Federal Election Commission filings revealed that political groups had already spent more than $9.5 billion by mid-October, with outside action committees supplying over half of that total. High-profile megadonors and corporate sectors, including prominent cryptocurrency firms, have directed substantial fortunes toward both major parties. The bulk of the capital is flowing into voter outreach and broadcast media, with ad tracker AdImpact recording $11.15 billion in advertising expenditures by late October. Key Senate contests in states such as Michigan, Texas, and Ohio are absorbing the highest levels of ad spending.
Key points
Outside political action committees financed the majority of the more than $9.5 billion d…: Outside political action committees financed the majority of the more than $9.5 billion disbursed by mid-October.
Digital operations, internal polling, and traditional broadcast television consumed the v…: Digital operations, internal polling, and traditional broadcast television consumed the vast majority of overall campaign resources.
Critical Senate races in Michigan, Texas, and Ohio emerged as the primary targets for top…: Critical Senate races in Michigan, Texas, and Ohio emerged as the primary targets for top advertising spending.
Sources checked by our analysis pipeline: 1
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The US midterms campaign is set to be the most expensive on record - with the total cost projected to reach nearly $12bn (£9bn), according to Open Secrets, an independent organisation that tracks campaign finance.
Most of the spending is driven by outside political groups - known as Super Political Action Committees (Super Pacs) - pouring large sums of money into some key races ahead of election day on 3 November.
The top individual donor is billionaire businessman Elon Musk, who has spent almost half a billion dollars backing Republican candidates, particularly in Texas where many of his companies are based.
BBC Verify has looked into the figures and where the money was spent.
How much has been spent?
There are rules on how much people, parties and political action committees (Pacs) can give directly to candidates.
But Super Pacs can accept unlimited contributions from individuals, corporations, labour unions, and other political committees. They can't give that money directly to candidates but they can spend it supporting them indirectly.
According to the latest Federal Election Commission, external (FEC)…
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