Midterm election spending could be the most expensive in history

We’re less than two weeks out from the midterms, when voters will head to the polls and cast their ballots. But election season has been well underway for months now — and voters might have noticed.

For some folks, especially in swing states with tight races, campaign season has meant a flood of political ads. And it could only ramp up in the final days before the election, according to Jesse Contario, the regional vice president over the political practice at MiQ.

“Campaigns, especially those that maybe aren't at the top of the ticket and don't have as much money, typically what they do is reserve that money for a final push, so that they can be in front of voters or their supporters, really in the final, you know, 10 days to three weeks of the election window,” he said, “to remind them who ideally they would like them to support, remind them to get to the polls.”

But all those ads are expensive.

“2026 will almost undoubtedly be the most expensive political cycle in history, and it will also likely be the first midterm that ever eclipses the previous presidential in terms of overall top line spending on political campaigns,” said Contario.

A good chunk of that money comes from outside groups — think super PACs and organizations that are not affiliated with the candidates themselves. That spending is also concentrated in the hands of just a few groups.

“The top six spenders each spent $60 million apiece through Oct. 5, and their spending together accounts for more than a third of the total amount spent,” said Joedy McCreary, a senior reporter at Open Secrets.

Those groups can lean to the left or the right. But there are trends to look at: “It's been sort of the rule of thumb that outside groups tend to lean to the right across the board, and the Democratic candidates themselves tended to outraise the Republican candidates,” McCreary said.

So, whether it's Republicans or Democrats, there’s just a lot of money at play this election cycle.