Two super PACs dominate late-forming PAC spending
Trump- and Musk-linked PACs accounted for about two-thirds of the $637.5 million spent by the 22 late-forming super PACs CNBC identified.
Horizontal bar chart showing independent expenditures by the largest late-forming super PACs in CNBC’s analysis. No Going Back leads with $242.23 million, followed by Texas PAC at $181.63 million and Lower Costs Now at $75.49 million. Republican-aligned groups dominate the top of the chart, while Democratic-aligned groups include Lower Costs Now, Texas Forever and New Deal for All. The remaining 12 PACs spent a combined $24.9 million.
