America’s Ultra-Wealthy Pour Millions Into Republican Midterm Push

America’s biggest political donors are lining up heavily behind Donald Trump’s Republican Party, pouring money into congressional races as billionaire-backed groups build major war chests for the midterms.

Sixteen of the country’s 20 largest donors have directed money toward the Republican campaign. George Soros stands out among the biggest Democratic backers.

The concentration is striking. More than a third of the $2.8 billion raised during the 2025-26 election cycle has come from the 20 largest mega-donors, according to the Financial Times.

“What you’re seeing is a mild break from expectations,” Stanford political scientist Adam Bonica, who has studied donations from wealthy Americans since 1980, told FT.

Top donors have historically leaned Republican, but Bonica said the current balance is “especially skewed.”

Billionaire Money Gains Weight

Political financing is increasingly concentrated among a small group of wealthy individuals.

In more than 30 House and Senate races, over a third of outside spending came from groups that received at least 80% of their money from mega-donors, defined as individuals giving at least $5 million each.

“We now have a system that is geared towards and depends on these ultra-wealthy mega-donors,” said Brendan Glavin, research director at OpenSecrets.

The money is moving through direct contributions, industry-backed groups and networks of Super PACs. Some donors are also targeting primaries, where concentrated spending can have greater influence.

“In primaries, you can have a pretty sizeable effect,” Bonica said.

Trump-Aligned Groups Build War Chests

Republican donors have also contributed millions to Maga Inc, the Super Pac that backed Trump in 2024 and now holds a $400 million electoral war chest.

Crypto entrepreneurs Cameron and Tyler Winklevoss donated about $11 million. Marc Andreessen, Ben Horowitz and their spouses gave $18 million, while OpenAI co-founder Greg Brockman and his spouse contributed $25 million.

Maga Inc has spent $10.8 million so far, supporting Trump-aligned Republicans in Texas, Tennessee and South Carolina.

A new group, No Going Back PAC Inc, has meanwhile booked more than $89 million in advertising across roughly two dozen House and Senate races since its formation on September 1.

Maga Inc has not confirmed ties to the group, although the two share a treasurer, address and depository bank.

Elon Musk is also increasing his support after spending more than $250 million on Trump’s 2024 campaign.

He gave about $50 million to America PAC, mostly last year. The group spent nearly all of it by the end of June before launching an advertising campaign worth more than $8 million in early September.

Crypto Money Expands

The cryptocurrency sector has assembled one of the election’s largest political war chests.

Fairshake, a crypto Super PAC, has raised more than $99 million in individual contributions, almost all from a small number of companies and investors including Coinbase, Ripple, Andreessen and Horowitz.

It has transferred $65 million to Super PACs supporting candidates from both parties who favor the sector.

“There’s just a huge amount that’s financially at stake,” said Columbia law professor Richard Briffault, pointing to Washington’s decisions on AI, Big Tech and digital currencies.

Other billionaires are also using multiple political vehicles.

Illinois governor JB Pritzker provided nearly 80% of the money raised by a Super PAC that spent close to $9 million supporting Democrat Juliana Stratton’s successful U.S. Senate campaign.

Citadel chief executive Ken Griffin has financed several Republican-focused groups, while tech billionaire Reid Hoffman helped fund a $15 million effort supporting Democratic Senate candidate James Talarico in Texas.

The pattern marks a shift from the 2024 presidential race, when Kamala Harris raised and spent significantly more than Trump but lost.