The 2026 midterm election cycle could surpass the 2024 presidential cycle to reach record advertising spend for any U.S. election, according to a new report from advertising intelligence company AdImpact.

This year’s races are projected to reach $11.6 billion in ad spend, making it the most expensive cycle ever and eclipsing the $11.2 billion spent on ads for the 2024 election between now-President Donald Trump and former Vice President Kamala Harris, AdImpact estimates. The new projection is a $795 million increase from a previous projection made last year.

The midterm cycle is set to be more intense than previous cycles, with Republicans controlling both chambers of Congress. The 2022 midterm cycle drew $8.9 billion in ad spend, according to AdImpact. If the projection holds, the 2026 ad spend would be 30% higher than the last midterm election.

“From record-setting races and surging party committee war chests to a competitive landscape that continues to expand, all indicators point to 2026 being the most expensive political advertising cycle in history,” the report read.

AdImpact said it expects $5.6 billion to be spent on broadcast, $1.4 billion on cable, $2.6 billion on connected TV and $1.68 billion on digital.

Advertising remains a key revenue driver for media companies, with sports, live events and news attracting the most spending. Elections, particularly those that are hotly contested or in battleground states, often bring in some of the highest ad revenue for the owners of local broadcast stations across the country.

Broadcast TV remains one of the largest forces in political advertising, according to the report, comprising nearly half of the total cycle spending and driven almost entirely by state races.

States seeing the largest spend overall include California, Texas, Michigan and Ohio. Michigan, Ohio and Texas all feature competitive Senate races, while California has an expensive governor’s race.

AdImpact estimated that through June 1, political ad spending has reached $4 billon, a 46% increase over the same point in the 2024 presidential election cycle.

“Much of that surge is driven by a concentrated set of high-profile, high-dollar contests that materialized earlier in the cycle than is typical,” the report read.

Politicians are also relying more heavily on digital spending across platforms like Facebook, Google, Snapchat and X, expected to spend $1.6 billion in that category during the cycle, according to AdImpact.

Within the election categories, the Senate has seen a notable increase in projected political spend, expected to draw nearly $3.4 billion, with one of the most expensive races being Texas’ Senate primary, the report said. Republicans hold 53 U.S. Senate seats compared with Democrats’ 45. The Senate’s two independents caucus with Democrats.

In gubernatorial races, three of the four most expensive competitions on record are taking place in 2026 in California, New Jersey and Georgia, according to AdImpact.

Even down ballot spending is expected to reach record levels this year, surpassing the record set in 2022 of $3.2 billion.

The midterm election cycle’s most expensive period is yet to come, according to AdImpact. The highest spending is between August and November, accounting for between 58% and 67% of all political ad spending for the cycle, with October itself accounting for between 28% and 36% of spend as the country nears Election Day.