Following the money.

Main super PAC (C00916114) raised $75.54M and spent $24.39M as of March 31, 2026, with $51.14M cash on hand. The main PAC distributes to affiliates rather than spending on candidates directly. Network independent expenditures total $18.24M FEC-verified (Transformer-aligned): Think Big (C00923417, Democratic arm) has filed $11.57M in IE; American Mission (C00916692, Republican arm) has filed $6.68M in IE. Race for the Future (C00909911) is a separate LTF affiliate. Led by Zac Moffatt and Josh Vlasto; Vlasto previously advised Fairshake, the crypto industry super PAC that spent $130M+ in 2024. LTF is backing at least 8 Democrats and 7 Republicans across federal races, plus Byron Donalds for Florida governor.

Backers

Marc Andreessen ($25M), Ben Horowitz ($25M), Greg Brockman ($12.5M), Anna Brockman ($12.5M), Perplexity ($100K), Joe Lonsdale / Lonsdale Enterprises, Ron Conway

Races

TX-21 (Gober $748K), GA-1 (Kingston $960K), GA-14 (Fuller $686K+), NY-12 (opposing Bores $8.15M — Bores lost), NC-1, MT-1, IA-4, IL-2, IL-8, CA-16, NY-9, VA-10, CA-34, NJ-5, FL-Gov, OR-4, NJ-8, NY-15, SC-Senate (Graham $374K)

Leading the Future's advertising focuses on healthcare and cost of living rather than AI policy. Despite being funded by major Trump donors, the White House has publicly pushed back against the group because it backs Democratic candidates. A White House official told NBC News: "Any group run by Schumer acolytes will not have the blessing of the president or his team."

501(c)(4) nonprofit with affiliated super PACs. Jobs and Democracy PAC (C00928374, Democratic arm) has filed $13.16M in independent expenditures, dominated by NY-12 support for Bores. Defending Our Values PAC (C00928390, Republican arm) has filed $4.63M in independent expenditures. Combined FEC-verified IE total: $17.79M (Transformer-aligned). Jobs and Democracy retracted $1M in Jackson Jr. (IL-02) opposition spending in April 2026; all line items amended to $0 with no public explanation.

Backers

Anthropic ($20M to the 501(c)(4), restricted to education and public awareness, cannot be used for elections). Direct super PAC donors include Jan Leike (Anthropic, $100K to each arm), Girish Sastry ($75K), Peter Lofgren (Anthropic, $5K), and Matthew Fisher (Adobe, $1K). Led by former Reps. Brad Carson (D-OK) and Chris Stewart (R-UT).

Races

NY-12 ($13.16M for Bores — Bores lost primary), NC-4 ($1.61M for Foushee), NJ-5 ($300K for Gottheimer), TX runoffs ($864K), UT-3 ($879K for Maloy), OK-Senate ($808K for Hern), NE-Senate ($765K for Ricketts), GA-11 ($150K for Cowan), TN-Gov (6-figure for Blackburn)

Anthropic's $20M is restricted to education, not elections. Direct super PAC donations come from individual Anthropic and Adobe employees in the $1K to $100K range. Brad Carson has claimed a war chest near $75M; FEC filings show $17.79M in actual independent expenditures.

Filed with the FEC on April 3, 2026 (ID C00946111). Separate segregated fund (employee PAC), not connected to Public First Action. Plans direct contributions to candidates from both parties active on AI policy. Bipartisan board. Treasurer Allison Rossi, Assistant Treasurer Jared Powell. Bank: JPMorgan Chase. Contact: PAC@anthropic.com.

Backers

Anthropic employee voluntary contributions only, capped at $5,000 per person per election. Corporate treasury funds cannot contribute.

Races

TBD, no spending reported yet

A second, separate political channel from Anthropic's $20M Public First donation. Anthropic now maintains two distinct political operations, one through a nonprofit network, one through direct employee contributions.

501(c)(4) nonprofit, now with its own FEC filing (C00922815). Plans to use a scorecard assessing how supportive lawmakers are of President Trump's AI agenda to determine who to support and oppose. Spending not yet disclosed.

Backers

Connected to White House AI adviser David Sacks. Donors not disclosed.

Races

TBD

As a 501(c)(4), this group does not have to disclose donors or spending on the same schedule as super PACs.

Pro-safety super PAC (C00928069) supporting Alex Bores in NY-12. Part of the $19.26M in pro-safety independent expenditures in the marquee NY-12 race against Leading the Future's $8.15M opposition. Bores lost the June 23 primary to Micah Lasher 35-39.

Backers

Individual donors including Daniel Ziegler, Dylan Mavrides, and Elizabeth Wirsching.

Races

NY-12 (Bores)

Funded by individual donors rather than a single anchor backer — a different model from the major AI-industry PACs on either side.

Pro-safety FEC committee (C00946830) funded by Christian Larsen. Spent $3.34M supporting Alex Bores in NY-12 as part of the pro-safety coalition in the marquee race.

Backers

Funded by Christian Larsen.

Races

NY-12 (Bores)

Late-arriving pro-safety committee that became one of the four PACs powering the $19.26M Bores support effort.

Pro-safety Super PAC (C00949487) active in NY-12 supporting Alex Bores. First IE filings landed in mid-June 2026 as part of the pro-safety surge in the marquee NY-12 race.

Backers

Donor detail not yet disclosed.

Races

NY-12 (Bores)

One of the late-arriving pro-safety committees that helped flip the NY-12 spending balance in Bores's favor in the final weeks before the June 23 primary.

Pro-safety Super PAC (C00930503) tracked by Transformer News — distinct from Public First Action, the 501(c)(4) parent. No independent expenditures filed to Schedule E yet; spending so far has flowed through other vehicles.

Backers

Donor detail not yet disclosed.

Races

TBD

Different legal entity from Public First Action (C30003586). The Anthropic $20M donation is to the 501(c)(4), not this PAC.

LTF affiliate (C00909911) listed on Transformer News's tracker. Spending detail not yet fully reported.

Backers

Leading the Future network affiliate. Donor detail not separately disclosed.

Races

TBD

Part of the Leading the Future network of affiliated committees.

Claims $100M+ planned for midterm races, but the figure is aspirational and unverified. The affiliated Fellowship PAC's most recent FEC filing showed zero raised and zero cash on hand.

Backers

501(c)(4) nonprofit. Affiliated Fellowship PAC linked to Cantor Fitzgerald and Commerce Secretary Howard Lutnick. Donors not disclosed.

Races

TX, NY confirmed. Plans to expand.

The $100M figure is a stated goal, not confirmed fundraising. The affiliated Fellowship PAC has reported no money raised as of its latest filing.

Launched August 2025. Targets California state legislature candidates perceived as unfriendly to the AI industry.

Backers

Meta

Races

California state legislature

Part of Meta's two-track state-level strategy alongside the American Technology Excellence Project.

Launched September 2025 as Meta's national state-level vehicle. Expected to spend roughly $65 million on state races, with a focus on candidates friendly to the AI industry. Texas spending $1.2M+ on state races including comptroller and legislature. Illinois spending $750K+ on four state legislative candidates. Run by Republican strategist Brian Baker and Democratic consulting firm Hilltop Public Solutions.

Backers

Meta. Run by Republican strategist Brian Baker and Democratic consulting firm Hilltop Public Solutions.

Races

TX state races, IL state legislature, expanding nationally

State legislative races are significantly cheaper to influence than federal races, making Meta's dollar-for-dollar impact at state level potentially larger than any federal PAC.