Yes, Elon Musk midterm spending reached at least $474 million backing Republican candidates in the 2026 midterm elections, and most of that money went to candidates who lost. According to an analysis by The New York Times, Musk’s disclosed contributions during the 2025-2026 election cycle totalled about 474 million dollars, making him the largest individual political donor in modern American history. Yet by the morning after the election, the candidates his America PAC backed had won just 3 races and lost 29, with 12 still uncalled, according to CNBC. More than 93 percent of the super PAC’s spending went toward races Republicans lost.
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Quick Facts
| Spender | Elon Musk, the world’s richest person |
| Total spent | At least 474 million dollars, per The New York Times analysis |
| Through mid-October | More than 445 million dollars to federal committees alone, per CNN |
| America PAC | About 216 million dollars to the super PAC Musk founded in 2024 |
| Races backed | 106 House and Senate races received Musk-backed support, per Forbes |
| America PAC record | 3 wins, 29 losses, 12 uncalled, per CNBC |
| Money to losing races | More than 93 percent of America PAC spending, per CNBC |
| WIRED finding | More than 99 cents of every traceable dollar went to a race his candidate lost |
| Texas spending | About 224 million dollars, including about 212 million for Ken Paxton |
| Texas Senate result | Paxton lost to Democrat James Talarico |
| 2024 spending | About 290 million dollars in the 2024 election cycle |
| Total midterm spending | Projected 11.9 billion dollars, the most expensive midterm on record |
| Company impact | Tesla and SpaceX shares fell on Wednesday, about 120 billion dollars in value wiped, per Bloomberg |
Elon Musk Midterm Spending: How the Money Was Spent
Musk’s money flowed through several channels, but most of it went to two places: America PAC, the super PAC he set up in 2024, and the Senate Leadership Fund, the main super PAC backing Republican Senate candidates. He gave nearly 216 million dollars to America PAC, which spent nearly 87 million dollars across 44 federal races, according to a CNBC analysis of Federal Election Commission filings. He also gave 30 million dollars to the Congressional Leadership Fund, the main super PAC backing House Republicans, and 44 million dollars to other Republican groups and candidates.
The biggest bet was Texas, where Musk lives and has headquartered parts of his business empire. About 224 million dollars went to Republican efforts in Texas, including around 212 million dollars supporting Republican Ken Paxton’s unsuccessful Senate campaign against Democrat James Talarico, through the Senate Leadership Fund and spending by America PAC. America PAC’s own investment in that race passed 45 million dollars, and it put around 10 million dollars each into the Senate contests in Michigan and Ohio.
The scale of the spending is hard to overstate. OpenSecrets, which tracks campaign finance, projects total spending in the 2026 midterms will reach 11.9 billion dollars, about 30 percent more than in 2022 and the most expensive midterm election on record. Federal Election Commission filings to mid-October already showed more than 9.5 billion dollars spent, with political action committees accounting for about 5.5 billion. The top 40 donors had given 2.4 billion dollars by October 14, a record for that stage of a midterm cycle, according to the Brennan Center for Justice. Musk alone gave more than double the nearly 177 million dollars that Democratic megadonor George Soros gave to outside groups during the 2022 cycle. The election results themselves were dramatic, as covered in our report on the Dow jumping 1,100 points after the Democratic sweep.
What the Money Bought, and What It Did Not
The results were brutal. An analysis by Forbes found that 106 House and Senate races had received financial support from Musk-backed political groups or direct contributions from Musk. Of those, 44 candidates had lost, while 18 had won as of early Wednesday morning, and results in another 44 races were still uncalled at the time of the analysis. The CNBC analysis of America PAC alone was worse: 3 wins, 29 losses, 12 uncalled, with more than 80 million dollars, or 93 percent of its spending, going toward races Republicans lost.
WIRED offered an even more devastating measure. More than 99 cents of every traceable dollar Musk’s political operation spent in races that had been decided went toward candidates who ultimately lost. In Texas, the failure was complete. Paxton lost the Senate race to Talarico, and Democrats also won the races for governor, lieutenant governor and attorney general. Musk had spent about 224 million dollars in the state and got nothing for it.
Logan Phillips, founder of the election forecasting site Race to the White House, told Fortune that the outcome might be the biggest defeat for big money in politics in American history. Musk himself had said in May 2025 that he intended to cut back on political spending, telling Bloomberg at the Qatar Economic Forum that he would donate if he saw a reason, but that he currently saw no reason. He spent nearly twice as much in 2026 as he had in 2024, when he gave about 290 million dollars. His companies also took a hit: shares of Tesla and SpaceX, both headquartered in Texas, fell on Wednesday, wiping out an estimated 120 billion dollars in value, per Bloomberg. Musk’s name has also appeared in other post-election news, including our report on Trump’s preemptive pardons for Musk and DOGE staff.
