Elon Musk has poured $366 million into the 2026 election cycle to support Republican candidates, including a $276 million outlay since July aimed at staving off Democratic gains in the upcoming midterm elections.
The spending makes Musk a major donor of the midterms, surpassing the roughly $290 million he spent during the 2024 election cycle. While his 2024 political involvement featured high-profile appearances alongside Donald Trump, Musk has taken a less public approach this cycle while deploying significantly larger financial resources.
Where the Millions Are Flowing in the Final Stretch
Out of the $276 million spent since July, about $158 million went to the Senate Leadership Fund, a major super PAC dedicated to maintaining the Republican Senate majority.
Campaign finance records also show donations directed to support conservative House candidates seeking reelection. Musk also spent $20 million through America PAC on the April 2025 Wisconsin Supreme Court race, and his total spending for the 2026 midterms reaches $366 million, comprising $90 million spent prior to July alongside the $276 million deployed in the last three months.
Targeting Scramble in Deep-Red Texas
Musk’s intervention has also targeted individual races where traditional Republican strongholds face unexpected competitive pressure. Representatives for the globe’s wealthiest individual informed the GOP Senate Leadership Fund that the head of SpaceX was prepared to contribute $5 million to an organization supporting Paxton, provided that entity matched the figure through its own fundraising efforts. Leadership fund representatives subsequently urged Musk’s representatives to increase his contribution to $10 million on the condition that the PAC provided an additional $5 million, a proposal that ultimately received his approval.
Earlier in August, Musk’s team had called party operatives in the deep-red state to discuss salvaging Paxton’s campaign. America PAC’s first disclosed spending this cycle was concentrated in Texas, where the biggest chunk, nearly $248,000, went to supporting Paxton and opposing Talarico.
Political Backlash and Corporate Fallout
Sen. Bernie Sanders (I-VT) attacked the spending on social media, pointing to the growth in Musk’s personal wealth.
Elon Musk spent $290 million to elect Trump. It paid off. Since his election, Musk got $696 billion richer & became the world’s 1st trillionaire. But that’s not enough. Now, Musk is spending $366 million to keep Republicans in control of Congress. STOP MUSK. STOP OLIGARCHY.
Sen. Bernie Sanders, via X
Other lawmakers, such as Rep. Chris Pappas (D-NH), similarly criticized the expenditures in fundraising emails, writing that Americans do not want Musk buying elections. Meanwhile, observers and critics have noted that Musk’s companies, including Tesla, face unique political and regulatory dynamics as federal contracts expand, with SpaceX securing billions of dollars in government contracts this year.
What Lies Ahead as Early Voting Underway
With early voting already underway in several states and candidates making their final pitches to voters, political observers note that the wave of spending comes as Republicans face tough economic headwinds in the campaign’s final stretch. While polls suggest Democrats are in a strong position in various congressional races, Republicans hope the significant funding infusion will give them a necessary boost.