SpaceX CEO Elon Musk led a New York Times ranking of 2026 federal donors at $445.6 million, as AdImpact projected political advertising would reach $11.6 billion for the election cycle.
The Times review put the 20 largest contributors at roughly $2 billion combined, based on filings available by mid-October. The list includes individuals, companies and political groups. Its cutoff leaves out contributions reported afterward.
Richard and Elizabeth Uihlein followed Musk at about $150 million. The ranking listed One Nation at $137.9 million, Marc Andreessen, Ben Horowitz and Andreessen Horowitz at $116.4 million, and investor Jeff Yass at $110.4 million.
Among Democratic-aligned contributors, Majority Forward was listed at $104 million, George and Alexander Soros at $103.4 million, and House Majority Forward at $97.2 million. The ranking also put Ripple Labs and Chris Larsen at $73.1 million and Coinbase at $55.3 million.
A separate Public Citizen analysis of Federal Election Commission (FEC) data counted $445 million in Musk contributions to super PACs during the cycle. That tally and the Times’ $445.6 million figure cover different scopes. Public Citizen found that 515 donors who each gave at least $1 million accounted for more than 70% of super PAC contributions. Co-President Lisa Gilbert said the concentration raises questions about whose voices receive priority in the political system.
FEC rules allow super PACs, which finance political activity independently of candidates, to accept unlimited contributions from individuals, companies, labor unions and other committees. They cannot use those funds to contribute directly to federal candidates.
AdImpact’s June forecast put political ad spending at $11.6 billion for the 2026 cycle. Its estimates were $8.9 billion for the 2022 midterms and $11.2 billion for the 2024 presidential cycle; the 2026 figure is a projection, not a final tally.
Newly filed summary data can take up to 48 hours to appear in the FEC portal, the commission says. An earlier EconoTimes report based on FEC filings put Musk’s election-cycle donations above $445 million. Voters go to the polls Tuesday, Nov. 3.