Why the Money Failed
The simplest explanation is that the election was a wave, and waves drown even the best-funded campaigns. Democrats won control of both chambers of Congress, and voters turned against the party in power on the economy, the war with Iran and the cost of living. No amount of advertising can save a candidate when the national mood runs that strongly against their party. Musk’s money bought mailers, digital ads and field operations in more than 40 races, but it could not change what voters thought of the Republican record.
There is a second explanation that cuts deeper. Musk is a polarising figure, and his money may have hurt as much as it helped. Talarico raised more money than any other federal candidate this cycle, 146 million dollars through October 14, more than six times the 22.3 million dollars collected by Paxton, according to Federal Election Commission records. Much of that fundraising was driven by opposition to Musk himself, who became a symbol of billionaire influence in politics. In that sense, the spending created its own backlash.
The third factor is targeting. America PAC spread its money across 44 races, but it concentrated its biggest bets in Texas, a state where the Democratic wave was strongest. Putting 212 million dollars into a single Senate race that was always going to be hard to win looks, in hindsight, like a bad bet. The data centers issue also shaped the election, as covered in our report on how data centers fared on the 2026 midterm ballots.
Does It Matter for 2028
The question now is whether the failure will deter Musk or simply change his tactics. Campaign finance experts argue the jury is still out. He remains the world’s richest person, and his 474 million dollars amounts to about 0.06 percent of his net worth, so the loss does not hurt him financially. He also remains close to key Republicans, and his companies still depend on government contracts and favourable regulation.
Some argue the money was not wasted at all. It built a political operation, America PAC, that now has data, staff and experience it did not have before. It kept Musk at the center of Republican politics, and it may have helped in races that have not yet been called. Others argue the opposite: that the 2026 result proves even the richest person on earth cannot buy an election when voters have made up their minds, and that the backlash his spending created will make future donations less effective, not more.
What is certain is that the 2026 midterms will be remembered as the election where big money lost. The total spent, 11.9 billion dollars, was a record. The biggest donor, Musk, lost nearly every race he touched. And the candidate who raised the most money against him, Talarico, won. That is a story that will shape how billionaires, parties and voters think about money in politics for years to come.
Frequently Asked Questions
How much did Elon Musk spend on the 2026 midterms?
At least 474 million dollars, according to an analysis by The New York Times of disclosed contributions during the 2025-2026 election cycle. CNN reported he had given more than 445 million dollars to federal committees alone through mid-October. About 216 million dollars went to America PAC, the super PAC he founded in 2024.
How many races did Musk’s candidates win?
According to a CNBC analysis of America PAC, the candidates it backed had won 3 races and lost 29, with 12 still uncalled by Wednesday morning. More than 93 percent of the super PAC’s spending went toward races Republicans lost. WIRED found that more than 99 cents of every traceable dollar Musk’s operation spent in decided races went to a candidate who lost.
Where did most of the money go?
Texas took the largest share, about 224 million dollars, including around 212 million dollars supporting Ken Paxton’s Senate campaign against James Talarico. Paxton lost. America PAC also put around 10 million dollars each into the Senate races in Michigan and Ohio.
Did the spending hurt Musk’s companies?
Shares of Tesla and SpaceX, both headquartered in Texas, fell on Wednesday after the election, wiping out an estimated 120 billion dollars in value, according to Bloomberg. The fall was part of a wider market reaction to the Democratic sweep, not only a verdict on Musk’s spending, but it added a financial cost to a political failure.
Sources
This article is based on reporting from CNN, The New York Times, CNBC, Forbes, WIRED and Fortune. The CNN report is available at CNN, the Gizmodo report is available at Gizmodo, and the Fortune-based report is available at The Fifth Skill.
Final Thoughts
Elon Musk midterm spending reached at least $474 million in the 2026 midterms, more than any individual donor in modern American history, and backed mostly losers.
America PAC won 3 races and lost 29, with 93 percent of its spending going to losing candidates. Texas, where he spent 224 million dollars, delivered a clean Democratic sweep. The lesson is not that money does not matter in politics, because 11.9 billion dollars was spent in this cycle and it shaped every race. The lesson is that money has limits, and when voters have decided, even half a billion dollars from the richest person on earth cannot change their minds. Whether Musk tries again in 2028, and whether anyone will take his money the same way, is the next question.
