Guardian: 2026 midterms are the most expensive ever, with record dark money

The 2026 midterms, with Election Day on Tuesday, will be the most expensive elections ever held in the United States, according to a Guardian report published Monday ¹. The report also finds that more of the money is "dark" than ever before, meaning it is impossible to get a full picture of who is spending it ¹.

Ad industry tracker AdImpact predicts $11.6 billion in ad spending this cycle, more than the $11.2 billion spent in the 2024 presidential election, the Guardian reported ¹. OpenSecrets, a non-partisan research group that tracks money in politics, puts total midterm spending on track to reach $11.9 billion ¹.

The top 40 donors and a shift toward Republicans

The top 40 donors gave $2.4 billion by mid-October, seven times what the top 40 gave in 2014 after adjusting for inflation, according to an analysis by the Brennan Center for Justice, a non-partisan institute that supports campaign finance reform ¹. In 2014 those top donors gave to Democrats two to one; this year they gave to Republicans three to one ¹.

Spending by Super PACs, which can accept unlimited amounts of money to spend in elections, hit $2 billion by the end of September, 51% higher than the last midterm cycle after adjusting for inflation, the Brennan Center found ¹. The New York Times counted at least $1 billion spent by dark money groups by the end of August ¹. Dark money comes from organizations such as 501(c)4 non-profits, which are not required to disclose their donors at all because political activity is not supposed to be their primary purpose ¹.

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The Brennan Center estimated that dark money groups account for an unprecedented 29% share of the top 40 donors and that $699 million is largely untraceable ¹. The Guardian noted that the landmark 2010 Supreme Court ruling Citizens United changed American campaign finance forever by allowing corporations and labor unions to spend unlimited sums on political expenditures ¹.

Musk, Bloomberg and the new mega-donors

Elon Musk alone has given $483 million so far in the midterms, double what George Soros gave to Democrats in 2022, the Guardian reported ¹. Musk has focused on helping Republicans keep a Senate majority, particularly in a close Texas race, where the analysis says his business empire and personal fortunes have been aided by his close relationship with the Republican candidate, Ken Paxton ¹.

On Friday, with only days until the election, former New York City mayor Michael Bloomberg dropped another $36 million for Democratic candidates on top of the $80 million he had already committed ¹. The Guardian also reported that a June Supreme Court decision allowing political parties to spend more in coordination with the candidates they support helped Republican committees raise more than $48 million, compared with $4 million in additional money for Democrats ¹.

We’ve long had a system of limits and disclosures, but that’s increasingly going away.

The Guardian reported that Democrats are poised to regain control of the House and possibly the Senate, with polls showing minimal results from deluges of attack ads in competitive races ¹. Best estimates show a steep Republican advantage in Senate race spending and a narrower one in House races ¹.

That matters because the analysis says the spending surge is a warning sign for elections ahead, with new very wealthy industries such as artificial intelligence and cryptocurrency donating heavily to both parties ¹. The pattern is that labor, which used to account for 14% of the top 40 midterm donors, no longer ranks in the top 40, while traditional finance interests fell from almost half of the top 40 donors in 2014 to only 15% this year ¹.

The Guardian also noted that campaign or PAC payments to online social media political influencers are rarely tracked or disclosed, and the influencers are not required by law to tell their audiences if they are being paid to support a candidate ¹.

The Record

1. Jan 21, 2010The Supreme Court's Citizens United ruling allowed corporations and labor unions to spend unlimited sums on political expenditures; the 2010 midterms cost $3.6 billion, according to OpenSecrets ¹.
2. Aug 31, 2026The New York Times counted at least $1 billion spent by dark money groups by the end of August ¹.
3. Sep 30, 2026Super PAC spending hit $2 billion by the end of September, 51% higher than the last midterm cycle after adjusting for inflation, the Brennan Center found ¹.
4. Oct 30, 2026Former New York City mayor Michael Bloomberg dropped another $36 million for Democratic candidates on top of the $80 million he had already committed ¹.

