Record 2026 Campaign Spending: Billionaires, crypto fuel $11.9bn US midterms; TV ads dominate

The 2026 midterm elections in the U.S. are on track to raise a staggering $12 billion, marking the most expensive campaign in history. The 2026 US midterm election campaign is expected to become the most expensive in the country's history, with total spending projected to reach nearly $12 billion, according to Opensecrets, an independent organisation that monitors campaign finances.A significant share of the expenditure is being driven by outside political groups, particularly super political action committees (Super PACs), which are investing heavily in key electoral contests ahead of the November 3 election.Billionaire businessman Elon Musk has emerged as the biggest individual donor, contributing nearly half a billion dollars to support republican candidates. Much of his spending has focused on Texas, where several of his companies are headquartered.BBC Verify has examined the campaign finance figures to assess how much has been spent, who is funding the candidates and where the money is going.The president says he has held 31 rallies over 27 days, along with many tele-rallies, a term that's been used recently in US media to describe when a politician phones into a rally.How muc...