Elon Musk, the world’s richest person and already the biggest single donor this election cycle, poured even more money into midterm campaigns on behalf of Republicans in early October. The $445 million he has allocated this cycle makes him a unique force in American politics — but he’s not the only deep-pocketed power. A slew of Republican megadonors, super PACs and other sources of outside spending are aligning to dwarf the amount that Democratic-aligned groups have on hand in the campaign’s final week.
As stunning as the amounts are, there are drawbacks to the GOP’s reliance on big donors. The ways that money is being spent and for whom — especially on contests in historically red states — speak to long-term issues for the Republican Party. These factors appear to be keeping this enormous infusion of money from fatally damaging Democrats.
Much of Musk’s spending has gone to his super PAC, which The New York Times says has built “a sprawling canvassing program to try to turn out hard-to-reach Republican voters.” Musk’s America PAC is active in almost three dozen House campaigns and seven Senate battlegrounds, the Times reports. Musk has almost single-handedly helped keep Texas in play for Republican Senate nominee Ken Paxton. Musk’s $158 million donation to the Senate Leadership Fund, a Republican super PAC that backs senatorial candidates, got passed on to Texas PAC and has helped keep Paxton afloat amid a bruising campaign against Democratic state Rep. James Talarico.
As many beneficiaries of these GOP funding boosts are realizing, late money is often inefficient.
Meanwhile, President Donald Trump’s MAGA Inc. super PAC has finally begun spending its massive reserves. In federal disclosure forms published last week, the group reported $300.5 million in disbursements this election cycle. The Federal Election Commission documents include data through Oct. 14 and show that $75.5 million of MAGA Inc.’s total spending came during the first two weeks of the month. The group reported having $164.3 million on hand.
It’s a political axiom that campaigns should never have money in the bank at the end of the race. But as many beneficiaries of these GOP funding boosts are realizing, late money is often inefficient. The earlier that spending can be directed toward strategic outlays such as ad buys in larger markets, door-to-door canvassing and other field infrastructure, the more likely it is to pay off down the line. Floods of last-minute cash don’t go as far as earlier contributions would have.
Although the Supreme Court struck down limitations on coordination between national and state party committees and federal candidates, the firewall between campaigns and super PACs remains in place. The first part has helped Democrats only slightly amid lackluster fundraising by the Democratic National Committee this cycle. But some individual Democratic candidates have been drawing in buckets of cash. (It must be noted, though, that Democrats have also benefited from the largesse of billionaires including George Soros and Michael Bloomberg.)
The result is evident in 10 competitive Senate races, Politico recently noted, where “the Democratic campaigns raised more than five times as much as the Republican ones. Put another way: Talarico alone raised more than all those Republicans combined.” As it stands, many of the closest races, including the Senate contest in Texas, wouldn’t have needed pallets of cash airdropped in during most campaign cycles.
The disparity in fundraising by individual campaigns has made Republicans reliant on outside spending for broadcast ads, Politico reported last week, often one of the biggest campaign expenses:
In Ohio’s Senate race, Republican groups make up 63% of the $218 million spent. But in spite of their nearly 2-to-1 spending advantage over Democrats, they make up just over half of ads that are on the airwaves, according to data from the tracking service AdImpact. In Texas, Republicans have outspent Democrats by a 3-to-1 margin but have aired just 58% of the ads. And in Michigan, the GOP accounts for 60% of the spending but just over half of the ads.
A large part of this discrepancy comes down to the mechanics of broadcast advertising. Candidates, and now political parties thanks to a recent Supreme Court ruling, are entitled to significantly lower rates. That has allowed Democratic candidates — who have posted bonkers fundraising hauls — to offset much of the GOP advantage in super PACs. Republican Senate candidates, on the other hand, struggled overall with their fundraising. And some GOP outside groups bought their ad time later, when it was even more expensive.
Historically, Republican congressional candidates have relied more on big donors than Democrats have, but Trump’s fundraising operation has upended norms on multiple levels. Although the MAGA Inc. reserves mostly came from the president pressing big donors for seven-figure checks, his past campaigns were financed largely by a wide swath of loyal supporters, sometimes via questionable means, such as fine print saying that donations would be converted into recurring payments. In 2024, there was already evidence that well was running dry, and donor fatigue has since increased among GOP small-dollar supporters.
The economic fallout from Trump’s tariffs and war against Iran, including higher prices on a range of goods and services, also helps explain the decline among ordinary GOP donors. If enough Republicans continue to feel alienated from politics, that could be disastrous for the party’s long-term electoral outlook.
If enough Republicans continue to feel alienated from politics, that could be disastrous for the party’s long-term electoral outlook.
The DNC, by contrast, is reporting a late surge of small donors as the cycle finishes. The hope among Democrats is that this support translates into voter turnout and possibly also volunteers. (And while new research dims the shine on small donors as the saviors of democracy, it still beats the rich trying to buy the Congress they want to see.)
However unlikely campaign finance reforms are in the near term to stanch the flood of megadonor money into politics, there is still reason to be optimistic about what money can, and cannot, buy Republicans. In 2025, Musk poured $20 million into a Wisconsin Supreme Court race and even promised million-dollar checks to two voters — and his preferred candidate still lost. If history is any guide, Musk can try to buy his preferred outcome, but there are limits to what even his vast fortune can accomplish.
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