The Megadonors Who Have Poured $1.2B into the Midterms

The 20 largest donors and donor groups in the 2026 midterm cycle have contributed a combined $1.2 billion to federal races. The list is led by Silicon Valley investors Marc Andreessen and Ben Horowitz, at $115.3 million, followed by George and Alex Soros, Jeff Yass and Elon Musk. Republican-aligned donors dominate, reflecting the party’s fundraising advantage even as the political climate may favor Democrats. Their spending reflects a mix of partisan loyalty, personal ideology and efforts to shape policy in industries where they have financial interests. Andreessen Horowitz, Musk and OpenAI co-founder Greg Brockman are backing candidates and groups friendly to technology and artificial-intelligence companies; sports-betting firm DraftKings is focused on expanding legalized gambling.

Crypto companies and investors are among the most prominent interest groups, with Ripple, Coinbase, the Winklevoss twins and Crypto.com seeking a Congress more receptive to digital currencies. Crypto donors have helped build Fairshake, a bipartisan super PAC, while Crypto.com has also given heavily to President Trump’s political operation. The analysis also highlights how five nonprofit organizations have contributed $265 million while keeping their donors’ identities secret. These groups channel money to allied Democratic and Republican super PACs and spend heavily on election-season “policy” ads. One conservative nonprofit has also backed efforts to influence Democratic primaries by supporting candidates considered easier for Republicans to defeat. Overall, the fundraising shows how wealthy individuals, corporations and opaque nonprofit networks can exert influence over congressional contests and policy debates.