The 2026 midterms are on track to be the most expensive on record, with more than 15 billion dollars raised

The money record is going to fall, and it is not close. NPR reported on Monday that more than 15 billion dollars has been raised to influence the 2026 midterms, making this cycle the most expensive on record with two weeks still to run before election day on November 3, as of October 19.

The flow of that money is lopsided in the races that will decide the House. In the 13 competitive races highlighted by the Cook Political Report, Republicans are being outraised by a margin of five to one, and 75 percent of planned advertising buys sit in races rated as toss ups or leaning Republican, which means the spending is aimed at seats the Republican Party currently holds or hopes to hold. Democratic nominees in House and Senate races are bringing in striking amounts even though the Democratic Party itself remains unpopular with voters. Republicans are unpopular too, and NPR reporting ties that to the war in Iran, gas prices and the economy.

Against the small donor flood on one side stands a short list of very large donors on the other. A few megadonors, Elon Musk among them, are donating to super PACs working to elect Republicans. The two models are now the two halves of American campaign finance: millions of small checks against a handful of enormous ones, both arriving at the same television stations and the same mailboxes.

One more consequence of the scale is time. Some of the most competitive races may not be called until days after election day, because slow counting in states such as California leaves close contests open while the ballots are processed. The most expensive midterm in history may also be one of the slowest to finish.