Corporations gave $737 million to super PACs in 2026 midterms

Corporations have put $737.3 million into super PACs and hybrid PACs in the 2026 midterm cycle, according to a report the advocacy group Public Citizen published on October 29. The figure covers Federal Election Commission filings through October 23.

The Public Citizen report, written by Rick Claypool, counts contributions of $5,000 or more from for-profit corporations to super PACs and hybrid PACs. It uses FEC data for 2026 and OpenSecrets data for 2010 through 2024. The report states that “Not all corporate spending is reported to the Federal Election Commission,” and says dark money groups allow corporations to conceal spending, so the totals likely undercount.

Public Citizen compared the 2026 total with earlier cycles. Corporations gave $461 million in the 2024 presidential cycle, which puts the 2026 figure 60% higher. In the 2022 midterms they gave $184.1 million, so the current total is roughly four times that amount. Since the Supreme Court’s Citizens United decision in 2010, corporations have given $1.8 billion in this form, and the 2026 cycle accounts for more than 40% of it.

Three industries supplied most of the growth. Cryptocurrency companies gave $233 million, online betting companies gave $85.2 million, and Big Tech, artificial intelligence and data center interests gave $73.1 million. Together that is $391.3 million, or 53% of all corporate giving this cycle, according to the report.

Each of those sectors channeled its money largely through one super PAC. Fairshake, the crypto industry’s super PAC, received $106.9 million. Win for America, the online betting industry’s, received $80.7 million. Leading the Future, the AI industry’s, received $50.1 million.

The report’s list of the 15 largest corporate contributors totals $473.9 million. It includes Andreessen Horowitz, a venture capital firm, which gave $50 million to Leading the Future. Ripple Labs gave $49.6 million, of which $48.5 million went to Fairshake and affiliated committees. DraftKings gave $39.9 million, of which $39.2 million went to Win for America. Crypto.com, through its parent Foris Dax, gave $39 million, of which $35 million went to MAGA Inc. Coinbase gave $37.2 million, with $33.1 million going to Fairshake. FanDuel gave $29 million, with $27 million going to Win for America.

Other industries also appear. Fossil fuel corporations gave $51.4 million, led by Energy Transfer and Chevron. Energy Transfer gave $15.9 million, including $12.5 million to MAGA Inc. Chevron gave $9 million, including $4.7 million to the Senate Leadership Fund. Tobacco corporations gave $34.8 million, led by Reynolds American, a subsidiary of British American Tobacco, and Altria, the parent of Philip Morris. British American Tobacco’s entities gave $17.9 million, including $8 million to MAGA Inc. Altria gave $15.6 million, including $7 million to the Senate Leadership Fund. Koch Inc., which is privately held, gave $36.8 million, and the report lists $30 million of that going to Americans for Prosperity Action.

Money also flowed through corporate entities that belong to wealthy individuals. The report says the Soros family gave $52 million to Democracy PAC through Geosor Corporation, out of more than $100 million in total spending this cycle, a figure it attributes to NPR. It says Elon Musk gave $10 million to Lone Star Liberty PAC through the Elon Musk Revocable Trust, out of more than $400 million in total spending, a figure it attributes to The Washington Post.

The report ranks the top recipients of corporate money. MAGA Inc. received $141 million, followed by Fairshake with $106.9 million, Win for America with $80.7 million, Democracy PAC with $52 million and Leading the Future with $50.1 million. The Senate Leadership Fund received $48.8 million, the Congressional Leadership Fund $41.3 million, Americans for Prosperity $30.3 million, the Digital Freedom Fund $22.4 million and America First Agriculture Action $12.3 million.

The $141 million that MAGA Inc. received from corporations is about 19% of all corporate giving this cycle, according to the report. The report puts that sum at 31% of the $449 million in contributions MAGA Inc. has disclosed.