Crypto, AI and betting firms drive record corporate spending in U.S. midterms

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Crypto, AI drive midterm spending

Highlights

U.S. companies spend a record $517 million on 2026 House and Senate races in 15 months, with crypto, tech, and online gaming donations making up at least $294 million.
AdImpact projects total midterm political advertising to reach $11.6 billion, exceeding the previous $11.2 billion record, as new sectors drive spending.
Major donors include Elon Musk with over $90 million, Sergey Brin with $106 million in California, and AI sector PACs raising $140 million for key races.

Spending surge redraws the political map

As reported by Reuters, U.S. companies spend an unprecedented $517 million on the 2026 House and Senate races in the 15 months through the end of the first quarter, surpassing the previous record of $461 million spent over the full 2024 election cycle, according to data compiled by Public Citizen. The nonprofit says crypto, technology and online gaming donations account for at least $294 million of that total from Jan. 1, 2025 through the first quarter.

Political strategists from both parties say the money now entering federal and state races comes from industries that only recently gained major economic clout, taking space long dominated by Wall Street, pharmaceuticals, oil and media. Supporters argue the spending gives fast-growing sectors a voice in policy debates, while critics say it risks crowding out voter concerns such as healthcare costs, food prices and fuel prices.

Public Citizen research director Rick Claypool says the scale of corporate spending in the current cycle is unlike anything seen before. AdImpact expects total political advertising for the midterms, including money from billionaires, labor groups and social causes, to reach a record $11.6 billion, above the prior cycle's $11.2 billion.

Sector donors target regulation and key races

Crypto groups remain central to the new spending model. Coinbase, Ripple and Andreessen Horowitz previously used the Fairshake super PAC network to back candidates from both parties who support the industry's agenda, and filings show Fairshake starts the year with $193 million and still has about $130 million left to deploy.

Executives and founders are also adding large personal contributions. Elon Musk has already put more than $90 million toward the 2026 federal elections, with plans to spend more by November, while Sergey Brin spends more than $106 million in California on a proposed wealth tax and other state issues, according to filings. Meta donates $65 million to four super PACs supporting candidates from both parties in state contests.

AI money is growing quickly after barely registering in the 2024 cycle. Groups backed by OpenAI, Anthropic or their executives spend more than $23 million on two competing Democrats in a New York City district in June alone, campaign finance records show, while AI super PAC Leading the Future raises $140 million for the midterms, according to a person familiar with the funding.

Anthropic has donated at least $40 million this cycle through the nonprofit Public First Action, whose spokesman says about half of its $100 million in funds goes toward elections through aligned PACs. OpenSecrets director Brendan Glavin says the AI industry is emulating crypto's cross-party strategy by backing candidates viewed as sympathetic and ignoring traditional partisan lines.

Online sports betting companies are following the same playbook as scrutiny of the sector increases. Public Citizen estimates that DraftKings, FanDuel, Fanatics and UK-based bet365 have donated more than $72 million so far, largely through affiliate PACs focused on state races where regulation is most intense.

Our earlier article on Trump’s White House meeting with cryptocurrency executives and the evolving U.S. regulatory agenda explained how the administration and agencies such as the SEC and CFTC were moving toward new oversight and potential exemptions for some token offerings. We also noted the growing political scrutiny tied to Trump’s family crypto interests, as the policy debate increasingly intersects with election-season dynamics.

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