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<h2>Guardian: 2026 midterms are the most expensive ever, with record dark money</h2> <p><em>By The GOP Files Kitchen-Table Desk. This article first appeared on <a href="https://thegopfiles.com/story/guardian-2026-midterms-are-the-most-expensive-ever-with-record-dark-money">The GOP Files</a> on Monday, November 2, 2026.</em></p> <p>The 2026 midterms, with Election Day on Tuesday, will be the most expensive elections ever held in the United States, according to a Guardian report published Monday . The report also finds that more of the money is &quot;dark&quot; than ever before, meaning it is impossible to get a full picture of who is spending it .</p> <p>Ad industry tracker AdImpact predicts $11.6 billion in ad spending this cycle, more than the $11.2 billion spent in the 2024 presidential election, the Guardian reported . OpenSecrets, a non-partisan research group that tracks money in politics, puts total midterm spending on track to reach $11.9 billion .</p> <h2>The top 40 donors and a shift toward Republicans</h2> <p>The top 40 donors gave $2.4 billion by mid-October, seven times what the top 40 gave in 2014 after adjusting for inflation, according to an analysis by the Brennan Center for Justice, a non-partisan institute that supports campaign finance reform . In 2014 those top donors gave to Democrats two to one; this year they gave to Republicans three to one .</p> <p>Spending by Super PACs, which can accept unlimited amounts of money to spend in elections, hit $2 billion by the end of September, 51% higher than the last midterm cycle after adjusting for inflation, the Brennan Center found . The New York Times counted at least $1 billion spent by dark money groups by the end of August . Dark money comes from organizations such as 501(c)4 non-profits, which are not required to disclose their donors at all because political activity is not supposed to be their primary purpose .</p> <p>The Brennan Center estimated that dark money groups account for an unprecedented 29% share of the top 40 donors and that $699 million is largely untraceable . The Guardian noted that the landmark 2010 Supreme Court ruling Citizens United changed American campaign finance forever by allowing corporations and labor unions to spend unlimited sums on political expenditures .</p> <h2>Musk, Bloomberg and the new mega-donors</h2> <p>Elon Musk alone has given $483 million so far in the midterms, double what George Soros gave to Democrats in 2022, the Guardian reported . Musk has focused on helping Republicans keep a Senate majority, particularly in a close Texas race, where the analysis says his business empire and personal fortunes have been aided by his close relationship with the Republican candidate, Ken Paxton .</p> <p>On Friday, with only days until the election, former New York City mayor Michael Bloomberg dropped another $36 million for Democratic candidates on top of the $80 million he had already committed . The Guardian also reported that a June Supreme Court decision allowing political parties to spend more in coordination with the candidates they support helped Republican committees raise more than $48 million, compared with $4 million in additional money for Democrats .</p> <blockquote><p>We’ve long had a system of limits and disclosures, but that’s increasingly going away.</p><p>&mdash; Ian Vandewalker, Brennan Center for Justice</p></blockquote> <p>The Guardian reported that Democrats are poised to regain control of the House and possibly the Senate, with polls showing minimal results from deluges of attack ads in competitive races . Best estimates show a steep Republican advantage in Senate race spending and a narrower one in House races .</p> <p>That matters because the analysis says the spending surge is a warning sign for elections ahead, with new very wealthy industries such as artificial intelligence and cryptocurrency donating heavily to both parties . The pattern is that labor, which used to account for 14% of the top 40 midterm donors, no longer ranks in the top 40, while traditional finance interests fell from almost half of the top 40 donors in 2014 to only 15% this year .</p> <p>The Guardian also noted that campaign or PAC payments to online social media political influencers are rarely tracked or disclosed, and the influencers are not required by law to tell their audiences if they are being paid to support a candidate .</p> <p><em>Read the original, with every source linked, at <a href="https://thegopfiles.com/story/guardian-2026-midterms-are-the-most-expensive-ever-with-record-dark-money">thegopfiles.com</a>. Republished under The GOP Files' <a href="https://thegopfiles.com/republish">free republishing terms</a>.</em></p> <img src="https://thegopfiles.com/api/rp/guardian-2026-midterms-are-the-most-expensive-ever-with-record-dark-money.gif" alt="" width="1" height="1" style="border:0;width:1px;height:1px">

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Sources

1. The Guardian, “Who funded the midterms? Inside US elections’ historic bipartisan spending” (2026-11-02). theguardian.com/us-news/ng-interactive/2026/nov/02/who-funde
2. CBS News, “2026 midterm election races to watch” (2026-11-02). cbsnews.com/news/2026-midterm-election-races/

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