In May 2025, Elon Musk said he planned to reduce his political spending. “I think in terms of political spending, I’m going to do a lot less in the future,” Musk told Bloomberg in an interview at the Qatar Economic Forum. “I think I’ve done enough.”

Musk also left open the possibility of resuming that spending. “Well, if I see a reason to do political spending in the future, I will do it,” he said. “I don’t currently see a reason.”

He had just completed the 2024 election cycle as the largest political donor in the United States, according to OpenSecrets. Musk gave $291.5 million during that cycle, all to Republican causes. Timothy Mellon was the next-largest donor, with $197 million.

In the 17 months after Musk’s remarks, he gave $427.5 million to federal political committees, according to a Fortune analysis of Federal Election Commission filings through Oct. 14. That total already exceeds the $291.5 million he gave across the full 2024 cycle, and it is nearly $200 million more than George Soros has personally contributed to federal committees over 47 years of FEC records. Musk has accused Soros of having “astroturfed” anti-Tesla protests, while Soros is a major Democratic donor.

Musk’s political contributions

Most of Musk’s spending since May 2025 came after July 1, 2026. SLF PAC, the main super PAC supporting Republican Senate candidates, reported receiving a $75 million check from Musk on Sept. 9 and an $83 million check on Sept. 23. Super PACs may accept unlimited contributions from individuals so long as they operate independently of the candidates they back, which is why checks of this size are legally possible. According to a New York Times analysis, Musk has spent more than $200 million to support Ken Paxton’s campaign for the Senate. Paxton is the Texas attorney general.

America PAC, the super PAC funded by Musk, reported receiving $165.6 million from him between July 1 and Oct. 14 in its October quarterly and pre-general election reports. That figure includes $8 million in in-kind support — goods or services provided rather than cash — from United States of America Inc., one of Musk’s companies, which America PAC attributed to him.

Musk also gave $20 million on Sept. 4 to the Congressional Leadership Fund, the primary super PAC supporting Republican House candidates. On Aug. 21, his trust gave $10 million to Lone Star Liberty PAC, which supports Paxton in his race against Democrat James Talarico.

Some estimates put Musk’s total even higher. The Times and OpenSecrets rank him as the top donor of the 2026 midterm cycle, with $445.6 million in contributions for the full cycle. A Fortune analysis of IRS filings also found that Musk gave $10 million to the Republican Governors Association and $2 million to the Republican Attorneys General Association on July 6. The Brennan Center for Justice, which counts Musk’s company alongside him, puts the total at $483 million. The gaps between the tallies reflect methodology and time windows, since some counts add contributions reported to the IRS rather than the FEC, or money attributed to Musk’s companies.

Soros’s contributions

Soros’s largest personal contributions came before July 2026. He gave Democracy PAC II, one of his family’s two super PACs, $125 million in September 2021 and $50 million in November 2022. During the 2024 election cycle, FEC records show that he personally gave $4.2 million to federal committees.

Soros has also given $67.8 million to political groups that report to the IRS, including $24.2 million to Justice & Public Safety PAC, according to IRS filings. FollowTheMoney, which compiles state campaign-finance records, lists approximately $70 million more in state and local contributions. Combined, those contributions total about $381 million, less than Musk has given since May 2025.

The comparison changes when organizations funded by Soros are included. The Fund for Policy Reform, a nonprofit organization, has given $210.5 million to Democracy PAC since 2020, including $60 million in January 2024 and $50 million in January 2026. The nonprofit does not disclose its donors, so money it passes on appears in FEC records under the organization’s name rather than any individual’s. The Times describes it as a channel for Soros family money and notes that Alex Soros, George Soros’s son, is a director. Including the fund brings Soros’s federal total to $453.7 million, more than Musk has given since his May 2025 comments.

The Times counts George and Alex Soros together as having given $103.4 million during the current cycle. It also reports that the family’s two super PACs held approximately $173 million in cash as of mid-October.

Over his lifetime, Musk has given $723.8 million to federal committees, approximately three times Soros’s personal federal total, according to Fortune’s analysis of FEC filings. The analysis counts contributions reported to the FEC that each man made to federal political committees, including in-kind contributions attributed to them by recipients, and excludes duplicate memo entries. Musk’s total runs through Oct. 14, 2026, while Soros’s runs through Sept. 9, 2026. Both cutoffs fall before the November general election, so the running totals will change as committees file reports covering the final weeks of the campaign.

Musk’s total excludes donations to groups that do not disclose their donors and any contributions made after Oct. 14. This story was originally featured on Fortune.com.