US midterms 2026: With Republicans spending big, Bloomberg opens his wallet for Democrats. Here's how much he is pouring

As the US midterm elections approach, billionaire businessman and former New York City Mayor Michael R. Bloomberg is once again stepping in with substantial financial support for Democrats, continuing a familiar pattern of large donations late in election campaigns. Bloomberg has contributed approximately $80 million during September and October to support Democratic candidates and aligned political groups, according to details shared by his team with The New York Times. Some contributions are still being distributed, and many are expected to appear in upcoming campaign finance disclosures.

The donations are expected to make Bloomberg one of the largest publicly known donors supporting left-leaning political causes during this election cycle. “He believes in participation in our democracy,” Howard Wolfson, Bloomberg’s political adviser, said in an interview. “And obviously the scale of his participation, given his resources and his means, is greater than other people’s financially. But other people are participating in different ways.” Bloomberg's latest spending reflects his longstanding belief that financial resources can significantly influence electoral outcomes. His previous political investments have included more than $1 billion spent on his unsuccessful 2020 presidential campaign. “He is of the view that resources matter in campaigns,” Wolfson said. Still, Wolfson said that Bloomberg, 84, who exited elected office more than a decade ago, ‘expects a result’.

Bloomberg focuses on helping Democrats win the House

A central priority for Bloomberg is helping Democrats secure a substantial majority in the House of Representatives. The chamber is widely viewed as the party's strongest opportunity to gain control, and it has historically attracted considerable attention from the former mayor. Bloomberg's autumn spending is comparable to his investment during the 2018 midterm elections, a campaign his team regards as a successful example of his ability to influence political outcomes. “Mayor Bloomberg played an incredibly instrumental role in the decisive midterm election in 2018,” Representative Hakeem Jeffries of New York, the minority leader, said in a statement. “The extraordinary support from Mayor Bloomberg will once again help Democrats flip the House.”

At least $50 million of Bloomberg's latest contributions is earmarked for House races. This includes $24 million for Everytown for Gun Safety, the gun safety advocacy organisation he co-founded, which is concentrating its efforts on House contests this year. Another $16 million is going to House Majority PAC, the super PAC aligned with Jeffries. These contributions make Bloomberg the largest disclosed donor to both organisations. With Democrats considered well positioned to compete for control of the House, major donors are also directing more resources toward Senate races, where the balance of power is viewed as less predictable.

Bloomberg's objective is not simply to help Democrats reach the 218 seats required for a House majority. He wants the party to secure enough seats to govern more comfortably. “The difference between 221 and 230, in terms of the House majority, really matters,” Mr. Wolfson said, referring to how many seats Democrats could end up holding next year.

Also Read: US midterms 2026: Trump pledges $400 million for Republican candidates as election day nears

Democratic donors respond to Republican spending

Bloomberg's financial support comes as Democrats face substantial spending by Republican-aligned political groups, including those associated with Elon Musk and President Donald Trump. His contributions are expected to help Democratic candidates compete with Republican spending on television commercials, digital advertising and other campaign outreach efforts across the country.

A portion of the funding is also supporting coordinated advertising initiatives. Around the same time as Bloomberg's recent donations, Everytown and House Majority PAC announced plans for an advertising campaign worth approximately $10 million targeting eight female Democratic House candidates with backgrounds in gun safety activism. Bloomberg's financial backing of Everytown effectively allows House Majority PAC to redirect some of its own resources toward other competitive races. Wolfson said Bloomberg plans to provide another $10 million for House contests soon. Earlier in the year, Bloomberg also spent $11 million to help Assemblyman Micah Lasher win a contentious primary to succeed Representative Jerrold Nadler in New York.

Bloomberg maintains centrist priorities within the Democratic party

Despite his substantial financial support for Democrats, Bloomberg remains concerned about what he views as the party's shift to the left, particularly regarding Israel. Wolfson said Bloomberg is not ‘directing’ money to left-wing supporters of the Democratic Socialists of America, underscoring the former mayor's preference for more centrist political positions.

Bloomberg's political influence could also extend into the 2028 presidential election cycle, when Democrats will begin choosing a candidate to challenge the eventual Republican nominee. Wolfson said Bloomberg has not decided whom he will support. However, one of his contributions during the current cycle went to Pennsylvania Governor Josh Shapiro, who is considered a potential Democratic presidential contender. “He is a pragmatist. He is a centrist,” Wolfson said of Bloomberg. “I would be surprised if in the end he didn’t support someone who shared that orientation and was from that wing of the party.”

Millions more directed towards Democratic candidates

Since September 1, Bloomberg has also made several other significant political contributions. These include $5 million to a super PAC associated with the League of Conservation Voters, a combined $3.5 million to an organisation focused on electing Democratic candidates with backgrounds in science and medicine, and $2.5 million to a super PAC supporting James Talarico, the Democratic Senate nominee in Texas.

He has also provided $8 million to support Democratic gubernatorial candidates in six battleground states. Additionally, Wolfson said Bloomberg contributed $2.5 million during September and October to a super PAC backing New York Governor Kathy Hochul's re-election campaign.