Short Answer

Both the model and the market expect Dan S. Sullivan to advance, with no compelling evidence of mispricing.

1. Market Behavior & Drivers

This contract saw a consistent upward trend, opening at 45.0% on August 6 and climbing to a resolution price of 99.0%. The price action before the primary indicated growing market confidence in the incumbent's position. Notable upward moves occurred on August 13 (a 11.0 percentage point spike to 57.0%) and August 17 (another 11.0 point spike to 54.0%), establishing a floor in the mid-40s and a pre-election trading range mostly in the 50-60% band. The provided context does not contain a direct driver for these specific pre-primary price increases for this contract.
The definitive price movement was the 35.0 percentage point spike to 99.0% on August 19. This re-pricing to near certainty occurred immediately after the August 18 primary election, as news reports projected that incumbent Dan S. Sullivan would advance to the November general election. Trading volume patterns confirm this narrative. Volume was minimal during the initial pricing period but surged to 176.26 contracts on August 19, coinciding with the final price jump. This concentration of volume around the resolution event shows market participants actively closing positions once the outcome was clear, signifying high conviction in the final result.
  • Dan S. Sullivan, Mary Peltola, Dan J. Sullivan, David Leslie are top contenders. Mary Peltola's campaign significantly outraised Dan Sullivan in 2026 cycle receipts. * Dan J. Sullivan's ballot presence likely influenced voting patterns and potential spoilage.

Who Wins and Why

Outcome Market Model Why
Dan J. Sullivan 99.0% 100.0% Dan J. Sullivan is expected to advance in the Alaska Senate race.
Dan S. Sullivan 99.0% 100.0% Dan S. Sullivan is expected to advance in the Alaska Senate race.
Dustin Darden 2.0% 0.0% Dustin Darden faces a challenging path to advance in the Alaska Senate race.
William Hunt 1.0% 0.0% William Hunt faces a challenging path to advance in the Alaska Senate race.
Gerald Heikes 2.0% 0.0% Gerald Heikes faces a challenging path to advance in the Alaska Senate race.

Current Context

Incumbent Republican Senator Dan S. Sullivan and Democratic challenger Mary Peltola were projected to advance from the Alaska U.S. Senate all-party primary held on August 18, 2026, to the November general election [1][2]. Alaska employs an open top-four primary system where the four highest vote-getters progress to the general election, which uses ranked-choice voting [3][4][5][6][7]. As of early August 19, 2026, with 83% of precincts reporting, Mary Peltola (D) led with 46.84% of the vote. Incumbent Dan Sullivan (R) followed with 44.38% [8].
Two additional candidates will advance after ballot counting concludes. The full slate of four general election candidates remains pending, with vote-counting expected through at least August 28, 2026, the deadline for mailed absentee ballots [3][4][5]. A second candidate, Dan J. Sullivan (R), a retired teacher, held 2.42% of the vote and was preliminarily positioned to secure one of the remaining two spots [8][3][4][5]. His candidacy prompted pre-election legal challenges regarding voter confusion, with the Alaska Supreme Court ruling he must appear on the ballot alongside the incumbent Senator [3][4][5][9][10].
Sources (10)
  1. 1Alaska Senate Primary Election 2026 Live Resultsnbcnews.com
  2. 2GOP Sen. Dan Sullivan and Democrat Mary Peltola advance to battleground Senate election in Alaskanbcnews.com
  3. 3In Alaska’s hotly contested U.S. Senate race, challenger Mary Peltola jumps to slim early lead - Anchorage Daily Newsadn.com
  4. 4U.S. Senate race will have two Dan Sullivans and a Mary Peltolaalaskapublic.org
  5. 5In Alaska's U.S. Senate race, it's Sullivan and Peltola...alaskabeacon.com
  6. 6United States Senate election in Alaska, 2026 (August 18...ballotpedia.org
  7. 7Primaries in Alaska, 2026ballotpedia.org
  8. 82026 Alaska US Senate | Live Election Resultsvotes.decisiondeskhq.com
  9. 9Parties are looking past Alaska's primary to pivotal matchups in the fall | AP Newsapnews.com
  10. 10Alaska Supreme Court rules that Dan Sullivan must appear on the state’s U.S. Senate ballot this year - Ballotpedia Newsnews.ballotpedia.org

2. Price Chart

Historical Price (Probability)

Outcome probability
Date

3. Significant Price Movements

Notable price changes detected in the chart, along with research into what caused each movement.

Outcome: David Leslie

📈 August 19, 2026: 89.0pp spike

Price increased from 9.0% to 98.0%

What happened: The provided research does not identify a primary driver for an 89.0 percentage point spike in David Leslie's market price on August 19, 2026. On that date, news reports from the August 18, 2026, Alaska U.S. Senate primary indicated Leslie was significantly trailing with approximately 1.1% of the vote and was not projected to advance to the general election [1][2][3][4]. No social media activity, specific news announcements, or market structure factors are reported that would explain such a positive price movement. Therefore, based on the available information, social media was irrelevant, and the cause of this reported price spike cannot be determined.

