Control of the Senate depends on about 11 races that the Cook Political Report rates as toss-ups or leaning toward one party. In those 11 Senate races, outside groups backing Republicans have spent more than $1 billion combined in the general election, while groups backing Democrats and one Nebraska independent have spent $687.2 million, according to a Sludge analysis of Federal Election Commission data as of Nov. 1.
In these key states, the massive Senate Leadership Fund (SLF), which is aligned with Senate Republican leaders, has been the leading outside spender, through direct spending and via recipient PACs with names like Texas PAC and The Maine Standard. SLF’s top donors in the 2026 midterms have been Elon Musk ($168 million, almost all of it given in September) and its dark money affiliate One Nation ($133 million).
Corporations have been a significant funding source to the other super PACs spending to back Republicans in these races. Crypto companies including Coinbase, Ripple, and VC firm Andreessen Horowitz, have financed a super PAC network called Fairshake that spent $56.6 million in Ohio to back Sen. Jon Husted and $13.5 million in Nebraska backing Sen. Pete Ricketts. The MAGA Inc. super PAC aligned with President Trump and its spinoff No Going Back have shelled out $89.2 million on Senate races, focused largely on Michigan, New Hampshire, and Texas, after hauling in funding not only from crypto firms, but also tens of millions from tobacco companies and the fossil fuel industry.
Corporate dollars backing Senate Republican campaigns have dramatically increased from the 2022 midterms.
