America's billionaires and corporations have poured fortunes into the 2026 midterm elections as President Donald Trump fights to preserve the Republican majority in Congress – as they shell out to support his sweeping deregulatory agenda.

Corporate America has billions riding on whether Congress will maintain looser regulations and fewer restrictions that would allow their businesses to grow.

The Trump administration has made rolling back federal regulations central to its second-term agenda, directing agencies to slash existing rules and arguing that government red tape holds back American businesses. 

His administration has also moved to ease regulatory barriers for financial technology companies and accelerate AI infrastructure development.

Now, a record-breaking $737 million in corporate contributions has poured into various political groups ahead of the midterms, led by cryptocurrency giants, gambling companies and Silicon Valley tech firms.

Together, these three groups have contributed a combined $391 million – more than half of all corporate contributions disclosed to the Federal Election Commission.

The eye-watering sum is already 60 percent higher than the $461 million corporations spent during the entire 2024 presidential election cycle, according to an analysis by consumer advocacy group Public Citizen.

It's also more than four times the $184 million spent during the 2022 midterms.

Among the biggest players are venture capital billionaires Marc Andreessen and Ben Horowitz, whose firm Andreessen Horowitz has contributed more than $76 million to political groups this election cycle, including $50 million to AI-focused super PAC Leading the Future.

President Donald Trump is fighting to keep his Republican majority in power and a sweeping deregulatory agenda

People wait in line to vote outside a polling location on Election Day 

Venture capital billionaires Marc Andreessen and Ben Horowitz, whose firm Andreessen Horowitz has contributed $76.2million to political groups this election cycle

Andreessen and Horowitz have become prominent backers of AI and cryptocurrency, and their political spending aims to fund groups supporting candidates and causes aligned with the priorities of these industries.

The stakes for AI investors are particularly high as lawmakers debate whether the rapidly expanding technology should face tougher regulation, and if companies should be subject to a patchwork of state rules or a more uniform federal framework.

Elon Musk, the world's richest man, has emerged as the biggest individual political donor of the 2026 election cycle, pouring more than $445 million into Republican-aligned political groups, according to OpenSecrets.

His spending is largely aimed at helping Republicans maintain control of Congress, including a $10 million contribution from his revocable trust to Lone Star Liberty PAC, which is backing Republican Ken Paxton in his closely watched Texas Senate race against Democrat James Talarico.

Musk's total dwarfs the contributions of other major political donors, including billionaire casino mogul Miriam Adelson, who has given approximately $67.6 million this cycle and has long used her fortune to support Republican candidates and pro-Israel political causes.

Crypto companies are among the biggest corporate spenders, pouring a staggering $233 million into the 2026 election cycle.

Much of the money has gone to Fairshake, a bipartisan super PAC backing candidates who support the cryptocurrency industry's interests.

Among its biggest financial backers are Coinbase, which contributed $33 million to Fairshake, and Ripple Labs, which handed over another $48.5 million to the group and its affiliates.

Elon Musk has emerged as the biggest individual political donor of the 2026 election cycle, pouring more than $445million into Republican-aligned political groups

Musk made a $10million contribution to Lone Star Liberty PAC, which is backing Republican Ken Paxton in his closely watched Texas Senate race against Democrat James Talarico

Cryptocurrency giants including Coinbase, gambling companies and Silicon Valley tech firms have contributed a combined $391.3million – more than half of all corporate contributions disclosed to the Federal Election Commission

The industry is seeking lawmakers who will support its push for clearer rules governing digital assets and resist regulations it believes could restrict its growth.

But not all crypto money is going toward bipartisan political groups.

Crypto.com, through its Singapore-based parent company Foris Dax, contributed $35 million to MAGA Inc., the super PAC backing President Donald Trump, and another $2.4 million to Keep America Great PAC.

Online betting firms have forked over a combined $85 million to political groups during the 2026 midterm cycle.

Leading the spending was sports betting giant DraftKings, which contributed $39 million to Win for America, a super PAC funded by major online sports betting and gaming companies.

Rival FanDuel has also poured millions into the group, which has been channeling money into both Republican- and Democrat-aligned political committees targeting state elections.

The spending comes as the gambling industry fights to expand sports betting into more states while pushing back against potential tax hikes and tighter restrictions on how Americans can wager.

With state lawmakers holding much of the power over whether online betting is legal and how heavily operators are taxed, the companies are increasingly investing in races that could determine the industry's future.

DraftKings led spending among sports betting companies, with $39.2million to super PAC Win for America

Donald Trump at an event with his AI advisor David Sacks 

The industry is also facing growing competition from prediction market platforms such as Kalshi and Polymarket, which have added pressure to the fight over who gets to offer Americans election and sports-related betting products.

Big Tech companies and businesses with interests in artificial intelligence and data center development have contributed $73 million, with much of the money tied to efforts to shape how the rapidly expanding industry is regulated.

For these companies, the outcome of the political fight could have consequences for everything from how AI products are regulated to whether they can build the enormous data centers needed to run them.

President Trump has emerged as one of the industry's most prominent champions, repeatedly arguing that the US must build more data centers to stay ahead of China in the global AI race. 

In August, he warned communities that opposed the facilities risked becoming 'backwards and poor,' adding: 'Let Data Reign.'

But his position has put him at odds with some Republicans who are facing growing pressure from residents worried about the facilities' impact on household power bills and local resources.

In Texas, Trump criticized Governor Greg Abbott's decision to pause new data center connections to the state's power grid while officials examine the strain on electricity supplies. Republican Senate candidate Ken Paxton, meanwhile, has backed Abbott's move to address residents' concerns.

The political stakes are particularly high for AI companies such as Anthropic, which is facing a test of its ability to expand as politicians debate tighter oversight of the technology and the sprawling data centers needed to power it.

Trump gathered with tech titans outside the White House on September 29, including Anthropic co-founder Dario Amodei, whose company has struck major data center deals in Texas and New York as state officials weigh tighter oversight of the facilities 

AI regulation has become a key battleground in the midterms, with more than 41 local ballot measures concerning data center development going before voters today

The Los Angeles Times reported Tuesday that Anthropic has struck major data center deals in Texas and New York, leaving its expansion plans exposed to decisions by state officials.

Texas has ordered a pause on new data center grid connections while the state audits their impact on the power grid, while New York Governor Kathy Hochul has issued an order pausing some large data center projects for up to a year.

And the fight is not limited to state officials. At least 41 local ballot measures concerning data center development are being put before voters today, as communities across the country consider proposals to restrict, prohibit or facilitate new projects.

The votes could help determine where AI companies can build and how quickly they can expand – making local opposition an increasingly important consideration for an industry that has invested heavily in political influence.

Public Citizen said the figures were based on federal campaign finance filings through October 23 and included contributions of at least $5,000 from for-profit corporations to super PACs and hybrid PACs.

But the real total could be even higher, the group warned, as companies can also channel money through nonprofit organizations that are not required to disclose their original donors.

The $737 million already represents more than 40 percent of the $1.8 billion corporations have spent on federal elections since the Supreme Court's landmark 2010 Citizens United ruling opened the door to unlimited independent corporate political spending.