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The Ledger

Campaign finance dispatches. Data-driven. Non-partisan.

March 2026
Mar 24

$1.6 Billion Is Pouring Into 500 Races — Here's Where It's Going

3,662 candidates are chasing 500 seats. Texas, Illinois, and New York are leading the money race — and it's not even close.

$1.63B
Total 2026 election funding across 500 congressional races
WhoBoughtMyRep Research·
The 2026 midterms have already attracted $1.63 billion in total funding across 500 congressional races and 3,662 candidates.

Where the Money Is

Senate races account for $516 million across just 41 seats — an average of $12.6M per race. House races total $1.1 billion across 459 districts, but the money is far from evenly distributed.

The top 5 states by funding: Texas ($185M), Illinois ($135M), New York ($118M), California ($118M), and Georgia ($83M). Together, these five states account for nearly 40% of all election spending.

The Biggest Races

The Texas Senate race leads at $61.9M with 34 candidates in the field. Georgia Senate follows at $59.1M, and Illinois Senate at $53.6M. These three races alone represent over 10% of all 2026 election funding.

The money is an early indicator of where both parties see opportunity — and where outside groups are placing their bets.

Mar 20

The Grassroots Gap: Where Small Donors Are — and Aren't

Some candidates raise millions from small donors. Others rely almost entirely on PACs and big checks. The difference tells you everything.

70.6%
AOC's small-donor share — highest among top-funded 2026 candidates
WhoBoughtMyRep Research·
We looked at every 2026 candidate who's raised more than $500K and calculated their small-donor percentage — the share of money coming from individuals giving under $200.

The Small-Donor Champions

  • Alexandria Ocasio-Cortez (NY): 70.6% small-donor on $23.7M raised
  • Joshua Weil (FL): 72.5% on $15.9M
  • Graham Platner (ME): 69.7% on $7.9M
  • James Talarico (TX): 58.8% on $20.7M
  • Jon Ossoff (GA): 55.4% on $43.2M — the cycle's biggest fundraiser

The Big-Money Players

On the other end: Raja Krishnamoorthi (IL) has raised $30.5M but just 1.9% from small donors. John Fleming (LA) self-funded $8.1M of his $8.7M total — 0.4% from small donors. Steve Scalise (LA): 2.3% small-donor on $7.8M.

The gap matters. Small-donor candidates need broad public support to stay funded. Big-check candidates answer to a much smaller room.

Mar 15

24 Races Where Outside Money Is Deciding the Outcome

$125.9 million in independent expenditures. 24 competitive races. Some candidates are being outspent by groups they've never met.

$125.9M
Super PAC spending across 2026 races
WhoBoughtMyRep Research·
Independent expenditures — money spent by Super PACs and outside groups to support or oppose candidates — have already reached $125.9 million in 2026 races.

The Battlegrounds

Cook Political Report and IE intensity data flag 24 races as truly competitive. The most contested:

  • Illinois 7th District: $12.1M total funding
  • Alabama Senate: $10.5M
  • North Carolina 1st: $9.8M (Lean R)
  • Nevada 3rd: $8.2M (Lean D)
  • Virginia 7th: $7.9M (Lean D)

Why It Matters

When outside groups can flood a district with millions in ads, the candidate's own fundraising becomes secondary. In several of these races, Super PAC spending exceeds what the candidates themselves have raised. That's not influence — it's control.

Mar 10

10 Candidates Exposed: $47M of Their Own Money on the Line

They can't be bought — because they're buying it themselves. Meet the millionaires bankrolling their own campaigns.

$47.2M
Self-funding by top 10 candidates betting their personal wealth
WhoBoughtMyRep Research·
198 candidates in 2026 have put more than $100K of their own money into their campaigns. The top 10 alone have wagered $47.2 million of personal wealth.

The Biggest Bets

  • John Fleming (R-LA Senate): $8.1M self-funded of $8.7M total — 93% his own money
  • Peter Chatzky (D-NY House): $5.8M of $6.1M — 95% self-funded
  • David Trone (D-MD House): $5.4M of $6.0M — 90% self-funded
  • Mark Lynch (R-SC Senate): $5.0M of $5.6M — 89% self-funded
  • Anthony Constantino (R-NY House): $5.0M of $5.0M — 100% self-funded

The Trade-Off

Self-funders can't be influenced by donors — but they also skip the accountability that comes with building a donor base. When you don't need anyone's money, you don't need anyone's approval. That independence is either a feature or a bug, depending on who wins.