Musk Powers Republican PACs to $367 Million Fundraising Haul

Powered by Elon Musk’s $178 million in donations, two Republican super political action committees raked in $367 million in the third quarter, adding to the prodigious financial advantage the GOP enjoys even as its odds for holding its House and Senate majorities grow longer.

The Senate Leadership Fund reported $273 million in fundraising, according to Thursday filings with the Federal Election Commission, a total that includes $158 million in contributions from Musk as well as seven-figure donations from billionaires Stephen Schwarzman, Joe Ricketts and Stephen Wynn. Its House counterpart, the Congressional Leadership Fund, raised $94.4 million and counted Musk and investor Timothy Mellon among its bigger contributors.

The haul brings total fundraising for the midterm elections by the Republican Party and the three super PACs tied to President Donald Trump or GOP House and Senate leaders to nearly $2 billion, a staggering amount that far outpaces the $1.2 billion raised by their Democratic counterparts. AdImpact has projected record-setting advertising spending in this year’s midterms that would surpass the 2024 presidential race.

The totals don’t include the money pouring into other super PACs that back Republicans, including Musk’s own America PAC, to which he gave $89 million, or those that support a single candidate, like Lone Star Liberty PAC, which backs Texas Attorney General Ken Paxton. It raised $17.9 million for Paxton’s contest against Democrat James Talarico, including a $10 million donation from Musk, for what is on track to be the most expensive US Senate race ever.

A super PAC backing Talarico raised $9.6 million. Rory Gates, the son of Bill Gates, Netflix co-founder Reed Hastings and Ripple co-founder Chris Larsen each gave $1 million.

The Senate Majority PAC, which supports Democrats, raised $151 million. LinkedIn co-founder Reid Hoffman, Facebook co-founder Dustin Moskovitz, Hastings and Larsen contributed seven-figure checks. Future Forward PAC raised $20 million, with Moskovitz giving $4 million.

Another snapshot of the fundraising this cycle is set to come Tuesday, when the House Majority PAC, Trump’s MAGA Inc. and the party committees are due to file reports with the FEC.

In the Senate, Democrats need a net pickup of four seats to reclaim control of the chamber — a gain once thought to be out of reach, but that now looks possible, with polling showing competitive contests in even some reliably red states. Democrats have long been favored to retake the House, where the GOP holds a narrow majority. The president’s party traditionally loses House seats in the midterms.

While big Republican donors like Musk, Mellon and Schwarzman are pouring in millions to hold the Senate and keep losses in the House to a minimum, Democrats had a bigger edge among those giving smaller amounts. ActBlue, the party’s platform for online giving, raised $601 million for federal candidates and committees in the third quarter, the group said, compared to $159 million for WinRed. And in the 13 Senate races rated competitive by Cook Political Report, Democratic candidates raised more than their Republican rivals in 11. Independent Dan Osborn outraised Republican incumbent Pete Ricketts in Nebraska.

In Georgia, Jon Ossoff raised $33 million, bringing his total this cycle to $125 million, tops among candidates and far ahead of Republican challenger Mike Collins, who took in $2.8 million in the quarter. In North Carolina, former Governor Roy Cooper posted a $12.2 million total for his campaign, topping the $2.1 million raised by former Republican National Committee Chairman Michael Whatley. Georgia and North Carolina are rated “likely Democrat” by Cook, and GOP super PACs have pulled spending from both states in recent weeks.

The advantage Democratic candidates enjoy in campaign money has been critical in Texas. Talarico raised $60 million, including $29 million from donors giving less than $200, compared to $10 million for Paxton, who got help from GOP leaders raising money after securing the nomination.

Talarico’s fundraising edge allowed him to dominate the airwaves, forcing Republicans to divert some of their war chest to the state. Texas PAC, a super PAC funded by the Senate Leadership Fund, has spent $148 million on the race to date, FEC records show, while Musk’s America PAC has shelled out $22.7 million.