$646 million in corporate money has entered the midterms. Most is not a direct candidate donation.
Public Citizen says disclosed corporate political spending in the 2026 cycle is already 40% above the entire 2024 cycle. Much of it flows through outside groups such as super PACs.
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The record
The watchdog counted $646 million through the latest reporting period, compared with $461 million during the full 2024 cycle. The 2026 total equals 38% of all disclosed corporate election spending it tracked since 2010.
Who is driving it
Cryptocurrency, online betting and Big Tech businesses, including companies tied to AI and data-center development, accounted for $344 million - 53% of the total identified by the report.
Where it goes
Major recipients include industry and ideological super PACs such as Win for America, Americans for Prosperity and MAGA Inc. These groups can spend independently to influence races without giving the money to candidates themselves.
The legal distinction
Federal law bars corporate treasury contributions directly to federal candidates and party committees. Corporations may, however, give unlimited amounts to independent-expenditure-only committees and certain hybrid PAC accounts.