Late Ad Buys Cost Trump Super PACs Millions in Midterms

Republican-aligned super PACs are paying up to five times the standard rate for television advertising in the final weeks of the 2026 midterm elections, a financial penalty driven by a delayed spending strategy that is eroding the value of a record-breaking war chest.

Trump-affiliated political groups have reported spending nearly $277 million since early September, according to federal campaign finance filings. The bulk of that money moved through MAGA Inc., which transferred $200 million to No Going Back PAC Inc. and another $25 million to Safety & Affordability PAC Inc. But holding those funds until the closing stretch of the campaign has forced the groups into a buyer’s market with virtually no leverage.

Broadcast stations charge premium rates when inventory shrinks close to Election Day. By waiting, the Republican operation ensured its dollars bought significantly fewer impressions than they would have in August or early September. According to AdImpact, which tracks media spending and reservations, the three groups required to report their donors have spent more than $256 million on advertising so far.

“It’s more than any president has ever spent, by far, on the midterms,” said Corry Bliss, a GOP Senate and House campaign strategist who was the executive director of the Congressional Leadership Fund, House Republicans’ super PAC in the 2018 campaign.

The inflated ad costs arrive as Republicans attempt to defend narrow majorities in both chambers of Congress. Historical precedent heavily favors the opposition party in midterms, but internal dynamics have compounded the structural disadvantage. President Donald Trump intervened in several primaries this cycle, helping defeat longtime incumbents, while his approval ratings have suffered from voter frustration over persistent inflation and the ongoing war with Iran.

Texas has become the most expensive single-state battleground for these late-stage purchases. Tens of millions of dollars are currently flooding the airwaves to support Republican Senate candidate Ken Paxton against Democrat James Talarico. Billionaire Elon Musk has invested heavily in the same race, prompting Talarico to accuse him of attempting to buy the seat outright.

MAGA Inc. entered September with nearly $416 million in the bank, fueled by contributions from billionaire backers including businessperson Diane Hendricks, Blackstone Group CEO Stephen A. Schwarzman, and casino magnate Steve Wynn. As of Oct. 14, the group still held more than $164 million in cash reserves.

Trump signaled further expenditures are coming. In a post on his social media site Tuesday, he stated plans to spend “over 400 Million Dollars by Election Day.” He specified that $300 million had already been deployed across advertising, voter contact, rallies, tele-rallies, get-out-the-vote programs, and efforts to prevent voters from cheating.