Democrats raised massive amounts of money in the months before the midterm elections as they fight to retake control of Congress.
But while Democrats raised more than Republicans in the most competitive Senate races, GOP megadonors have rushed in to fill the gap.
Elon Musk, a former White House adviser to President Donald Trump and the world’s richest man, gave $278 million between July and September to groups working to protect Republicans’ majorities in Congress, including $158 million in September to Senate Leadership Fund, a flagship Republican super PAC, according to newly filed campaign finance disclosures. Since the start of 2025, Musk has given $369 million to back Republicans, making him the biggest-ever individual donor to federal elections.
The money is fueling Republicans’ efforts to rescue Texas Republican Senate candidate Ken Paxton, who defeated Sen. John Cornyn in the primary but has trailed in polling against the Democratic nominee, state Rep. James Talarico. The polling has stoked anxiety among Republicans that the party could lose a Senate seat in the deep-red state for the first time in decades.
A new super PAC, Texas PAC, started booking ads last month attacking Talarico, funded entirely by $158 million in funds from Senate Leadership Fund shortly after it received Musk’s contributions. Musk also gave $10 million in August to Lone Star Liberty PAC, another super PAC aiding Paxton.
Paxton’s campaign raised $10 million between July 1 and Sept. 30 — a fraction of the $60 million that Talarico’s campaign brought in. But Texas PAC and other outside groups have given Paxton an advantage on the airwaves. Republicans have spent about $120 million more than Democrats on advertising in the Texas Senate race since Labor Day, according to AdImpact, an ad-tracking firm.
A similar dynamic is playing out in other races.
Republicans raised less than their opponents in 12 of the 13 Senate races that are considered most competitive by the nonpartisan Cook Political Report — sometimes by enormous margins.
Sen. Jon Ossoff (D-Georgia) raised $33 million in the third quarter of the year; his Republican challenger, Rep. Mike Collins, raised $2.8 million. Adam Hamilton, a Democrat challenging Sen. Roger Marshall (R-Kansas) in a state that has not elected a Democratic senator since 1932, raised $9.8 million. Marshall raised just $866,000. And Sen. Dan Sullivan (R-Alaska) raised $2.7 million while his Democratic challenger, former congresswoman Mary Peltola, raised $16.5 million.
With Musk’s help, Senate Leadership Fund raised $272 million in the third quarter. Senate Majority PAC, its Democratic counterpart, raised $151 million.
The money has helped give Republicans a spending edge in some races in the final weeks before Election Day. Republicans have outspent their challengers in eight of the 13 most competitive Senate races since Labor Day with the help of allied super PACs, including MAGA Inc., which is controlled by Trump’s advisers, according to AdImpact. The disparities are especially wide in some of the most fiercely fought Senate races: Republicans have outspent Democrats by about $60 million in Ohio since Labor Day and by about $13 million in Michigan.
Republicans do not have a spending advantage everywhere. Democrats have spent more since Labor Day in North Carolina — where they are expected to flip an open Republican-held seat — and Georgia, where Ossoff is favored to win. They have also spent more in Kansas, Iowa and South Carolina.
Republicans’ spending is not going as far as Democrats’ because Texas PAC and super PACs tied to Trump did not start booking TV airtime in earnest until September, when prices are higher. Super PACs also do not get the discounted rates that campaigns receive and must pay more to air the same number of ads.
Democrats need to pick up four seats to retake the Senate, including at least two in seats that Trump won by double digits in 2024. The party faces an easier path to recapturing the House, where Democrats need to net three seats among dozens of competitive races.
House Majority PAC, the lead Democratic super PAC in House races, and an allied group that does not disclose its donors said they had raised $514 million over the course of the cycle, including $230 million in the third quarter of this year. Congressional Leadership Fund, the lead Republican super PAC in House races, and an allied nonprofit said they had raised $370 million over the cycle.
Musk gave $20 million to Congressional Leadership Fund in the third quarter, as did Timothy Mellon, a reclusive billionaire and heir to a banking fortune.
Much of the money aiding Democrats and Republicans remains hidden behind nonprofits that do not disclose their donors.
One Nation, which does not disclose its donors, gave more than $62 million last month to Senate Leadership Fund, making it the GOP super PAC’s second-biggest donor after Musk.
Senate Majority PAC, the Democratic super PAC, raised $41 million from Majority Forward and $27 million from Economic Opportunity Fund, neither of which disclose their donors. The super PAC’s top individual donors in the third quarter were Fred Eychaner, an Illinois media executive who gave $7 million; LinkedIn co-founder Reid Hoffman, who gave $5 million; and tech billionaire Dustin Moskovitz and his wife, Cari Tuna, who each gave $4 million.
Senate Minority Leader Chuck Schumer (D-New York) has said that Democrats have a strong shot at retaking the Senate even if they are outspent.
“We don’t need as much money as them, given the political climate, given the terrain,” Schumer said in an interview last month. “All we need is enough to stay in the ballpark and be able to answer them.”
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