Midterm ad spending hits $11.2 billion as Election Day nears

Political advertising for the 2026 midterm elections has reached an estimated $11.21 billion, according to AdImpact. The figure includes both money spent and funds reserved for ads in the days leading up to Election Day. This total marks the most expensive election cycle in U.S. history based on ad expenditures.

The current spending level slightly exceeds the $11.2 billion recorded for the entire 2024 election cycle. It also represents an increase of roughly $2.3 billion over the 2022 midterms. Todd Belt, a political management professor at George Washington University, noted that advertising costs are particularly high in the final week before voters head to the polls.

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

Republicans have outspent Democrats in this cycle. AdImpact data shows Republicans have allocated approximately $5.18 billion for political advertisements, while Democrats have allocated $4.77 billion. Mike Ambrosini, chief of staff for the Republican National Committee, said the party intends to use all available resources before Election Day. He told The New York Times that the RNC is not saving money for a rainy day and will deploy everything it can.

Democrats have highlighted grassroots fundraising as a sign of supporter enthusiasm. Ken Martin, chair of the Democratic National Committee, pointed to hundreds of thousands of contributors giving small amounts of five, ten, or fifteen dollars. He described this activity as an indicator of excitement among the party’s base.

Billionaire donors have made substantial contributions to both sides. Elon Musk has contributed nearly $450 million to Republican causes, according to Federal Election Commission data. On the Democratic side, George Soros has contributed approximately $102 million and Michael Bloomberg has contributed about $84 million.

Belt described the 2026 election as a test of whether money or political messaging holds more influence. He noted that Republicans have the financial advantage while Democrats have a strong voice against the administration. He warned that going dark on advertising in close races could cost a party key voters in the final days.