Crypto and AI Interests Spent $250 Million as Backed Sides Lost 9 of 12

Crypto and AI interests put about $250 million into the 2026 U.S. midterms, while super PAC-backed sides lost nine of 12 competitive races decided so far.

Within those 12 races, super PACs spent $74.7 million backing candidates who lost, compared with $28.3 million for candidates who won. Nearly three times as much went to the losing side, even though the backed side won only three of the 12 contests.

Ohio was the most expensive single contest for crypto interests. They spent more than $64 million opposing Democrat Sherrod Brown in the state’s Senate race, setting an industry record for spending on one election. Brown won.

Bryan Steil, chairman of the House Financial Services Committee’s Digital Assets Subcommittee, also lost his race in Wisconsin’s 1st Congressional District.

The approximately $250 million figure covers combined crypto and AI industry spending across the midterms. The $74.7 million and $28.3 million totals isolate super PAC spending associated with the losing and winning sides in the 12 competitive races with results called.