**Alaska voters will decide Ballot Measure 2 on November 3, 2026, which would replace the state’s top-four nonpartisan primaries and ranked-choice voting system with partisan primaries and single-choice general elections while also repealing certain 2020 campaign finance disclosure rules.** A similar repeal effort failed by just 743 votes in 2024. Recent polling shows a narrow lead for rejection, with one early October survey at 47% yes and 53% no. Opponents have raised substantially more outside funding than supporters. President Trump’s mid-October rally urging a yes vote to end ranked-choice voting adds visibility, yet the measure’s broader scope and the prior narrow defeat continue to shape trader expectations around the current 60.5% implied probability of failure.