Winners and losers from the 2026 midterm elections

The midterm elections sent millions of Americans to the polls. Here's what we learned from the early results.

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• The midterms ended on Tuesday, sending a fresh batch of lawmakers to Washington and state houses.
• Americans also decided on ballot measures. Those decisions could determine future business projects.
• AI companies and the stock market have been some of the biggest losers of the night.

There's a new set of power brokers in government, and it's creating winners and losers when it comes to companies, industries, and policies.

In the 2026 US midterms, which ended on Tuesday, voters handed the Democratic Party control of the House and the Senate. Voters also cast ballots in governor races, state legislative races, and on ballot measures.

Those results will help determine which projects receive funding, which companies face new regulations, and which policies are blocked over the next two years.

From affordability candidates to mega-donor Elon Musk, here are the winners and losers in the 2026 midterm elections.

Winner: Candidates running on affordability

The Democratic Party will control Congress, with majorities in the House and Senate. The result is a surprisingly strong showing for Democrats, many of whom put affordability at the center of their campaigns.

The cost of living frequently came up as a key issue for voters, with Americans shelling out more at the gas pump than a year ago as the war in Iran has pushed up prices.

While many Republicans also ran on affordability policies, President Donald Trump acknowledged in a call with Fox News that midterms voters weren't willing to pay more for gas.

"I don't think it's the war, I think it's the gas prices," Trump said.

Loser: Elon Musk

Musk was the biggest disclosed individual donor in the midterms race.

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Musk spent more than $400 million trying to keep Republicans in power. It wasn't enough.

He put the cash behind Republican-aligned groups this cycle, making him the biggest disclosed individual donor in the midterms. His biggest bet was on Ken Paxton's Senate campaign in Texas, where Musk-backed groups spent about $212 million. Democratic lawmaker James Talarico defeated Paxton anyway, helping Democrats take the Senate — and undercutting Musk's effort to preserve Republican control in the state he has made home to Tesla and SpaceX.

Musk also used X, his social media platform, to tout Republican candidates, especially in Texas.

"The fate of Texas and America is at stake," he wrote on X while endorsing the state's Republican Senate candidate, Ken Paxton. Meanwhile, he called James Talarico, Paxton's opponent, "a creep."

Texas is also a personal political battleground for Musk.

Tesla moved its corporate headquarters to Austin in 2021, while Tesla and SpaceX both reincorporated in Texas in 2024. SpaceX is now based at Starbase, Texas. He said he moved the companies to the Lone Star State for more favorable tax, land acquisition, and corporate legal policies.

Loser: AI companies

Data center buildout was a key mandate in the midterm polls.

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AI companies are likely to face a tougher political environment.

Democrats are expected to use their new control of Congress to scrutinize the costs of the AI race: the power and water consumed by data centers, rising household electricity bills, and whether tech companies are keeping enough of their promises about local jobs. That could mean more investigations and scrutiny of companies such as Microsoft, Google, Amazon, Meta, and the firms building the data centers that support them.

But the results won't necessarily mean a crackdown on AI. The president, who is pro-AI development and pro-AI infrastructure, can veto major legislation. There is also bipartisan agreement on AI regarding national security, competition with China, and economic growth.

Loser: The stock market

US stock futures fell after the Democratic sweep became clear on early Wednesday.

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Investors have not been fans of the "blunami" that has swept election results.

US stock futures fell after the Democratic sweep became clear, with S&P 500 futures down about 1% and Nasdaq 100 futures down nearly 2% in early trading. The dollar also weakened sharply against most major currencies as investors braced following a strong Democratic showing.

AI-linked stocks were among the hardest hit, as investors weighed the prospect that Democratic control could mean tougher oversight of Big Tech and its data center spending.

Loser: People counting on $5,000 checks from Trump

Those waiting for Trump's proposed $5,000 "dividend" might have to keep waiting.

Trump made the promise conditional on Republicans keeping control of the House and Senate, an outcome voters have rejected.

Even if Trump revived the idea, he would need Congress to authorize and fund it since the president cannot unilaterally spend more than $1 trillion on nationwide checks. Democratic control makes this even less likely.