**Alaska's Ballot Measure 2, which would repeal the top-four open primary and ranked-choice voting system voters approved in 2020 while also altering related campaign finance disclosure rules, is scheduled for the November 3, 2026 general election ballot.** A nearly identical repeal initiative failed by just 737 votes (49.9% Yes to 50.1% No) in 2024—the narrowest margin for any Alaska ballot measure. The measure qualified after sponsors collected and verified more than 42,000 signatures in late 2025. Opposition groups defending the current system have raised over $5.5 million, far outpacing the roughly $750,000–$1.1 million raised by repeal advocates, even after a $1.5 million contribution from Elon Musk in July 2026. Public hearings occurred in July and August 2026, with opponents highlighting voter familiarity with ranked-choice voting after multiple election cycles and the measure’s impact on transparency provisions. These dynamics—combined with the 2024 result and resource imbalance—underpin trader consensus that the repeal is unlikely to pass. No major late-breaking developments have altered the competitive landscape as of mid-August 2026.