Elon Musk's business empire is tying itself ever closer to the federal government just as he spends record sums to help decide who controls it in the 2026 midterm election.
SpaceX has racked up at least $6.78 billion in federal work so far through Oct. 1 this year, according to FedScout, a research firm that tracks government spending and contracts, nearly twice its total for all of 2024. Tesla, SpaceX, including Musk's artificial intelligence business, also face high-stakes government decisions over defense spending, launch licenses, spectrum, autonomous vehicles, electricity and data centers.
At the same time, Musk has committed roughly $366 million to the 2026 election cycle across at least 40 races, making the world's richest person the midterms' biggest individual donor so far.
At least $276 million of that money has flowed to Republican groups and Musk's own political operation, America PAC, since July, according to a CNBC analysis of Federal Election Commission filings, as Republican candidates have been whacked on the cost of living and the war in Iran.
For Musk, Republican victories could help preserve his influence and a favorable political environment for his companies. Democratic control of either chamber could instead bring subpoenas and investigations into his businesses, federal contracts and his work leading President Donald Trump's Department of Government Efficiency.