Musk spends $366 million to back Republicans in U.S. midterms

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Musk backs Republicans 2026

Highlights

Musk spent about $366 million so far in the current election cycle supporting Republican groups, with $276 million donated since July.
Major donations include $158 million to the Senate Leadership Fund, $20 million to the Congressional Leadership Fund, and $76 million to America PAC.
Musk's political spending already exceeds his previous $290 million cycle and makes him the likely single biggest political donor in this year's races.

Breakdown of donations and disclosure timeline

As first reported by Reuters, citing the New York Times, Musk has spent about $366 million so far in the current election cycle, a figure later confirmed by a spokesman for his super PAC, America PAC. Reuters said the cycle began on Jan. 1, 2025, and that $276 million of the total has been donated since July to Republican groups and allied political committees.

Of those third-quarter donations, $158 million went to the Senate Leadership Fund, which is aligned with Senate Majority Leader John Thune, while $20 million went to the Congressional Leadership Fund, which supports House Republicans and is aligned with House Speaker Mike Johnson. Another $76 million went to America PAC, $10 million to Lone Star Liberty PAC backing Texas Attorney General Ken Paxton's U.S. Senate bid, $10 million to the Republican Governors Association and $2 million to the Republican Attorneys General Association.

America PAC is helping Republican candidates in seven battleground states and nearly three dozen House races. The new giving is due to be publicly disclosed on Thursday, when many super PACs must report their third-quarter spending.

Political stakes for Musk and Republicans

Campaign finance records indicate Musk is likely the single biggest political donor in this year's races. Reuters reported that he also gives through groups that do not disclose their donors, a detail also cited in the New York Times report and confirmed by an America PAC spokesman.

There is significant political and business risk for Musk as House Democrats call for investigations into government contracts held by SpaceX, where he serves as CEO, and into his work leading the Department of Government Efficiency under President Donald Trump. Musk spent roughly $290 million during the last election cycle, meaning his current outlays already exceed that earlier level as Republicans fight to retain control of Congress.

SpaceX and other major tech and growth names were in focus in our earlier roundup of Wall Street analyst calls. We noted that Pivotal reiterated a buy stance on SpaceX and lifted its price target on stronger Starlink mobile-subscription forecasts and expectations for ARPU in the low-$20s, alongside multiple rating and target changes across large-cap technology.

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