Ad spending hits $11.21 billion as midterms near finish line

Political advertising costs for the 2026 midterm elections have reached $11.21 billion, setting a new national record that eclipses the 2024 presidential cycle. AdImpact, an ad-tracking firm, reported the figure with less than one week remaining until Election Day.

The total exceeds the $11.2 billion spent in 2024 and stands $2.3 billion higher than the 2022 midterm election. Todd Belt, a political management professor at George Washington University, noted the steep cost of late-stage campaigning. “It’s not just that a lot of money is being spent, it’s that it’s very expensive to advertise this late in the campaign,” Belt said.

Spending has concentrated in traditionally red states where Senate contests have become highly competitive. Texas now holds the record for the most expensive nonpresidential race in U.S. history, with more than $560 million in advertising spending and reservations. Ohio’s Senate race has also surpassed the $500 million mark, joining only the 2024 Ohio Senate contest as one of three nonpresidential races to reach that milestone.

Republicans hold a spending advantage over Democrats, with approximately $5.18 billion deployed or reserved against the Democratic total of $4.77 billion. RNC chief of staff Mike Ambrosini stated the party intends to use all available funds before voters cast ballots. “There’s no saving money for a rainy day. Whatever we can get that can be deployed is going to be deployed,” Ambrosini told The New York Times.

Democrats have countered by pointing to grassroots engagement as a sign of voter enthusiasm. DNC Chair Ken Martin highlighted contributions from hundreds of thousands of small donors. “When you have hundreds of thousands of contributors who are giving 5, 10, 15 dollars, they’re very excited. That is one indicator of enthusiasm,” Martin said.

Billionaire donors have also shaped the financial landscape. Elon Musk has contributed nearly $450 million to Republican causes according to the Federal Election Commission. In contrast, George Soros and Michael Bloomberg have contributed approximately $102 million and $84 million, respectively, to Democratic efforts.

Belt described the financial disparity as a natural experiment to test the influence of money versus messaging. “It’s almost a perfect natural experiment, where the Republicans have the money and the Democrats have the voice against the administration,” he said. He warned that a lack of advertising could prove costly in close races. “If you allow your side to go dark at the end of the campaign, you might miss out on a few of those voters and in a very close race, that could make all the difference,” Belt said.