Crypto, AI and betting firms drive record spending in 2026 midterms

US companies have poured a record $517 million into congressional races between January 2025 and March 2026, blowing past the entire 2024 cycle’s total of $461 million with months still left before voters head to the polls. The three sectors doing most of the heavy lifting: crypto, artificial intelligence, and online betting.

Together, those industries have contributed at least $294 million, more than half the total corporate spend.

Who’s writing the biggest checks

The crypto industry’s playbook looks familiar. Fairshake, the super PAC that became a kingmaker during the 2024 cycle, entered this election season sitting on a $193 million war chest. By mid-2026, it still had roughly $130 million in reserve, meaning it has already deployed tens of millions and still has enough dry powder to reshape races through November.

AI-focused super PACs represent the newest entrant in the big-money political arena, and they’re scaling fast. These groups have raised over $200 million and spent at least $44 million backing more than 40 candidates through the end of June 2026.

Then there’s online betting. DraftKings and FanDuel, the two dominant US sportsbook operators, have collectively donated more than $72 million, making online gambling platforms the third-largest bloc of corporate donors this cycle.

The bigger picture for markets

Observers have noted that one-third of all corporate political expenditures since 2010 have been amassed in this single election cycle, driven largely by new wealth among billionaires in the tech and gaming sectors who are replacing traditional contributors from finance, pharmaceuticals, and energy sectors.

For crypto investors specifically, the spending signals something important: the industry’s largest players clearly believe that regulatory clarity is coming and that its shape is still up for negotiation. Fairshake’s decision to maintain a $130 million reserve heading into the fall suggests the most consequential races, and the most consequential spending, are still ahead.

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