayor Michael Bloomberg additionally pledged $84.2m to Democrats, with an further $36m continued on Friday. Reid Hoffman, the cofounder of LinkedIn, and his wife, Michelle Yee, offered concerning $41.2m.

But it is the contribution from the world's richest person that stands out from the rest. Musk has donated almost as much as the top six donors – on either side of the aisle – combined.

In practice, the bulk of the tech billionaire's donations, more than $150m, has gone to boost Paxton, the Senate hopeful in Texas, in a bid to support Republicans maintain their Senate majority. The contribution amounts to one of the largest political donations in US history.

Big-dollar donors like Musk have increasingly opted to funnel their funds towards Senate candidates as the House appears more probable to come under Democratic control.

Among the Republican-aligned groups, the political nonprofit One Nation has spent $133m. The conservative group was founded by allies of former Republican Senate Majority Leader Mitch McConnell of Kentucky.

While the American Prosperity Alliance has spent regarding $51m, the American Action Network, a conservative advocacy group, has spent $64.3m.

Taken together, the developments around where are the most expensive midterm races and who is funding them? Point to a situation that is still moving, and the coming days should bring more clarity.