Spending on political advertisements is projected to hit a new record, with this midterm season expected to reach a total of $10.8 billion, according to advertising company AdImpact.

That number for the 2025-2026 midterm season makes it the most expensive midterm cycle in history, surpassing spending for 2021-2022, which clocked in at $8.9 billion, by more than 20%. And it’s inching close to AdImpact’s price tag for the 2024 presidential election cycle, which reached $11.2 billion.

“We anticipate record spending across all race types due to the highly competitive national environment, with congressional spending specifically set to reach new heights,” the report said.

The race to snag control of Congress this year remains close, as Republicans hope to hold onto their 53-47 majority in the Senate and their 219-212 majority in the House. Key races in battleground states could determine or flip those majorities.

This cycle’s boost is largely expected to come from the connected TV, or CTV, category, which covers any television that connects to streaming apps and services. That spending will surge to $2.5 billion, AdImpact said, growing by 2% and earning a spot as the fastest-growing media type.

Broadcast television is forecast to continue to hold the largest share of spending at 49%, and local cable and social media spending are expected to decline slightly, the report said. That comes even as legacy cable TV has been bleeding millions of subscribers each year as streaming takes over as the primary way the world watches television.

“With $2.5 billion projected, CTV is now a core marketing strategy for 2026 campaigns, offering advertisers the ability to maximize both efficiency and overall reach,” said John Link, AdImpact’s senior vice president of data.

The forms of media vary based on types of elections, though, with down-ballot campaigns more likely to invest in cable and radio than larger races, according to AdImpact.

The most spending is expected to be in California, followed by Michigan, Georgia and North Carolina, all of which have highly competitive races this cycle. Advertising on Senate races is projected to reach $2.8 billion, while spending for House races is expected to surpass $2 billion for the first time ever as Republicans aim to hold onto their majority.

The midterm season has also already seen a surge in early spending, AdImpact noted. Though the off-year spending typically only amounts to 10% to 15% of total spending, 2025 has already surpassed records, hitting roughly $900 million by Aug. 26. That’s 37% higher than the same point in 2023 and 58% higher than 2021.

This season’s surge comes amid a particularly charged election cycle. Local elections have also garnered national attention and big spending, like the New York City mayoral race between Democratic nominee and state assemblyman Zohran Mamdani and former Gov. Andrew Cuomo, which has raked in millions in campaign funds and capitalized on social media ads.