Elon Musk spent a record of at least $474 million on the 2026 midterms, but many of his preferred candidates lost, according to a CNBC analysis of campaign finance records. Nearly half of that money, $224 million, went into Texas, where Republican Senate nominee Ken Paxton and Governor Greg Abbott were both defeated by Democrats. Tesla shares fell about 4% and SpaceX also slipped. The outcome could cause problems for Musk’s companies in Texas, which depend on state decisions on power, water, permits and tax breaks. Tesla’s largest US car plant is near Austin and SpaceX launches from Starbase. Governor-elect Gina Hinojosa has called for a pause on new data centres and an end to industry tax incentives. Nationwide, about $173 million was spent on largely negative ads targeting data centres, according to AdImpact.

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