US midterm election spending hits record $517 million

Corporate spending for the 2026 U.S. midterm elections has reached a record $517 million in the 15 months leading through the end of the first quarter. According to data from the nonprofit watchdog Public Citizen, this figure surpasses the $461 million spent during the entire two-year 2024 election cycle.

A new group of industries is driving this surge, moving away from traditional political powerhouses like Wall Street, big oil, and pharmaceuticals. Cryptocurrency, artificial intelligence, and online betting firms have emerged as dominant players, collectively contributing $294 million—approximately 57% of the total disclosed corporate spending.

Cryptocurrency companies alone account for $189 million of the total, with major contributors including Coinbase, Ripple Labs, and Crypto.com. Much of this funding is directed through super PACs, such as Fairshake, which received $82.6 million to support candidates favorable to the crypto sector. Similarly, AI and Big Tech firms have contributed roughly $60 million, with significant funds flowing to groups like Leading the Future to influence AI-related legislation. These industries are deploying wealth to shape regulations regarding digital assets, AI development, and online gambling oversight.