Elon Musk has given $474 million to political groups during the 2026 midterm cycle, an analysis by The New York Times has found. No donor has given more in a single election cycle, apart from wealthy candidates who paid for their own campaigns.

Theodore Schleifer built the total for The New York Times from Federal Election Commission and Internal Revenue Service filings and state records. It covers disclosed donations to federal and state political groups since 1 January 2025. Only Michael Bloomberg spent more in one cycle, in 2020, when he ran for president.

Where the money went

About $216 million went to America PAC, Musk's own super PAC, which runs a field operation across the country. Another $168 million went to the Senate Leadership Fund, the main super PAC backing Senate Republicans. Almost all of that money effectively supported Ken Paxton, the Republican Senate nominee in Texas.

The Congressional Leadership Fund, which backs House Republicans, received $30 million. Other Republican groups and candidates got about $44 million. State efforts in Michigan, Texas and Wisconsin got roughly $16 million.

Counting America PAC's disclosed spending, Musk has put about $212 million behind Paxton, the Times found. With $12.3 million more to Texas political groups, his bill for Texas comes to about $224 million.

The Times says its total is almost certainly too low. Musk has also made dark-money donations this cycle. And the federal records run only to 14 October, so they miss the last three weeks of the campaign.

‘I think I've done enough'

Musk spent roughly $290 million on the 2024 election. He then ran the so-called Department of Government Efficiency in the Trump administration. In May 2025, he said he would pull back.

“In terms of political spending, I'm going to do a lot less in the future,” Musk said. “I think I've done enough.”

A month later, he fell out with Trump in public over the president's domestic policy bill. By the autumn, the two had largely made up. In October, Trump gave Musk the National Medal of Science.

Other tech money is in this race too. AI companies and their executives have backed AI-focused super PACs, including a second $25 million gift from OpenAI's Greg Brockman.

Trump's pledge

On Monday, Trump said he would move to protect Musk if Democrats investigate him after the midterms, Axios reported. Host Miranda Devine asked him on the Pod Force One podcast about rumours that Musk could be investigated or have assets seized.

“It's talk. But if it is talk, we'll have to protect them,” Trump said.

Democratic lawmakers have signalled they plan to scrutinise Musk if they win back Congress, Politico reported in October. That includes his time at DOGE, his companies' federal contracts and his role in the Russia-Ukraine war. Americans vote on Tuesday.