Midterms Fundraising 2026: Democrats Surge, Musk Backs GOP

The midterms fundraising 2026 picture is now one of the clearest before the Nov. 3 Election Day: Democratic candidates are raising far more than their Republican rivals across the Senate and House battlegrounds, while Republicans lean on an unprecedented flood of outside super PAC money led by billionaire Elon Musk. Federal Election Commission filings Thursday covering July through September show cash flowing in very different ways for the two parties.

Democratic Candidates Flood the Zone

Democratic Senate nominees posted towering third-quarter totals. James Talarico raised $60.2 million in Texas, Jon Ossoff brought in $33.1 million in Georgia, and Abdul El-Sayed raised $30.7 million in Michigan. Sherrod Brown collected $23.1 million in Ohio, Troy Jackson $20.4 million in Maine, Mary Peltola $14.1 million in Alaska, and Roy Cooper $12.2 million in North Carolina. Even in reliably red Kansas, Democrat Adam Hamilton raised $9.4 million. The Republican numbers were far smaller in several races: Ken Paxton raised about $10.2 million in Texas, Mike Rogers $9.7 million in Michigan, Susan Collins $5.2 million in Maine, and Jon Husted $4.8 million in Ohio.

Musk’s Billionaire Counterweight

Republicans are counting on outside cash to close the gap. Musk has contributed more than $276 million to Republican groups since July, including $158 million to the Senate Leadership Fund super PAC and more than $76 million to his America PAC, pushing his known federal political spending this cycle to roughly $366 million. Republican groups entered the final stretch with roughly $1 billion available, compared with $579 million for comparable Democratic groups, according to CNBC’s analysis of FEC filings.

The Ad-Rate Problem for Republicans

That billion-dollar war chest is buying less than it should. Across nine key Senate battlegrounds, Republicans outspent Democrats on broadcast television by 26% through Sept. 30 but secured only 7% more ad airings, CNBC found. Candidate dollars stretch further because campaigns qualify for lower television ad rates than super PACs. The Democratic edge extends to the House, where Democrats outraised Republicans through September in 13 of the 21 races rated Toss Up by Cook. The Cook Political Report projected last week that Democrats could gain two to six Senate seats and nine to 19 House seats.

Source: CNBC