a16z, the biggest financial backer behind the US midterm elections

Original Author: Theodore Schleifer, The New York Times

Original Compilation: Luffy, Forsight News

The biggest financial backer in this U.S. midterm election cycle is neither Elon Musk, George Soros, nor any other billionaire with the deepest pockets in politics.

Topping the list is a venture capital firm: Andreessen Horowitz (a16z).

Top donors in this midterm election cycle. Data source: U.S. Federal Election Commission, The New York Times

An analysis by The New York Times shows that the Silicon Valley venture capital firm, along with its co-founders Marc Andreessen and Ben Horowitz, has contributed over $115 million in political donations for midterm election-related activities, making them the largest known donor of this election cycle.

a16z's involvement in politics is not new; the two founders themselves are veteran political donors worth tens of billions of dollars. However, the scale of this cycle's donations far exceeds the approximately $63 million from the 2024 election cycle. The top-tier investment firm is ramping up its political spending with unprecedented intensity, seeking to influence policy direction in line with its commercial interests.

After the last general election, a16z established a long-term posture in political engagement. Conventionally, the day after a presidential election—two years before the next major election—is not a typical time for large-scale donations. But on November 6, 2024, a16z injected over $23 million into two core crypto industry Super PACs in a single transaction, sending a clear signal that its political strategy is a long-term commitment, not a fleeting trend.

In response to media interview requests, a16z declined to comment and did not arrange for either founder to be interviewed.

Days later, on a post-election podcast, Andreessen stated bluntly, "My conclusion is that we must treat political participation as a permanent mission." "Sometimes the situation flows with you, sometimes you have to fight for it. But no matter what, we need to be deeply engaged the entire time."

The surge in political donations from venture capital firms also reflects a major shift in the U.S. political landscape. In this midterm election cycle, the primary source of top-tier donations has shifted from individual billionaires to corporate entities like a16z. Critics argue that the entry of massive institutional funds could co-opt the electoral process, merely serving their own commercial interests.

Since the 2024 general election, a16z has poured $47.5 million into Fairshake, a crypto-industry network of Super PACs. Its political footprint has long expanded beyond the crypto track: modeling Fairshake's approach, it led the formation of Leading the Future, a Super PAC focused on supporting pro-AI lawmakers, injecting $50 million. Both Fairshake and Leading the Future adopt a bipartisan strategy, funding candidates from both the Republican and Democratic parties.

Furthermore, a16z and its two founders have collectively donated $12 million to Trump's Super PAC, MAGA Inc., including a single $6 million contribution in March. In the same month, a trust associated with Andreessen donated nearly $900,000 to the Republican National Committee.

This series of political investments has also forged close ties between Marc Andreessen and the Trump administration.

A chart showing the dramatic surge in public political donations from Andreessen and Horowitz this cycle: Political donations from a16z and its founders soared from $2 million in 2022 to $115.5 million in 2026; funds primarily flowed to AI-related issues, Republican campaigns, and the crypto industry.

Source: U.S. Federal Election Commission, The New York Times

Before Trump began his second term last year, Andreessen revealed that he was spending half his time at Mar-a-Lago, helping the Trump team with the presidential transition. The venture capital mogul also served as an informal advisor to the Department of Government Efficiency, led by Musk. Two former a16z partners have joined the administration in high-ranking positions, with one overseeing AI-related regulatory affairs.

In March of this year, the 54-year-old Andreessen was appointed to the White House's top technology advisory council. He was also recently invited to a state dinner for King Charles III in the U.S. and a private club dinner hosted by Trump at the White House Rose Garden.

Regulatory filings show that the majority of large donations from Andreessen and Horowitz come from a16z itself, which they fully own. The $115.5 million for this election cycle does not include the tens of millions of dollars the firm recently directed to the American Innovators Network, a new nonprofit AI advocacy group that does not have to disclose its donors publicly.

Founded in 2009, a16z is one of Silicon Valley's most prestigious investment firms. It adopted a model akin to Hollywood talent agencies to incubate startups, maintained aggressive hiring practices, excelled at self-promotion, and built its early reputation on bets like cryptocurrency exchange Coinbase and social media platform Instagram, cementing its industry fame.

The political stances of the two founders are both quite storied. In the 1990s, Andreessen achieved early fame and fortune with the pioneering web browser Mosaic. He was a core member of former Vice President Al Gore's technology advisory brain trust and a major fundraiser for the Democratic Party.

Years later, his political stance gradually shifted to the right. He has stated that after Trump's victory in 2016, he deliberately stepped back from political fundraising activities, embarking on a political "journey of self-reflection," re-evaluating various extreme ideological currents.

