Democrats lead fundraising in key Senate races as Musk gives record sums to Republicans
Democrats have raised far more than Republicans in competitive Senate contests, though Elon Musk’s record donations are narrowing the gap.
KEY POINTS
- Democrats raised more than Republicans in 12 of the 13 most competitive Senate races
- Democrats raised three to six times more than Republicans in Ohio, Maine, Michigan, Iowa, Texas, and Alaska
- James Talarico raised $64 million versus $10.2 million for Ken Paxton in Texas
- Elon Musk gave at least $276 million in the third quarter and $369 million since the start of 2025
- Republicans outspent Democrats by about $120 million on Texas Senate advertising since Labor Day
Democrats entered the final stretch of the U.S. midterm elections with a major fundraising advantage over Republican opponents in many competitive races, according to federal election filings.
In six key states — Ohio, Maine, Michigan, Iowa, Texas, and Alaska — Democrats raised between three and six times as much as Republicans from July through September, according to an analysis by Punchbowl News.
“Elon Musk gave at least $276 million in the third quarter, making him the largest donor of the midterms.”
In Texas, Democratic state Rep. James Talarico raised $64 million compared with $10.2 million for Republican Ken Paxton, who defeated Sen. John Cornyn in the primary but trails in polling.
Elon Musk, President Donald Trump’s former White House adviser and the world’s richest man, gave at least $276 million in the third quarter, making him the largest donor of the midterms; since the start of 2025 he has given $369 million to back Republicans.
Republicans have spent about $120 million more than Democrats on advertising in the Texas Senate race since Labor Day, according to ad-tracking firm AdImpact.
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