North of $16 billion has been raised this midterm election cycle, with ad spending in House and Senate races topping $4 billion, making it the most expensive on record according to AdImpact.
Mega-donors have overwhelmingly backed Republicans, with contributions flowing largely from AI, crypto, and online gambling interests. Fourteen of the 20 largest donors and donor groups this cycle have exclusively or nearly exclusively backed GOP candidates or aligned groups, according to CNBC analysis from early October.
The American Israel Public Affairs Committee and its super PAC, the United Democracy Project, continue to spend heavily across many races. Intercept managing editor Maia Hibbett said the data shows AIPAC is "still spending a ton of money on a lot of races, and more often than not, their candidates are still winning." Hundreds of candidates still accept donations from AIPAC despite public sentiment turning against the pro-Israel lobby.
AI super PACs affiliated with OpenAI or Anthropic spent $50.7 million in primaries but only $8.5 million in the general election lead-up, likely responding to public backlash. OpenAI-affiliated networks favor a looser regulatory scheme for AI, while Anthropic-affiliated networks support stricter regulation, according to Intercept politics reporter Matt Sledge. Both networks are backed by major AI companies and likely favor regulation favorable to those firms.
Sledge noted that public opinion on AI and data centers has shifted markedly over the past year. In general election races, candidates are positioning themselves as "the more pro-AI safety, pro-AI regulation candidate."
Super PACs are backing candidates in safe seats where races are not competitive, potentially aiming to build relationships in Congress rather than influence close contests.