2026 midterm megadonors favor Republicans, CNBC finds

The biggest donors in the 2026 midterm election are breaking decisively toward Republican candidates and causes, a CNBC analysis of Federal Election Commission records found.

Fourteen of the 20 largest donors and donor groups this election cycle have exclusively or nearly exclusively backed GOP candidates or aligned groups, according to a CNBC analysis of federal campaign-finance records. Together, the 20 account for $1.2 billion, or about an eighth of the roughly $9.8 billion raised this election cycle through Sept. 25 across the campaigns and super PACs CNBC examined.

CNBC analyzed FEC records for contributions reported during the 2026 election cycle, covering Jan. 1, 2025, through the latest filings available, combining spouses and closely affiliated donor entities where appropriate and removing duplicate or superseded transactions. The analysis of disclosed federal political committee contributions provides the most up-to-date snapshot of who is financing the 2026 midterms and shows a stark divide in where the biggest donors are putting their money.

Democratic megadonors, meanwhile, are increasingly bypassing the national party, though in some cases they’re giving directly to candidates instead.

With less than four weeks until Election Day, some of the biggest six-figure checks that once routinely flowed to the Democratic National Committee haven’t materialized. Fundraisers told CNBC the hesitation reflects lingering 2024 election “trauma” from Kamala Harris’ defeat, fears of democratic socialism and disillusionment with the DNC’s leadership in Washington.

“We don’t have the kind of donors they’ve got,” said Matt Bennett of the centrist Democratic think tank Third Way. “The advantages that the Republicans have are enormous, and no amount of donor enthusiasm on our side is going to close that gap.”

The Republican Party is scrambling to defend its congressional majorities as more House and Senate races once considered safe for the GOP have become competitive. From Labor Day through Sept. 25, conservative super PACs have outspent their Democratic counterparts $310 million to $174 million, a magnitude approaching 2 to 1, according to CNBC’s analysis of FEC records.

“No one ever agrees with anyone on 100% of the issues, but we are doing really well fundraising,” said Republican fundraiser Eric Levine, founder and managing member of ERL Federal Consultants. “My understanding is that a lot of this money is going to candidates that may have a little trouble raising their own money. One name that comes to mind is [Ken] Paxton in Texas.”

Less than six weeks before Election Day, the Cook Political Report with Amy Walter shifted 15 House races toward Democrats and said the GOP was on track to lose its House majority. The race for control of the Senate is closer but has also moved toward Democrats: Cook now rates control a “true Toss Up,” with Democrats needing four seats.

Democrats “are starting to see this real opportunity in a bunch of these races,” said