Cryptocurrency companies, artificial intelligence firms, and online gambling businesses are behind $517 million in corporate spending aimed at influencing the U.S. elections in 2026.
According to data from Public Citizen, U.S. companies have poured this amount into campaigns for the House and Senate over the 15 months up to the first quarter, surpassing the $461 million corporations spent during the entire two-year 2024 election cycle.
Cash is expected to increase further ahead of the November 3rd vote, where Democrats are attempting to gain control of both chambers. The companies sending the largest sums are not the traditional powerhouses that have dominated political funding in Washington for decades.
Cryptocurrency, Tech, and Bookmaking Companies Funnel Huge Sums Through Expanding Political Networks
Companies and billionaire founders can direct funds into political action super PACs, affiliated PACs supported by these groups, and non-profit organizations that are not required to disclose their donors' names. Some donors fund multiple divisions of these networks, as well as make donations to individual politicians.
Super PACs can raise unlimited sums of money but cannot give these funds directly to candidates or coordinate with their campaigns. Instead, they can buy political ads, fund voter turnout efforts, and finance pre-election events and rallies.
CEOs have even spent millions of their personal money on top of corporate donations. This is evident in the case of SpaceX (NASDAQ: SPCX) CEO Elon Musk, who spent over $90 million on federal elections in 2026 and will ultimately spend much more by November.
Sergey Brin, co-founder of Alphabet (NASDAQ: GOOGL, GOOG), spent over $106 million in California alone, including money spent on attempts to stop the introduction of a wealth tax in his state.
Meta Platforms (NASDAQ: META) allocated $65 million to four separate super PACs supporting both Democratic and Republican candidates in state elections. Their activities cover elections in California, Texas, Illinois, and other states.
Corporate spending is only part of the money flowing into the midterms. According to AdImpact estimates, political ad spending will reach a record $11.6 billion, including funds from billionaires, unions, advocacy groups, and other organizations. This will surpass the previous record of $11.2 billion set during the 2023-2024 election cycle.
Fairshake Criticized Crypto Critics While Major Sponsors Amassed Cash for 2026
The cryptocurrency industry has already actively used this political model during the 2024 elections. Coinbase (NASDAQ: COIN), Ripple, and venture firm Andreessen Horowitz provided large sums of money to Fairshake, the leading super PAC in this sector.
One of this group's biggest battles took place in Ohio, where its spending helped unseat long-time Democratic Senator Sherrod Brown.
Public Citizen later compared Fairshake to a corporate "Death Star," capable of "annihilating individual candidates." Its approach moved away from the old habit of closely aligning the industry with just one political party.
Instead, crypto groups supported politicians who shared their policy views, regardless of whether those candidates were Democrats or Republicans. Politicians perceived as hostile to the sector could then become targets of multi-million dollar outside campaigns aimed at unseating them.
Sherrod, as chairman of the Senate Banking Committee, was previously one of the fiercest opponents of cryptocurrency. Now, his stance has softened due to his political ambitions.
Experts say his aggressive position has softened as he runs for re-election to the Senate. According to Sherrod's campaign manager, Patrick Eisenhower, he understands that "cryptocurrency is part of the American economy."
At the beginning of 2026, Fairshake had a war chest of $193 million for its political campaign. According to electoral filings, about $130 million is still available for the upcoming elections. Almost all these funds were provided by Coinbase, Ripple, and the California-based venture firm Andreessen Horowitz.
According to federal electoral filings reviewed by Reuters, Andreessen Horowitz also donated over $81 million to political committees, primarily focused on cryptocurrency and artificial intelligence. At least $23.8 million of this amount was sent to Fairshake.
The company's founders are also using their personal funds. Ben Horowitz and Marc Andreessen each donated about $4 million during this election campaign. The majority of their personal donations went to MAGA Inc., a super PAC supporting former President Donald Trump.
Fairshake still has $130 million for political spending until November. Elon has also made it clear he expects to spend more than the already allocated $90 million.
Thus, significant sums from both sources remain unused, while total corporate political spending has already reached $517 million several months before the elections.
