What's next
The Federal Election Commission lost its quorum in April 2025 and has had only two of its six commissioners since October 2025, according to The Washington Post, so it cannot vote to open investigations or advise campaigns before the election. President Trump's two nominees, named in February, have not received Senate votes, the Post reported. Lawyers tend to advise the nonprofits not to file full IRS disclosures of this cycle's activity until mid-November 2027, according to The New York Times, and those filings don't name donors.
How we counted: "dark money" follows the Brennan Center's definition: election spending and contributions by nonprofits and shell companies that are not legally required to disclose their donors and do not. Transfers and shares are from Issue One's July 22, 2026 analysis of FEC filings for January 2025 through June 2026. Brennan's 2024 total counts super PAC contributions ($1.3 billion), online ads ($315 million), TV ads (about $242 million) and spending reported directly to the FEC (about $43 million). TV shares are the Wesleyan Media Project's 2023–24 broadcast data. One Nation's September figure is a news report. OpenSecrets' "gray money" definition is from its March 2024 analysis as republished by Truthout. Sources: Issue One; Brennan Center; Wesleyan Media Project; Bangor Daily News; Washington Post via Election Law Blog; New York Times via GV Wire; OpenSecrets via Truthout. Download the data.