2026 Midterms on Track to Be the Most Expensive Ever at Nearly $12 Billion

The 2026 midterm campaign is projected to cost nearly $12 billion, a 30 percent increase on 2022, according to OpenSecrets, making it the most expensive midterm in U.S. history. More than $9.5 billion had already been spent by mid-October, based on Federal Election Commission filings.

Political action committees and super PACs accounted for more than $5.5 billion of that total, reflecting how much of modern campaigning now runs through outside groups rather than the candidates' own committees. Advertising dominates the spending, with tracking firm AdImpact reporting $11.15 billion in election advertising by late October.

The Texas Senate contest between Republican Ken Paxton and Democrat James Talarico attracted particularly heavy spending, as did a handful of other Senate and House battlegrounds where control of Congress could be decided by narrow margins.

The record total has renewed debate about money in politics. Supporters of the current system argue that spending funds voter outreach and information; critics say it gives wealthy donors and outside groups outsized influence over who runs and who wins.

Whatever the outcome Tuesday, the $12 billion figure sets a new benchmark. Campaign finance analysts expect the final tally, once post-election filings are complete, to confirm 2026 as the costliest midterm ever — and a preview of even larger spending in the next presidential cycle.