According to people familiar with his private social dynamics, Andreessen is now active in various exclusive communities, frequently hotly debating current events with conservative activists.

Horowitz, now 59, is the son of David Horowitz, a well-known conservative provocateur. However, insiders say Horowitz himself makes fewer public political statements and has relatively limited involvement in the firm's Super PAC activities. a16z publicly endorsed Trump in the summer of 2024. In October of the same year, Horowitz, citing personal friendship, provided financial support to Democratic presidential candidate Kamala Harris.

Andreessen and Horowitz have described themselves as "single-issue voters": their voting and donations are solely based on what is favorable for the growth of tech startups. Insiders say their repeated clashes with the media and the Biden administration over tech policies in their early years ultimately solidified their resolve for deep political engagement.

Andreessen once related an anecdote to friends. About ten years ago, at Condé Nast headquarters, the parent company of The New Yorker, he had an argument with the magazine's editor-in-chief, David Remnick. Remnick's team accused the tech elite of being disconnected and out of touch. After visiting their luxurious offices and bathrooms, Andreessen concluded that it was the media elite who were truly out of touch with reality.

Before the 2024 election, Chris Lehane, a veteran Silicon Valley political strategist who also serves on Coinbase's board, spearheaded the formation of Fairshake. Andreessen and Horowitz felt the Biden administration's stance on the crypto industry—where a16z has heavily invested—was too harsh. Coupled with the conviction of crypto's former political champion Sam Bankman-Fried on fraud charges, the industry needed to forge a new political path.

Consequently, a16z, along with Coinbase and Ripple, became the core funding sources for Fairshake, donating $47 million to the organization in the 2024 election cycle. Although most pro-crypto policies in Washington now originate from Trump (Fairshake did not endorse Trump), this political strategy is still widely seen within the industry as a successful experiment.

In the spring of 2025, Lehane, now at OpenAI, once again led the effort, joining forces with a16z, other tech benefactors, and political operatives, aiming to replicate the crypto industry's political fundraising model in the AI field, this time starting earlier and committing more capital.

a16z, which has invested heavily in countless AI projects, jumped in fully. It donated $25 million to the AI-focused Super PAC Leading the Future in August 2025, followed by another $25 million in February 2026. Insiders say the firm has not yet decided whether to make further contributions.

Compared to the hundreds of billions of dollars a16z manages, the $115.5 million in political spending is relatively modest. However, other top Silicon Valley venture capital firms, like Sequoia Capital and Founders Fund, have not adopted a similar large-scale political strategy.

According to The New York Times' tally, since the 2024 general election, the next largest public federal donors after a16z are Soros-affiliated entities (approximately $103 million) and Elon Musk ($85 million).

This heavy engagement in politics has also drawn various controversies and backlash for a16z.

Internally, early firm partner John O'Farrell resigned his part-time advisory role in May last year due to political differences. He publicly criticized the two Super PACs, Fairshake and Leading the Future, and what he called "tech figures, including many former VC peers and partners, proactively currying favor with the current administration." He declined further comment.

Externally, a16z has faced strong criticism from progressive circles. Last year, several Democratic lawmakers publicly criticized Democratic Arizona Senator Ruben Gallego for co-hosting fundraising events with Andreessen.

a16z's support for the AI Super PAC Leading the Future has spurred the emergence of a counterbalance within the industry. A rival Super PAC named Public First, driven by AI safety advocates, was established specifically to counter the political financial influence of a16z and its allies. Insiders even joked about naming the organization "z16a", a deliberate reversal of the shorthand for a16z.

New York State Democratic Assemblyman Alex Bores, who is running for Congress and is endorsed by Public First, stated he is unafraid of attacks from Leading the Future. "The venture capital logic is about scaling quickly, but that logic shouldn't be applied to buying democratic politics," he said.

Some Republicans are also unimpressed with a16z's political bets. They privately express dissatisfaction with Fairshake's and Leading the Future's insistence on a neutral bipartisan strategy, arguing that AI and crypto industry policies are inherently more favorable to Republicans, and that the relevant PACs should fully align with the Republican Party.

Andreessen and Horowitz have told allies that they have limited decision-making power within the two Super PACs and rarely interact directly with their management.

a16z's political strategy and Washington lobbying efforts are coordinated by former congressional aide and Republican Collin McCune. He monitors the developments of both Super PACs in real-time, updating Andreessen on the latest policy and political landscapes.

This doesn't mean Andreessen is naive about political rules. Back in 2000, at just 29 years old, he famously stated: "If you think the size of political donations is big now, you haven't seen real volume yet."