Alaska’s November 2026 Ballot Measure 2 would repeal the top-four open primary and ranked-choice voting system voters adopted by a narrow margin in 2020, restoring partisan primaries and single-choice general elections while also eliminating certain “true source” campaign finance disclosure rules. The measure follows a nearly identical 2024 repeal attempt rejected by just 737 votes out of over 320,000 cast. Competitive balance stems from divided public opinion, heavy outside spending—with pro-repeal groups backed by major donors including a $1.5 million contribution from Elon Musk and opponents raising over $5.5 million—and the bundling of election-system changes with transparency rollbacks that complicate messaging. Recent public hearings and signature collection exceeding requirements have kept the issue prominent. Late-campaign polling shifts, turnout patterns among independents, or voter reaction to funding disclosures could alter the narrow trader consensus ahead of the November vote.