Elon Musk spends 366 million dollars on US midterm election campaigns

SpaceX chief executive Elon Musk has spent 366 million dollars on political campaigns during the 2026 United States midterm election cycle, CNBC, UA.NEWS, Pluang, and NewsBytes all report. CNBC reported that Musk is focusing heavily on races for the United States Senate, where political control will determine federal regulations, spending, and potential congressional investigations affecting his business empire. [1][3][4][5][7]

SpaceX has secured at least 6.78 billion dollars in federal government work through October 1 of this year, according to CNBC. Figures from research firm FedScout show this spending is nearly double the firm's total federal contract revenue for the whole of last year. [1]

The election spending comes as Musk considers a potential mega-merger between SpaceX and electric vehicle maker Tesla, BBC News reported. Tesla reported third quarter revenue of 28.05 billion dollars, down from 28.1 billion dollars in the same quarter last year, according to BBC News. Musk stated during an earnings call that calling the proposed merger a certainty would be overstating the situation. [2]

Musk is the chief executive officer and largest shareholder of both Tesla and SpaceX. As FTMQ Climate reported earlier, special committees at both companies have been evaluating a potential merger between the two firms. [8][9][11]

Informat.ro reported that Musk warned political opponents against launching post-election investigations into his activities. Control of the Senate will shape future regulatory oversight and federal contract distribution following the midterm elections, CNBC reported. [1][6]