Pro-AI super PAC keeps $31M ready for the midterms

With millions of dollars sitting in AI super PAC accounts, the industry's influence in the midterms is on track to expand.

Why it matters: AI groups have already become major players in congressional races, but the latest Federal Election Commission filings suggest that the biggest spending may lie ahead.

• Candidates are not definitively winning or losing on the AI issue alone so far. But with millions of dollars still available, AI groups are positioned to push their priorities hard through November.

By the numbers: Leading the Future — a pro AI-industry super PAC backed by tech execs and investors pushing rapid AI development and lighter regulation — closed out Q2 with $31.5 million after transferring $20 million to affiliated groups.

• It disbursed $10 million each to Think Big PAC and American Mission PAC, according to its latest FEC filing.
• "Our resources will allow us to continue building a deep bench of pro-innovation champions," Leading the Future spokesperson Jesse Hunt told Axios in a statement.

The other side: Public First Action, a bipartisan 501(c)(4) nonprofit that advocates for AI safety and received $20 million from Anthropic earlier this year, is tied to three super PACs.

The bipartisan Public First PAC reported about $494,000 cash on hand at the end of Q2.

• The super PAC raised about $3.4 million during the quarter — much of it from Anthropic executives and employees — and transferred $3.3 million to its affiliate, Jobs and Democracy PAC.
• Anthropic CEO Dario Amodei donated $1 million to Public First.
• Anthropic, Google and OpenAI employees collectively contributed more than $2 million to the super PAC.

Jobs and Democracy PAC, which backs Democrats, ended the quarter with about $1.3 million cash on hand.

• The super PAC spent heavily in support of New York pro-AI safety candidate Alex Bores, who lost out to fellow Democrat Micah Lasher.
• In addition to the money from Public First PAC during this quarter, it received nearly $10 million from Public First Action, the affiliated 501(c)(4), during the reporting period.

The Republican-focused Defending Our Values PAC, meanwhile, closed out the quarter with nearly $315,000 cash on hand.

Guardrails Alliance, a newly launched super PAC backed by tech workers and founded by Democratic organizers, reported nearly $400,000 cash on hand.

• The group advocates for robust AI safety regulations, workers' rights and fighting what they consider AI billionaire efforts to buy elections.

Between the lines: Groups focused on AI safety and transparency are far behind industry fundraising.

The bottom line: As the midterms approach, AI PAC spending is ramping up.

• With roughly $31 million in its accounts, Leading the Future has significant room to expand its footprint before November.