SpaceX and Tesla have high election stakes as Elon Musk pours $366 million into campaigns

Elon Musk has committed roughly $366 million to the 2026 midterm elections while his companies, particularly SpaceX, receive accelerating federal contracts. SpaceX has secured at least $6.78 billion in federal work through October, nearly double its 2024 total, including multi-billion-dollar Pentagon awards in May. Musk's political spending targets at least 40 races, with $276 million directed to Republican groups and his America PAC since July.

In Texas, where Tesla, SpaceX and The Boring Company operate, $189.6 million supports Republican Ken Paxton's Senate bid. State-level contributions exceed $6 million to officials including Governor Greg Abbott. America PAC also backs Senator Susan Collins, chair of the Senate Appropriations Committee. After spending nearly $300 million in 2024 and gaining then losing White House access, Musk has recently rejoined Trump's circle, receiving a Pentagon advisory role.

Additional spending of $22.7 million spans six battleground states, including digital ads and outreach in Michigan supporting Republican Mike Rogers and attacking Democrat Abdul El-Sayed.

Source

SpaceX and Tesla have high election stakes as Elon Musk pours $366 million into campaigns — CNBC