In the looming fight for control of Congress, America's richest checkbooks are picking sides. And they're picking red.
Of the 20 top donors in the U.S., 16 are backing Republican campaigns, with George Soros standing as the most prominent Democratic supporter, according to a Financial Times report on Wednesday. Many of these mega-donors are lining up behind candidates who favor deregulation of cryptocurrency and gambling, or the advancement of AI.
"What you're seeing is a mild break from expectations," Stanford political scientist Adam Bonica told the publication. He noted that while it's not unusual for leading donors to favor Republicans, the balance in this election is "especially skewed."
The concentration of money is striking. Over a third of the $2.8 billion raised for the 2025-26 election cycle comes from the 20 largest mega-donors. "We now have a system that is geared towards and depends on these ultra-wealthy mega-donors," said Brendan Glavin, research director at OpenSecrets.
Citadel CEO Ken Griffin has also backed Republican candidates through multiple political groups, including organizations supporting races in Wyoming and Tennessee, while contributing about one-third of a group's funding opposing an Alaska Democratic challenger, the report stated.
Crypto Donors Build a Political War Chest
Special interest groups are writing some of the biggest checks. Crypto entrepreneurs Cameron and Tyler Winklevoss donated approximately $11 million, while tech giants Marc Andreessen, Ben Horowitz and their spouses have contributed $18 million. OpenAI co-founder Greg Brockman and his spouse donated $25 million, the report added.
The cryptocurrency industry has assembled one of the largest political war chests of the election, backing candidates who support the sector. Crypto super PAC Fairshake has raised more than $99 million in individual contributions, with nearly all of the funding coming from a handful of companies and investors, including Coinbase Global Inc. (COIN), Ripple, Andreessen and Horowitz.
GOP Midterm Cash Gets a Musk and Trump Boost
Earlier this month, House Speaker Mike Johnson's meeting with billionaire Elon Musk sparked speculation about potential financial backing for the GOP's midterm campaign, adding to the momentum.
Musk donated more than $250 million to President Donald Trump's 2024 re-election campaign and is reportedly planning to spend over $100 million on the 2026 midterms, potentially supporting House Republicans through his America PAC.
Meanwhile, Trump said he plans to spend a large portion of MAGA Inc.'s roughly $850 million war chest to support Republican candidates in the 2026 midterms, along with some of his own funds. "We're in very good shape," said the President.
Big Tech Prepares for a Midterm Shift
A report in August, however, stated that companies previously aligned closely with Trump are strengthening ties with Democrats as they hedge against a possible change in House control after the 2026 midterms.
Meta Platforms Inc. (META) reportedly is making sizable donations to Democrats, while Paramount Skydance (PSKY) and Kalshi are hiring former Democratic aides for government relations.
Big tech firms including Meta and Palantir Technologies Inc. (PLTR) are also preparing for possible congressional information requests, hearings, and potential subpoenas tied to their Trump-era involvement.
