Corporate Political Donations Hit Record $646 Million Ahead of 2026 Midterms

Companies donated a record $646 million to U.S. political campaigns in the 18 months through June, according to an analysis by Public Citizen of Federal Election Commission filings. The amount is about 40% higher than corporate contributions during the entire 2024 presidential election cycle, with the total expected to rise as the November 3 midterm elections approach. The analysis excludes dark-money spending and corporate donations to state and local races.

Crypto, online sports betting and artificial intelligence companies are driving much of the surge, accounting for $344 million, or more than half of all corporate donations recorded this election cycle. Koch Inc. contributed $20 million to Americans for Prosperity Action, while Reynolds American gave $5 million to President Donald Trump’s MAGA Inc. super PAC. Six cannabis companies, including Curaleaf and Trulieve, collectively donated $11.5 million to America First Agriculture Action, while Gemini Trust Co. donated $10 million to MAGA Inc. on behalf of Cameron and Tyler Winklevoss.

The figures come amid an intensifying battle for control of Congress, with major political spending also coming from companies and executives outside the tracked corporate totals. OpenAI-aligned super PAC Leading the Future has reported $50 million in donations, while Anthropic has given $40 million to the dark-money group Public First Action. Separately, Elon Musk has spent more than $90 million on federal elections and Google co-founder Sergey Brin has spent more than $106 million on political issues in California. Public Citizen warned that the rapid increase in corporate political spending could give narrow business interests disproportionate influence, while free-speech advocates argue such spending is protected political expression.

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