Elon Musk has spent roughly $366 million on the 2026 midterm elections so far, making him the largest known donor of the cycle. Reuters, citing a New York Times report, says $276 million of it has been given since July to help Republicans retain control of Congress. The money comes even as Democrats' chances of retaking the House and Senate have improved.

Where the Money Went Since July

  • Senate Leadership Fund: $158 million. The super PAC is aligned with Senate Majority Leader John Thune.
  • America PAC: $76 million, to Musk's own super PAC.
  • Congressional Leadership Fund: $20 million, the House Republican super PAC aligned with Speaker Mike Johnson.
  • Lone Star Liberty PAC: $10 million, supporting Texas Attorney General Ken Paxton's Senate campaign.
  • Republican Governors Association: $10 million.
  • Republican Attorneys General Association: $2 million.

Undisclosed Spending

Musk has also given through groups that do not disclose their donors, according to the Times, a point an America PAC spokesman confirmed. That means the true total may be higher than the known figure. Third-quarter filings from many super PACs are due to be made public on Thursday.

How It Compares

Reuters says Musk spent about $290 million in the last election cycle, which was focused on electing Donald Trump. The current cycle began January 1, 2025. Newsweek notes his giving in 2025 included $5 million to MAGA Inc., a Trump-aligned PAC, in June 2025, and that Musk had a rocky split with Trump that year.

What Each Side Says

  • America PAC: spokesman Andrew Romeo told the Times the investments let the GOP get its message out so Republicans "can have a fighting chance to defy history," a reference to the party in power usually losing midterm seats.
  • Democrats: Lauren French of the Senate Majority PAC said Republicans are trying to buy elections to outrun an unpopular president and economy, in her words. Democrats say they are confident the spending advantage will not overcome voter dissatisfaction.

The Political Backdrop

Al Jazeera reports that Republicans face a tough environment, with concerns over the cost of living and the president's standing. Democrats hope to win control of one or both chambers on November 3. Big donors can influence which races get resources, but the sources I found do not show how much of the spending has been in competitive races.

What We Don't Know

  • The full amount given through non-disclosing groups.
  • How much of the money will be spent on advertising versus turnout operations.
  • Whether Musk plans further donations before November 3.

Key Takeaways

  • Musk has spent about $366 million this cycle, including $276 million since July.
  • The largest share, $158 million, went to the Senate Leadership Fund.
  • Some spending is undisclosed, and the full filings come Thursday.