Who Is Funding 2026 US Midterms? Elon Musk Leads List Of 20 Biggest Donors

The 2026 US midterm elections are drawing large donations from some of the country's wealthiest individuals and organisations. A new analysis by The New York Times found that the 20 top donors have contributed approximately $2 billion to federal races.

The updated ranking, which covers donations reported up to the middle of October, shows that Elon Musk is by far the biggest contributor. The world's richest man has donated around $445.6 million to Republican political causes, putting him well ahead of every other donor on the list.

The combined contributions of the top 20 donors are equivalent to roughly 15% of the money expected to be spent on political advertisements during this election cycle, according to advertising tracking firm AdImpact. The 2026 midterms are also on track to become the most expensive midterm elections for political advertising since at least 2018.

Elon Musk Leads The List With $445.6 Million

Musk's contribution of $445.6 million places him at the top of the ranking, with much of his recent spending directed towards supporting Texas Attorney General Ken Paxton's Senate campaign.

According to the analysis, Musk has spent more than $200 million on efforts to help Paxton, including building a field campaign that the Republican Party is depending upon to turn out its voters. Other contributions from Musk have supported political groups involved in elections in Kentucky and Alaska.

The next biggest contributors are industrialists Richard and Elizabeth Uihlein, who have donated around $150 million to Republican causes. They are followed by One Nation, a Republican-aligned nonprofit group, with $137.9 million.

Technology investors Marc Andreessen and Ben Horowitz, along with their venture capital firm Andreessen Horowitz, contributed $116.4 million. Hedge fund investor Jeff Yass follows with $110.4 million.

Other Donors In The List

Technology and cryptocurrency interests account for a significant share of the biggest contributions. Andreessen and Horowitz have supported political groups working on issues related to cryptocurrency and artificial intelligence regulations. OpenAI co-founder Greg Brockman and his wife, Anna Brockman, have contributed $50 million to Republican causes.

LinkedIn co-founder Reid Hoffman is among the major Democratic contributors, with donations of $41.8 million. Around $16.5 million of his contributions have gone towards supporting James Talarico, the Democratic candidate running against Paxton in Texas.

Cryptocurrency companies have also emerged as major political donors. Ripple Labs and its co-founder Chris Larsen have contributed $73.1 million, while Coinbase has donated $55.3 million. The Winklevoss brothers, Cameron and Tyler, have given another $53.2 million to Republican causes.

The report noted that cryptocurrency companies and investors have become major contributors to the midterm campaigns, particularly following the defeat of a policy bill backed by the industry.

Political organisations and nonprofit groups also feature prominently in the ranking. One Nation, the Republican-aligned organisation, has contributed $137.9 million.

Majority Forward contributed $104 million to the Senate Majority PAC, while House Majority Forward gave $97.2 million to the House Majority PAC, both of which support Democratic candidates. On the Republican side, the American Action Network has donated $64.3 million.

Several long-time political contributors have also retained their position among the biggest donors. George and Alexander Soros have together contributed $103.4 million to Democratic causes, while former New York mayor Mike Bloomberg has donated $84.8 million.

Other major Republican contributors include casino magnate Sheldon Adelson's widow Miriam Adelson, who has donated $67.6 million, and hedge fund billionaire Paul Singer, with $53.6 million. Koch Inc. has contributed $46.8 million to Republican causes.