Elon Musk has given $474 million to political groups in the 2026 midterm cycle, according to an analysis by The New York Times. No donor has given more in a single election cycle, apart from wealthy candidates who paid for their own campaigns.

The count comes from Theodore Schleifer, who built the total from Federal Election Commission and Internal Revenue Service filings and state records. It covers disclosed donations to federal and state political groups since January 1, 2025. Only Michael Bloomberg spent more in one cycle, in 2020, when he ran for president.

About $216 million went to America PAC, Musk’s own super PAC, which runs a field operation across the country. Another $168 million went to the Senate Leadership Fund, the main super PAC backing Senate Republicans. Almost all of that money effectively supported Ken Paxton, the Republican Senate nominee in Texas.

The Congressional Leadership Fund, which backs House Republicans, received $30 million. Other Republican groups and candidates got about $44 million. State efforts in Michigan, Texas and Wisconsin drew roughly $16 million.

Texas stands out. Counting America PAC’s disclosed spending, Musk has put about $212 million behind Paxton, the Times found. Add $12.3 million more to Texas political groups and his Texas bill comes to about $224 million.

The real figure is almost certainly higher. The Times says Musk has also made dark money donations this cycle, which do not appear in public filings. The federal records also run only to October 14, so they miss the final three weeks of the campaign.

The spending cuts against his own words. Musk spent roughly $290 million on the 2024 election. He then ran the so-called Department of Government Efficiency in the Trump administration. In May 2025, he said he would pull back from politics.

“In terms of political spending, I’m going to do a lot less in the future,” Musk said at the time. He added that he had done enough.

The pledge did not last. A month later, Musk fell out with Trump in public over the president’s domestic policy bill. By autumn, the two had largely made up. In October, Trump gave Musk the National Medal of Science.

Musk is not the only tech name writing big checks. AI companies and their executives have backed AI-focused super PACs, including a second $25 million gift from OpenAI’s Greg Brockman. The industry has a growing stake in who writes the rules in Washington.

Now Trump is offering Musk cover. On Monday, he said he would move to protect Musk if Democrats investigate him after the midterms, Axios reported. Host Miranda Devine asked him on the Pod Force One podcast about rumours that Musk could face an investigation or have assets seized.

“It’s talk. But if it is talk, we’ll have to protect them,” Trump said.

Democrats have given reason for the question. Democratic lawmakers have signalled they plan to scrutinise Musk if they win back Congress, Politico reported in October. Their list includes his time at DOGE, his companies’ federal contracts and his role in the Russia-Ukraine war.

That sets up a sharp contrast for the next Congress. A donor who put nearly half a billion dollars into one cycle could soon face oversight from the party he spent against. The president, for now, says he has his back.

Voters decide who holds the power to act. Americans go to the polls on Tuesday.