Megadonors have poured more than $1.2 billion into the 2026 midterm election cycle, with Republican-leaning contributors accounting for the majority of the funds.

A Washington Post analysis of Federal Election Commission data through mid-2026 showed the 50 largest individual donors contributed a combined total exceeding $1.3 billion. Republican-aligned donors provided roughly $1.05 billion, compared with $410 million from Democratic-leaning sources and $230 million from bipartisan or special-interest groups.

Elon Musk ranked among the leading contributors with donations totaling at least $85 million, primarily to America PAC and congressional leadership funds supporting GOP candidates. Other prominent Republican backers included Jeff and Janine Yass with nearly $94 million, Ben Horowitz and Marc Andreessen with $91 million, and Miriam Adelson with over $67 million.

Democratic megadonor George Soros topped the overall list with $102 million directed through his Democracy PAC. Corporate donations reached a record $646 million in the 18 months through June, according to Public Citizen, driven by crypto, online betting, and AI firms.

These contributions arrive as Republicans seek to retain congressional majorities in the November elections. The influx of private money has accelerated spending by super PACs aligned with both parties, though Republican committees have received the larger share to date.

Additional corporate support flowed to groups such as MAGA Inc., which received tens of millions from entities in crypto and energy sectors. Watchdog reports noted that total political ad spending for the cycle is projected to surpass previous records.