GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
Trump and Musk super PACs unleash millions to boost Republicans in battleground races - Finance news and analysis from Global Banking & Finance Review
Finance

Trump and Musk super PACs unleash millions to boost Republicans in battleground races

Published by Global Banking & Finance Review

Posted on September 11, 2026

5 min read

· Last updated: September 11, 2026

Add as preferred source on Google

Trump and Musk Super PACs Ramp Up Battleground Spending for Republicans

By Bo Erickson and Dawn Kopecki

Republican Super PACs Intensify Efforts Ahead of 2026 Midterm Elections

NEW YORK, Sept 11 (Reuters) - The two biggest Republican money players in the 2026 midterm elections – U.S. President Donald Trump and billionaire Elon Musk – have finally turned on the spigot with less than eight weeks to go before Election Day.    

With Republicans facing the prospect of losing control of at least one chamber of Congress, and polling showing Democrats more motivated to vote, a group connected to Trump has begun spending tens of millions of dollars to reserve blocks of TV ad time in close races.

Trump’s Financial Commitment to the Midterms

Trump, whose approval rating is stuck at the lowest level of his political career, told reporters last week that he planned to allocate $400 million to $500 million to boost Republicans in the midterms.   

No Going Back PAC’s Battleground Strategy

The Trump-affiliated Republican political action committee No Going Back has locked in more than $24.9 million in ad time across six battleground states: Alaska, Georgia, Michigan, North Carolina, New Hampshire and Ohio, according to political ad research firm AdImpact.  

Musk’s America PAC and MAGA Inc. Target Texas Senate Race

Additionally, Musk’s America PAC and Trump's main fundraising arm MAGA Inc. have in recent days poured $2.4 million and $10 million respectively into the race for a U.S. Senate seat in Texas where state Attorney General Ken Paxton risks becoming the first Republican to lose to a Democrat in a state-wide election there in decades.

Attack Ads and Polling Data

About $6.9 million of that money is being spent on attack ads against Democratic state lawmaker James Talarico who leads Paxton by 2.1 percentage points in an average of polls compiled by Nate Silver's Silver Bulletin.  

Republican Strategists Weigh In

"Republicans now must spend real money defending an expanded map," said Republican strategist Brad Dayspring of Purple Strategies in Alexandria, Virginia. “When you suddenly have to put millions into Texas, having President Trump and Musk open their wallets gives Republicans the ability to shore up vulnerable races without draining resources from the rest of the map."  

Musk’s America PAC Mobilizes Voters

Musk's America PAC expects to play a major role in Republican voter turnout efforts in key states, with spending on door knockers, digital ​advertising and direct-mail campaigns ahead of the November 3 election. He's already spent more than $7 million on digital advertising, text messages, voter calls, mailers and other printed materials, federal filings show. A spokesman for the PAC declined to comment.

New Fundraising Arm and PAC Structure

Origins and Affiliations of No Going Back PAC

Trump's midterm war chest is supporting the new No Going Back super PAC, according to one person familiar with the matter who asked not to be identified. It is unclear how much of Trump's war chest will be allocated through this new group.

Though Trump's MAGA Inc. and No Going Back aren’t yet formally affiliated with each other, they share the same treasurer – Charles Gantt – phone number and address at the same firm in Massachusetts. Gantt, MAGA Inc. and No Going Back didn’t return requests for comment.  

Advertising and Branding Strategy

The New York Times reported that No Going Back spent $49 million reserving advertising on Tuesday and Wednesday alone. 

It is not clear why the new PAC, which registered with the Federal Election Commission on September 1, was established but Republican strategist Ron Bonjean said it helps distance Trump and his MAGA movement from campaign donations as voters sour on the president.

Any advertising from the new PAC will be credited to No Going Back PAC instead of MAGA Inc., a name closely tied to Trump’s political brand.

"It’s a brilliant strategy because it takes MAGA out of the name. It takes any affiliation to Trump out of the name. It has an innocuous name that no one will care about as opposed to MAGA Inc.,  which could turn off independent voters right away," said Bonjean, a partner at bipartisan public affairs firm Rokk Solutions in Washington.   

Vendor Relationships and Disclosure Timing

The new PAC has used some of the same vendors as MAGA Inc. to carry out its work and in August some officials from MAGA Inc. started telegraphing to Republicans their intention to create a new PAC, according to the person familiar with the operation.   

The timing of No Going Back's registration will delay full disclosure of its donors until late October, according to FEC rules.

Trump’s $5,000 “Dividend” Proposal

 Trump capped the first day of his Republican Party's first-ever midterm convention in Dallas on Wednesday by proposing to pay every U.S. adult a $5,000 "Trump dividend" if the party wins the congressional elections. It was not immediately clear how the $5,000 payments would work or whether they would be legal.

(Reporting by Bo Erickson in Washington and Dawn Kopecki in New York; Editing by Alistair Bell)

Key Takeaways

  • No Going Back super PAC has reserved over $24.9 million in ad time across six battleground states — Alaska, Georgia, Michigan, North Carolina, New Hampshire and Ohio — as Republicans brace for potential loss of congressional control, and Trump reportedly plans to allocate $400 million to $500 million overall for midterm efforts (apnews.com).
  • Elon Musk’s America PAC has begun spending in earnest, reporting over $800,000 in initial midterm expenditures focused on Republican campaigns in Texas and other swing states; filings show the PAC sits on up to $50 million and Musk has authorized $100 million–$120 million for the midterm cycle (marketscreener.com).
  • Both PACs are heavily involved in the tight Texas U.S. Senate race: No Going Back along with MAGA Inc. directed some $10 million towards supporting Ken Paxton, while America PAC directed approximately $248,000 to Paxton; Talarico currently holds a slight polling lead in several surveys (axios.com).

References

Frequently Asked Questions

Which battleground states are receiving super PAC funding?
Key battleground states receiving super PAC ad buys include Alaska, Georgia, Michigan, North Carolina, New Hampshire, and Ohio.
What type of campaign efforts are Musk's PAC focusing on?
Musk’s America PAC is focusing on digital advertising, door knocking, mailers, text messaging, and other voter turnout strategies.
Why was the new 'No Going Back' PAC established?
The new PAC is seen as a strategy to distance Trump's brand from campaign donations, potentially appealing more to independent voters.
Are Trump's MAGA Inc. and 'No Going Back' PAC formally affiliated?
Though they are not formally affiliated, both PACs share the same treasurer, phone number, and address, and have used overlapping vendors.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category