Super PACs established in the final 10 weeks before Election Day reported roughly $637 million in spending on congressional contests through Oct. 29, according to a CNBC analysis of Federal Election Commission filings. The total represents about one-sixth of independent expenditures reported in House and Senate races this election cycle. Republican-linked groups spent approximately twice as much as those connected to Democrats.
CNBC identified 22 newly registered super PACs that each spent at least $1 million on congressional races during that period. At the equivalent point in the 2022 midterms, five comparable organizations had spent about $18 million combined. Three such groups spent around $12 million in 2018. This year's total also exceeded comparable congressional spending by late-forming groups in either of the past two presidential election cycles.
The timing of disclosure requirements allows spending to become public before its funding sources do. Federal rules require committees to report large independent expenditures within 24 or 48 hours, depending on their proximity to Election Day. Those filings identify spending amounts and the candidates supported or opposed, while donor information appears in less frequent financial reports. Of the 22 groups CNBC examined, 18 started spending within 30 days of registration, and nearly all spent before submitting their first regular financial report.
Our Heritage Matters illustrates the gap. Registered on Oct. 15, it started spending five days later to support third-party candidates and oppose Republicans. By Oct. 29, its expenditures across 10 congressional races totaled about $1.2 million. Because it formed after a key reporting deadline, its first regular donor disclosure is due Dec. 3, a month after Election Day. Northwestern Pritzker School of Law professor Michael Kang said temporarily avoiding disclosure is the principal reason for the practice.
Some organizations have connections to established political operations. CNBC found financial or organizational links to existing networks for nine of the 22 groups. Lower Costs Now registered Sept. 10, disclosed an affiliation with Future Forward PAC and began Senate spending 19 days later. Its Oct. 15 report revealed $23 million from Senate Majority PAC, the main super PAC supporting Senate Democrats. By Oct. 29, Lower Costs Now had reported approximately $75.5 million in expenditures across eight Senate races.
On the Republican side, No Going Back PAC registered Sept. 1 and began spending three days afterward. Although public reporting linked it to President Donald Trump's MAGA Inc., its formal financial filing arrived only on Oct. 20. By then, it had spent about $187.8 million. That filing disclosed $200 million from MAGA Inc. Its expenditures reached roughly $242.2 million by Oct. 29.
Many groups concentrated on individual races: 14 of the 22 directed all their spending toward one congressional contest. The Maine Standard spent $8.2 million opposing Democrat Troy Jackson, while The Cornhusker Majority spent about $7.1 million in Nebraska, almost entirely against independent Dan Osborn. Their Oct. 15 reports showed both received financing from Senate Leadership Fund, the principal Republican Senate super PAC.
Tracing money through a national organization can leave additional donors undisclosed for weeks. Texas PAC formed Aug. 28 and began supporting Republican Ken Paxton soon afterward. Elon Musk's involvement became public Oct. 12. Filings three days later showed Musk gave Senate Leadership Fund $158 million in two donations, followed the next day in each case by matching transfers to Texas PAC.
Texas PAC had spent approximately $181.6 million by Oct. 29. Together with No Going Back, it accounted for roughly two-thirds of expenditures by the 22 groups. Even excluding those two organizations, the remaining groups spent nearly 12 times the amount recorded by comparable late-forming super PACs at the same stage in 2022.
