The campaigns of President Trump and billionaire Mike Bloomberg said Tuesday they have each purchased 60 seconds of ad time during the Super Bowl — pricey gestures underscoring the record spending expected in this year’s presidential race.

Bloomberg’s campaign said it purchased the ad at market rate, meaning it probably cost at least $10 million. Fox Sports executives have said they are selling 30-second ads for this year’s Super Bowl at “north of $5 million.”

Trump’s campaign said it had also spent $10 million, the beginning of a massive ad blitz heading into the election year. Politico first reported the Trump ad buy. Trump has been fundraising for his reelection since 2017, amassing a historically large war chest.

Trump’s campaign began discussions with Fox Sports in the fall, and its early start allowed the campaign to book a prime slot early in the game, the campaign said.

“We got in early, which gave us prime ad position early in the game,” said Tim Murtaugh, a Trump campaign spokesman. “This is a clear indication that we’re ramping up the campaign, which also includes unprecedented pushes for black, women, Latino and women voters.”

Neither campaign specified the content of their ads, which will air during the Super Bowl on Feb. 2. Last year’s Super Bowl drew nearly 100 million viewers, according to Nielsen ratings.

Bloomberg’s purchase is the latest evidence of his ad-driven strategy to carve a path to the Democratic presidential nomination. Bloomberg is self-funding his campaign.

He has already spent at least $100 million on campaign ads since entering the race in late November, spending heavily on ads that target Trump in battleground states and introduce himself and his record to voters in those states and online.

Bloomberg’s Super Bowl ad, first reported by the New York Times, will come at a convenient time for the candidate — just a few weeks before Super Tuesday on March 3, when 14 states have Democratic presidential nominating contests.

Bloomberg, who is skipping the first four early-voting states, is flooding airwaves in states that will vote on delegate-heavy Super Tuesday and states voting in early March, in hopes of winning enough delegates to forge a path to the nomination.

“Mike is taking the fight to Trump,” said Michael Frazier, a Bloomberg spokesman.

Trump’s campaign has previously bought pricey ad slots as a show of strength — such as running a television ad during Game 7 of the World Series, and a banner video ad on the YouTube homepage on the first day of a Democratic debate earlier this year.

Bloomberg, a former New York mayor, also aired a YouTube banner ad, during the Democratic debate last month, amplifying his message on one of the most expensive and widest-reaching digital advertising slots.