Illinois voters made it pretty clear Tuesday: throwing mountains of cash at a primary doesn’t guarantee a win. The AI and crypto industries learned that lesson the hard way, spending tens of millions of dollars across four competitive races — and walking away with very little to show for it.
Fairshake PAC, the crypto industry’s political arm, dropped over $10 million trying to sink Lt. Gov. Juliana Stratton‘s Senate bid. She won anyway. Stratton didn’t mince words afterward, calling out the “MAGA-backed crypto bros” funding the attacks against her. She had Gov. JB Pritzker in her corner, which probably didn’t hurt.
Fairshake dumped $10 million to stop Stratton. She won anyway. The crypto money didn’t stand a chance.
Fairshake also spent nearly $2.5 million against State Rep. La Shawn Ford in Illinois’ 7th Congressional District. Ford, who supports AI and crypto regulations, won with 24% of the vote. That’s not a ringing endorsement, but it’s enough. The money didn’t work.
Then there’s Robert Peters, a state senator who got hit with $800,000 in Fairshake opposition spending in a Cook County race. Peters lost — but not because of Fairshake. Donna Miller won that one. So technically, crypto wanted Peters out and got their wish, but let’s be honest: that’s not exactly a victory lap.
On the AI side, Think Big PAC — backed by Marc Andreessen, Ben Horowitz, and OpenAI co-founder Greg Brockman — pumped over $1 million into boosting Jesse Jackson Jr. in a competitive primary. Jackson lost. Think Big also spent about $1 million supporting Melissa Bean in Illinois’ 8th District. Bean won her nomination. One for two. Not great.
In total, outside groups spent over $32 million across four Illinois primaries, with AI, crypto, and pro-Israel groups accounting for roughly $18 million of that. Late-stage cash infusions alone hit nearly $20 million. Big ambitions, mixed results. Experts like Adam Green have raised alarms about the broader risk of corporate influence electing candidates who don’t genuinely represent the progressive values they campaign on. The races unfolded against a backdrop of significant political change, with five House Democrats from the Chicago region retiring or running for Senate.
Fairshake had a perfect record in 2024 primaries. That streak is officially dead. Two losses in one night. Illinois voters weren’t particularly impressed by super PAC firepower — and the industries behind them are probably rethinking their playbook right now. Analysts note that without clear investment goals, crypto-backed political spending risks the same pitfalls as speculative investing — high expenditure with little strategic return.
