Corporate America has poured a record $646 million into U.S. political campaigns ahead of the midterms, already eclipsing spending during the entire 2024 presidential election cycle by 40 percent, according to a new analysis.

Public Citizen, the consumer advocacy group founded by Ralph Nader, found corporate political spending surged during the 18 months through June as businesses scrambled to influence the battle for control of Congress.

Crypto, online gambling and artificial intelligence companies were among the biggest spenders, contributing more than $344 million combined — over half of the corporate money identified in the analysis.

“The rate at which corporate money is rushing into our elections should be a flashing warning sign,” said Rick Claypool, a research director at Public Citizen.

The watchdog analyzed Federal Election Commission disclosures and identified contributions made directly by corporate entities. Its $646 million figure does not include dark-money groups that are not required to disclose their donors, state-level spending or contributions made personally by company executives.

That means the true scale of political spending tied to corporate interests is considerably larger.

Koch Inc., controlled by prominent Republican donor Charles Koch, contributed $20 million in June to Americans for Prosperity Action, the Koch network’s principal political action committee.

Reynolds American, the tobacco company behind brands including Camel and Newport, contributed $5 million through a subsidiary to President Donald Trump’s MAGA Inc. super PAC in April.

Six cannabis companies, including Curaleaf and Trulieve, contributed a combined $11.5 million in June to America First Agriculture Action Inc., a super PAC that shares a treasurer with MAGA Inc., according to Public Citizen’s review.

Crypto entrepreneurs Cameron and Tyler Winklevoss also contributed $10 million to MAGA Inc. through Gemini Trust Co. on June 19. The donation came about three weeks after the Trump administration asked a federal judge to vacate an earlier ruling against the company. Gemini declined to comment.

Online gambling has also emerged as a major political force.

DraftKings, FanDuel, Fanatics and bet365 contributed $29 million during the second quarter to Win for America, which directs money through affiliated PACs supporting both Democratic and Republican candidates in state races. The industry has contributed about $76 million so far during the midterm cycle.

Prediction-market company Polymarket, meanwhile, made its first reported federal political contributions, including $1 million through its parent company to a PAC supporting Republican House candidates.

Artificial intelligence companies are pouring millions more into politics.

Leading the Future, a super PAC associated with figures in the AI industry, including people connected to OpenAI, has reported receiving $50 million, while Public Citizen put the sector’s reported FEC contributions at $62 million. OpenAI has previously said that “no outside political group speaks for OpenAI or represents our company’s views.”

The $646 million total still captures only part of the political money flowing from corporations and their leaders.

Meta has earmarked $65 million for state-level races that are not included in the FEC figures, according to state disclosures and IRS filings.

Anthropic contributed $40 million to Public First Action, a nonprofit that does not disclose all its donors and says it focuses on educating the public and pushing Congress to address risks from emerging AI technology.

Personal spending by wealthy executives is also excluded. Elon Musk has spent more than $90 million on federal elections, while Google co-founder Sergey Brin has spent more than $106 million in California opposing a proposed wealth tax and supporting related ballot efforts, according to filings.

Corporate political spending has expanded dramatically since the Supreme Court’s 2010 Citizens United decision removed restrictions on independent political expenditures by corporations and unions.

Public Citizen argues the extraordinary flow of corporate cash gives powerful interests disproportionate political influence. Free-speech advocates counter that political spending is constitutionally protected expression.

“All Americans have the right to express themselves and exercise their right to political speech to the fullest extent possible,” said Tom Garrett, a vice president at the Institute for Free Speech.

With control of both chambers of Congress at stake in November, Public Citizen expects the torrent of political money to grow even larger before Election Day.