Elon Musk has become the biggest political donor of the 2026 US midterm elections cycle, funneling about $366m into political groups and campaigns as he backs conservative candidates and rightwing causes. The world’s richest person has poured more than $276m into politics since July alone, some of the most rapid political spending in US history. He’s targeting key races that will determine which party controls the US Senate.

The New York Times first reported the spending numbers, which will be released in a federal filing on Thursday. Musk’s spending outpaces his 2024 presidential election contributions, in which he sunk nearly $300m into Donald Trump’s re-election campaign.

Musk’s political spending reasserts the SpaceX and Tesla CEO as the top Republican megadonor and furthers his rightwing political influence. Musk, who led the Trump administration’s efforts to gut federal agencies last year, has become an international linchpin for far-right political movements in recent years as he aligns himself with anti-immigrant, conservative leaders.

The tech mogul’s spending spree is also a reversal from a period in the middle of last year when Musk claimed he would step back from making such large-scale political donations. The failures of his so-called “department of government efficiency” (Doge) and costly public backlash to his political influence, as well as a dramatic falling out with Trump, appeared to have deterred his interest in Washington politics.

Musk’s spending is spread throughout a series of political action committees, according to Reuters and the New York Times, including his own America Pac. His largest single spend was a $158m contribution to the Senate Leadership Fund, a Super Pac working to help Republicans retain control of the Senate. Musk has also given $10m to a Pac supporting Ken Paxton, the Texas Republican Senate candidate who is facing Democratic nominee James Talarico in a closely watched and intense race.

Other blockbuster Musk contributions include $76m for America Pac, $20m for the Congressional Leadership Fund Republican Super Pac and $10m for the Republican Governors Association. Musk also gave $10m in January to Nate Morris, a Kentucky Republican Senate candidate who withdrew from the race in May after accepting an offer to become the US ambassador to Colombia.

Some of Musk’s money is going to advertising and messaging campaigns that focus on anti-transgender rhetoric and accuse Democratic candidates of being radical socialists. Musk has long used X, the social media platform he owns, to target his political opponents, push election misinformation and attack trans rights. Over the weekend, he reposted a video from America Pac that showed Talarico’s previous statements on gender, calling it “madness”.

Musk’s immense spending involves some of the largest political donations in US history, but is still only a tiny fraction of his nearly $1tn wealth. The $366m in midterms spending represents about less than 0.04% of his net worth.