Texas PAC, a group affiliated with the Senate Leadership Fund, reported spending more than $61.4 million over two days on advertising and other independent expenditures connected to the race. That brought the group's total spending to more than $131 million since its activity began 17 days earlier.

The spending represents an average of more than $7.7 million per day and could grow substantially before Election Day. One Republican involved in Senate campaigns told Axios that previous estimates putting the total cost of the race between $150 million and $200 million were not exaggerated.

The massive investment comes as Paxton, Texas' attorney general and Republican Senate nominee, faces Talarico, a Democratic state representative. Paxton secured the Republican nomination after defeating Sen. John Cornyn in a May runoff with President Donald Trump's endorsement.

Republican groups have increasingly committed money to Paxton's campaign in recent weeks. Trump's MAGA Inc. super PAC launched a $10 million advertising campaign for Paxton in September, while other Republican-aligned groups have also invested heavily in the race.

Democratic groups are also spending to support Talarico, although their outside spending has not matched the latest Republican expenditures. Talarico's campaign had also reserved roughly $35 million in advertising for the final two months of the campaign, according to Axios.

The contest has attracted growing national attention as Democrats seek opportunities in traditionally Republican territory and Republicans work to retain the Senate seat. Texas has not elected a Democrat to statewide office since 1994.

The spending surge comes as President Trump begins a campaign push in Texas on Thursday, with the midterm elections less than five weeks away. The latest financial activity has put the Texas Senate contest on track to become one of the most expensive Senate races of the 2026 election cycle.