AI, crypto and Trump super PACs stash millions to spend on the midterms

Political groups linked to the cryptocurrency and artificial intelligence industries have raked in tens of millions of dollars, according to new campaign finance reports, as they seek to become major players in this year’s midterm elections.

The most prominent pro-crypto groups ended 2025 with nearly $194 million to spend, almost all of it with Fairshake, a group backed by Coinbase and other venture capitalists, according to new reports filed with the Federal Election Commission. A pro-AI group, Leading the Future, finished the year with $39 million in its campaign account.

The sizable war chests indicate that these groups could wield significant influence in the 2026 primaries and general election to promote their preferred candidates in both parties, with the goal of influencing policy in Washington.

Pro-crypto groups emerged as forces in the last elections. Fairshake and two aligned groups, Defend American Jobs and Protect Progress, together spent a whopping $290 million in 2024, according to campaign finance records.

Most notably, these groups spent heavily to help Ohio Republican Bernie Moreno unseat Democratic Sen. Sherrod Brown, to oppose Democratic Rep. Katie Porter’s bid for the California Senate, and to support Arizona Democrat Ruben Gallego and Michigan Democrat Elissa Slotkin in their successful Senate bids.

Leading the Future is a new group looking to make an impact on this year’s elections. He raised more than $50 million from August 15 to December 31, receiving $12.5 million each from OpenAI co-founder Greg Brockman, his wife Anna, as well as venture capitalists Marc Andreesen and Benjamin Horowitz.

The new super PAC has frustrated some White House officials because its donors include some allies of President Donald Trump and the group is open to supporting candidates from both parties.

So far, Leading the Future and its allied groups have announced plans to devote two primaries to open houses. The group is opposing state Rep. Alex Bores, who sponsored AI safety legislation, in a New York district to replace outgoing Democratic Rep. Jerry Nadler. And it solidifies attorney Chris Gober in a deep red seat in the Texas House of Representatives to replace outgoing Republican Rep. Michael McCaul.

Meanwhile, a super PAC linked to President Donald Trump remains one of the main players on the political scene heading into a midterm election year where control of the Republican-led House and Senate is at stake.

MAGA Inc., the main super PAC allied with Trump, closed the year with $304 million in reserve. Most of its fundraising in the second half of 2025 was already disclosed in a filing earlier this month, and the organization raised more than $112 million over the six-month period, with big checks from those who have cases before the administration or their families facing legal risks.

Even though Trump will not be on the ballot in 2026 and, despite his repeated musings, is constitutionally ineligible to run for president again, the super PAC’s money will help the president continue to wield influence within the GOP.

Tech billionaire Elon Musk continued to donate millions to mainstream Republican groups as he appeared to improve relations with Trump in recent months. Once a close Trump ally and White House adviser, Musk publicly broke with Trump and even threatened to create a third party last year.

Musk gave $5 million checks to the Senate Leadership Fund and the Congressional Leadership Fund — major super PACs aligned with Senate and House Republican Party leaders — in December. And Musk also gave $2.9 million, including in-kind contributions, to America PAC, his own political group that spent more than a quarter of a billion dollars in the last election cycle, mostly to help Trump. While America PAC closed the year with little funds in its bank account, the staggering wealth of its main patron means that figure means very little.

During the second half of 2025, the Senate Leadership Fund raised nearly $77 million, closing the year with $100 million in reserve. The Congressional Leadership Fund raised more than $38 million during this period and ended 2025 with $54.5 million in cash.

Democratic Dollars

On the Democratic side, the House Majority PAC, the main outside group charged with helping Democrats take control of the House, raised more than $48 million and closed the year with $46 million in cash on hand.

The Senate Majority PAC, the group aligned with Senate Democratic leadership, had not yet filed its fundraising report as of Saturday evening.

United Democracy Project, a pro-Israel group aligned with the American Israel Political Action Committee (AIPAC), raised more than $61 million from July to December and ended 2025 with nearly $96 million in the bank, according to the latest campaign finance reports. The group participates in primaries on both sides of the aisle, but participates heavily in Democratic elections.

The group is already involved in the upcoming special election in New Jersey’s 11th Congressional District, where it is attacking former Democratic Rep. Tom Malinowski.

While the United Democracy Project received a massive $30 million check from AIPAC, its second-largest contributor was GOP mega-donor Paul Singer. Donations from Singer and other prominent Republicans have been a point of contention for Democrats because of the group’s heavy involvement in their party’s primaries.

Democratic lawmakers also face new primary threats this election cycle, amid generational and ideological divisions within the party.

Leaders We Deserve, a group led by activist David Hogg, announced last year that it would target Democrats in deep blue districts who were “sleeping at the wheel” as part of a $20 million effort to support young candidates. The group raised more than $7.8 million in 2025, ending the year with nearly $2.3 million in its campaign account.