NEW YORK, United States — Crypto, artificial intelligence and online betting companies are emerging as powerful new players in the 2026 U.S. midterm elections, helping drive corporate political spending to unprecedented levels as industries facing greater regulation seek to influence lawmakers and policy debates.
U.S. companies spent an estimated $517 million on House and Senate races during the 15 months through the end of the first quarter, according to data from Public Citizen. The figure has already surpassed the $461 million in corporate spending recorded across the entire two-year 2024 election cycle, with further spending expected before the November 3 elections.
Key Highlights
- Corporate spending on 2026 U.S. House and Senate races reached $517 million in the 15 months through the first quarter.
- Crypto, technology and online gaming accounted for at least $294 million of that corporate spending.
- Crypto-backed Fairshake, AI political groups and betting companies are using extensive PAC and nonprofit networks to influence races.
- Total political advertising for the midterms is projected to reach a record $11.6 billion.
Crypto, AI and betting reshape political spending
The latest influx of political money represents a shift from traditional corporate power centers such as Wall Street, pharmaceuticals, oil and media. Billionaires and companies from industries that were far smaller or barely established a generation ago are now deploying substantial resources in U.S. elections.
The spending comes as lawmakers consider tighter rules for cryptocurrency, artificial intelligence, data-center energy consumption and online gambling. Companies and their founders are using political donations and outside groups to support candidates who favor their policy positions and oppose efforts they consider unfavorable.
Public Citizen found that crypto, technology and online gaming interests together accounted for at least $294 million of corporate spending during the period examined.
Super PACs become a central political tool
Much of the spending follows a strategy that became especially prominent in the cryptocurrency sector during the 2024 election cycle. Companies and wealthy executives have contributed through networks involving super PACs, affiliated PACs and dark-money nonprofits.
These organizations can accept unlimited contributions but cannot directly give money to candidates or coordinate their spending with campaigns. They can, however, finance advertising, voter mobilization efforts and campaign rallies.
Individual executives are also spending substantial sums independently. SpaceX founder Elon Musk has already committed more than $90 million to the 2026 federal elections and is expected to spend more before November. Google co-founder Sergey Brin has separately spent more than $106 million in California, including efforts involving a proposed wealth tax.
Meta, the parent company of Facebook and Instagram, has contributed $65 million to four super PACs supporting candidates from both parties in state contests in California, Texas, Illinois and other locations.
Fairshake puts crypto influence on display
The cryptocurrency industry’s political strategy was demonstrated prominently in 2024, when Coinbase, Ripple and venture capital firm Andreessen Horowitz backed the Fairshake super PAC. The group helped target candidates based on their positions on cryptocurrency rather than simply following traditional party lines.
Fairshake began 2026 with $193 million and had approximately $130 million remaining to spend, according to filings cited in the supplied material. Coinbase and Ripple provided most of its funding, while Andreessen Horowitz has also directed substantial money toward crypto and AI political groups.
Andreessen Horowitz co-founders Marc Andreessen and Ben Horowitz have each contributed about $4 million personally during the current election cycle, much of it to President Donald Trump’s MAGA Inc. super PAC. Their investment firm has contributed more than $81 million to predominantly crypto and AI political committees, including at least $23.8 million to Fairshake.
AI companies enter the political fight
Artificial intelligence was a relatively minor force in the 2024 elections but has become a significant political interest in 2026. Political organizations associated with OpenAI and Anthropic have backed competing approaches to regulation, with groups connected to the two companies spending more than $23 million on two Democratic candidates in a liberal New York City district during June alone.
The AI political group Leading the Future has raised $140 million for the midterms, according to a person familiar with its funding. Its supporters include OpenAI co-founder and president Greg Brockman and his wife Anna, along with Andreessen Horowitz.
OpenAI has previously said it does not finance or direct Leading the Future and that its executives and employees can contribute personally. Brockman and his wife have separately donated $25 million to MAGA Inc.
Anthropic, meanwhile, has contributed at least $40 million during the election cycle through Public First Action, a dark-money nonprofit that has raised $100 million. The company is also linked to the Public First super PAC, which has raised another $3.9 million, including $1 million from Anthropic co-founder and CEO Dario Amodei.
Sports betting companies expand political footprint
Online sports betting companies are adopting a similar strategy as the industry faces regulatory scrutiny across the United States. DraftKings, FanDuel, Fanatics and UK-based sportsbook bet365 have contributed more than $72 million to the 2026 midterms, according to Public Citizen estimates.
Much of that money is flowing through two affiliated PACs, American Conservative Fund and American Future, particularly toward state-level contests where betting regulations are being debated.
Prediction-market company Polymarket also contributed $1 million in June through its corporate parent Blockratize Inc. to the Republican Congressional Leadership Fund, a super PAC backed by House Speaker Mike Johnson.
Record political advertising expected in 2026
The surge extends beyond corporate contributions. Political advertising research firm AdImpact estimates that total spending on political ads for the 2026 midterms, including money from billionaires, labor organizations and social causes, could reach $11.6 billion.
That would exceed the previous record of $11.2 billion from the 2023-2024 election cycle. The current corporate spending figures were recorded before the final campaign stretch, when spending traditionally accelerates ahead of Election Day.
Critics warn of growing influence of niche industries
Campaign finance watchdogs argue that the scale of corporate spending could give a relatively small group of industries disproportionate influence over Washington’s policy agenda. Critics are particularly concerned that debates over crypto, AI, data centers and online gambling could receive more political attention than issues directly affecting household budgets.
At the same time, the influence of political money has limits. Some candidates, including progressive Democratic Senate contenders James Talarico in Texas and Abdul El-Sayed in Michigan, have built campaigns around criticism of wealthy donors and corporate influence in politics.
The 2026 midterms are therefore becoming a test not only of which party controls Congress, but also of how much influence emerging industries can exert over the political system as their economic power grows.
Praveen Yadav is the Founder and Content Creator of The Nation Bulletin, an independent digital news platform focused on delivering timely, reliable and meaningful news from India and around the world.
