Corporate spending is reaching record levels in the 2026 U.S. midterm elections, with cryptocurrency, artificial intelligence and online betting companies becoming major political donors. U.S. companies spent $517 million on House and Senate races during the 15 months through the end of the first quarter, according to data compiled by Public Citizen.
The spending comes as lawmakers consider new rules for these fast growing industries. Critics say large corporate donations could give a small number of industries too much influence over political priorities, while supporters argue that emerging businesses deserve a voice in Washington.
Corporate Spending Reaches Record Levels
U.S. companies have already spent $517 million on the 2026 House and Senate races. The figure covers the 15 months through the end of the first quarter and has already passed the $461 million that corporations spent during the entire 2024 election cycle.
More campaign money could enter the races before voters go to the polls on November 3. Democrats are seeking control of both chambers of Congress, adding to the importance of the final months of campaigning.
Rick Claypool, research director at Public Citizen, said, “The scale of corporate spending in this election cycle is unlike anything we’ve seen previously.”
Quick Fact
| Corporate Spending | U.S. companies spent $517 million on 2026 House and Senate races. |
| Top Industries | Crypto, AI, technology and online betting are major political spenders. |
| Crypto, Tech & Gaming | These industries accounted for at least $294 million in corporate spending. |
| Political Advertising | AdImpact projects $11.6 billion in political advertising for the 2026 midterms. |
| Betting Industry | DraftKings, FanDuel, Fanatics and bet365 donated more than $72 million. |
| Key Election Date | U.S. voters will go to the polls on November 3, 2026. |
Crypto, AI and Betting Lead the Spending
Crypto, technology and online gaming companies have become some of the biggest corporate political spenders in the current election cycle.
Public Citizen found that these industries accounted for at least $294 million of corporate spending on midterm races from January 1, 2025 through the first quarter.
The companies and their founders are using political groups to support candidates who favor their policy positions. Some groups can accept unlimited contributions and spend the money on advertising, voter drives and campaign events. They cannot give money directly to candidates or coordinate their activities with them.
Why Corporate Money Matters
The increase in spending comes as lawmakers debate regulation of cryptocurrency, AI, data centers and online betting.
Critics say these issues could receive more political attention than everyday concerns such as healthcare and household costs. Supporters say new industries are using political spending to gain the same influence that older industries have had for many years.
Claypool said, “When corporate money can inundate the political discourse, there’s less room for talk about what people really care about.” He argued that political debate can shift toward industry specific issues while voters remain focused on the cost of everyday goods.
Billionaires and Major Companies Join the Spending
Wealthy business leaders are also putting large amounts of money into political campaigns.
SpaceX founder Elon Musk has spent more than $90 million on the 2026 federal elections, according to the information provided. Google co founder Sergey Brin has spent more than $106 million in California on issues that include a proposed wealth tax.
Political advertising spending across the midterms could reach $11.6 billion, according to AdImpact. That would exceed the $11.2 billion recorded during the previous election cycle.
Crypto Industry Sets a New Political Model
The cryptocurrency industry has helped establish a new approach to political spending.
Coinbase, Ripple and Andreessen Horowitz spent heavily through the Fairshake super PAC during the 2024 elections. The group supported candidates based on their positions on cryptocurrency rather than following a single political party.
Fairshake began 2026 with $193 million and had about $130 million remaining, according to campaign filings cited in the source. Coinbase, Ripple and Andreessen Horowitz provided most of its funding.
The strategy has attracted attention from other industries that are now facing political and regulatory pressure.
Artificial intelligence companies have also become more active in the 2026 elections.
Political groups connected to OpenAI and Anthropic, along with executives associated with the companies, spent more than $23 million on two Democratic candidates in a New York City congressional district in June, according to campaign finance records.
The AI super PAC Leading the Future has raised $140 million for the midterms, according to a person familiar with its funding. OpenAI co founder Greg Brockman and his wife Anna were among its major supporters, along with Andreessen Horowitz.
OpenAI has said that outside political groups do not speak for the company or represent its views.
Anthropic has donated at least $40 million during the election cycle through Public First Action, according to the source. The company has said the money supports public education about policy rather than specific candidates.
Online Betting Companies Expand Spending
Online sports betting companies are also increasing their political activity as regulators pay greater attention to the industry.
DraftKings, FanDuel, Fanatics and bet365 have donated more than $72 million to the midterms, according to a Public Citizen estimate. The industry ranks as the third largest corporate donor group in the current cycle.
The companies are directing much of their political money toward state races where lawmakers are considering rules that affect the betting industry.
Prediction market company Polymarket separately donated $1 million in June through its corporate parent, Blockratize Inc., to the Congressional Leadership Fund, according to campaign filings.
Public Concerns Over Political Spending
The growing role of corporate money has also created concern among campaign finance watchdogs.
The source says polls show that a majority of Americans believe there is too much money in politics. Some Democratic candidates have also built campaigns around concerns about wealthy donors and corporate influence in Washington.
Claypool said, “One third of the corporate money that’s been spent since 2010 has been spent in this election cycle and it’s not even over yet.”
What Happens Next?
Corporate political spending is expected to rise as the November 3 election approaches. More money could flow into campaign advertising, voter drives and other political activities during the final months.
The debate over cryptocurrency, AI and online betting is also likely to continue as lawmakers consider rules that could affect these industries.
