Fueled by US$ 178 million in Elon Musk donations, two Republican super PACs raised US$ 367 million in the third quarter, widening the Republicans’ substantial financial edge, even as doubts about their ability to hold the majorities in the United States House of Representatives and Senate grew.
The Senate Leadership Fund reported raising US$ 273 million, according to documents filed with the Federal Election Commission (FEC) on Thursday. The total includes US$ 158 million in contributions from Musk, in addition to multimillion-dollar donations from billionaires Stephen Schwarzman, Joe Ricketts, and Stephen Wynn. Its counterpart in the House, the Congressional Leadership Fund, raised US$ 94.4 million and counted Musk and investor Timothy Mellon among its largest backers.
As a result, the total fundraising by the Republican Party and the three super PACs linked to President Donald Trump or to Republican leadership in the House and Senate approaches US$ 2 billion for the midterm elections. The amount far surpasses the US$ 1.2 billion raised by the Democratic Party’s equivalent groups. The consultancy AdImpact projects that campaign advertising spending in this cycle will set a record and exceed those of the 2024 presidential race.
The figures do not include resources allocated to other pro-Republican super PACs, including Musk’s own America PAC, which received US$ 89 million from the entrepreneur, nor groups focused on specific candidacies. This is the case with the Lone Star Liberty PAC, which backs Texas Attorney General Ken Paxton. The group raised US$ 17.9 million for Paxton’s race against Democrat James Talarico, including a US$ 10 million donation from Musk. The race is on track to become the most expensive in U.S. Senate history.
A super PAC backing Talarico raised US$ 9.6 million. Rory Gates, son of Bill Gates, Netflix cofounder Reed Hastings, and Ripple cofounder Chris Larsen contributed US$ 1 million each.
The Senate Majority PAC, aligned with the Democrats, raised US$ 151 million. LinkedIn cofounder Reid Hoffman, Facebook cofounder Dustin Moskovitz, along with Hastings and Larsen, made seven-figure contributions. The Future Forward PAC raised US$ 20 million, with Moskovitz donating US$ 4 million.
Another snapshot of fundraising is set to emerge next Tuesday, when the House Majority PAC, Trump’s MAGA Inc., and the party committees will file their reports with the FEC.
In the Senate, Democrats need to net four seats to retake control of the chamber. The goal had already been considered distant, but now seems possible, given polls showing competitive races even in some states traditionally Republican. In the House, Democrats have long been favored to regain the majority, which is currently narrow for Republicans. Historically, the president’s party tends to lose seats in the House in midterm elections.
While large Republican donors, such as Musk, Mellon, and Schwarzman, inject millions to preserve control of the Senate and minimize losses in the House, Democrats maintain an advantage among small donors. The ActBlue platform raised US$ 601 million for federal candidates and committees in the third quarter, compared with US$ 159 million for WinRed.
In the 13 Senate races classified as competitive by Cook Political Report, Democratic candidates raised more than their Republican opponents in 11 of them. Independent Dan Osborn also out-raised Republican Pete Ricketts in Nebraska.
In Georgia, Jon Ossoff raised US$ 33 million in the quarter and reached US$ 125 million for the cycle, leading among all candidates. The figure easily surpasses the US$ 2.8 million raised by the Republican challenger Mike Collins. In North Carolina, former Governor Roy Cooper raised US$ 12.2 million, versus US$ 2.1 million for former Republican National Committee chair Michael Whatley. Georgia and North Carolina are classified as “likely Democrats” by Cook Political Report, and Republican super PACs reduced spending in both states in recent weeks.
The fundraising edge for Democratic candidates has been particularly notable in Texas. Talarico raised US$ 60 million, of which US$ 29 million came from donors contributing less than US$ 200. Paxton, for his part, raised US$ 10 million, with additional support from Republican leaders who mobilized resources after his confirmation as the party’s candidate.
The fundraising advantage allowed Talarico to dominate airwaves, forcing Republicans to direct part of their cash to Texas. The Texas PAC, a super PAC funded by the Senate Leadership Fund, has spent US$ 148 million in the race, according to FEC records. Musk’s America PAC has spent US$ 22.7 million in the race.
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