Outcome: Gerald Heikes

📈 August 18, 2026: 13.0pp spike

Price increased from 9.0% to 22.0%

What happened: The primary driver of a 13.0 percentage point spike for Gerald Heikes in the "Alaska Senate: who will advance?" market on August 18, 2026, cannot be identified because no credible reports confirm such a price movement occurred [5][1][6]. Instead, preliminary election data indicates Gerald Heikes polled at approximately 1.1% to 1.2% and did not secure one of the top four positions to advance in the primary [5][1][6][7][8]. Therefore, social media activity, traditional news, or market structure factors are irrelevant as drivers for a market movement that is not supported by the available information.

📈 August 14, 2026: 9.0pp spike

Price increased from 0.0% to 9.0%

What happened: The provided web research found no specific evidence of a 9.0 percentage point price spike for Gerald Heikes in the "Alaska Senate: who will advance?" market on August 14, 2026 [9]. Gerald Heikes, a perennial candidate, did not ultimately advance in the August 18, 2026, Alaska U.S. Senate primary election, with incumbent Dan S. Sullivan and Mary Peltola advancing to the general election instead [5][10][11]. While a PAC spent $1.2 million promoting Heikes to weaken Sullivan, this investment did not result in him advancing [9]. Therefore, social media was not a primary driver for a movement that is unsubstantiated by the research.

Outcome: Richard Grayson

📉 August 17, 2026: 23.0pp drop

Price decreased from 27.0% to 4.0%

What happened: The primary driver of the 23.0 percentage point drop on August 17, 2026, was the market fully internalizing Richard Grayson's explicit pre-primary declaration that he intended to withdraw from the general election race if he qualified for the top four [9][12][13][14]. This crucial information, reported by August 13-14, 2026, indicated that his "advancement" would be followed by a withdrawal, effectively negating his chances in the general election context and leading to a significant price correction the day before the August 18, 2026, primary [1][2][4]. Given the provided information, no specific social media activity was identified as leading or coinciding with this price movement, making it irrelevant as a primary driver.

Outcome: Scott Kohlhaas

📈 August 15, 2026: 16.0pp spike

Price increased from 11.0% to 27.0%

What happened: Based on the provided web research, there is no identifiable primary driver for a 16.0 percentage point spike for Scott Kohlhaas on August 15, 2026. The research explicitly states there is no evidence of such a surge or catalyst attributed to Kohlhaas in connection with the primary results or in current official data [15][4]. Furthermore, no social media activity, traditional news, or market structure factors related to Scott Kohlhaas around that date are present in the provided sources to explain such a movement. Therefore, social media was irrelevant as a primary driver, as no relevant activity was found.
Sources (15)
  1. 1In Alaska’s hotly contested U.S. Senate race, challenger Mary Peltola jumps to slim early lead - Anchorage Daily Newsadn.com
  2. 2U.S. Senate race will have two Dan Sullivans and a Mary Peltolaalaskapublic.org
  3. 3Republican senator Dan Sullivan and Democrat Mary...theguardian.com
  4. 42026 Alaska US Senate | Live Election Resultsvotes.decisiondeskhq.com
  5. 5Alaska Senate Primary Election 2026 Live Resultsnbcnews.com
  6. 6Unofficial 2026 Alaska Primary Election Results - Radio Kenairadiokenai.com
  7. 7Alaska elections, 2026ballotpedia.org
  8. 8August 18, 2026, election resultsballotpedia.org
  9. 9Millions pour into Alaska to boost fringe U.S. Senate candidates - Anchorage Daily Newsadn.com
  10. 10In Alaska's U.S. Senate race, it's Sullivan and Peltola...alaskabeacon.com
  11. 11United States Senate election in Alaska, 2026 (August 18...ballotpedia.org
  12. 12Super PACs try to game Alaska's open primary for U.S....alaskapublic.org
  13. 13What Do I Know?: Richard Grayson Says That If He Gets To General, He'll Drop Outwhatdoino-steve.blogspot.com
  14. 14Super PACs try to game Alaska’s open primary for U.S. Senate by elevating political unknownskmxt.org
  15. 15Scott Kohlhaas for U.S. Senate | Anti-War Libertarian — Alaska 2026scott4ak.org

4. Market Data

Contract Snapshot

Based on the provided page content, the specific triggers for a YES or NO resolution and any special settlement conditions are not detailed. The only key date mentioned is the maximum payout date of August 17, 2028.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
Dan J. Sullivan $1.00 $0.01 99%
Dan S. Sullivan $1.00 $0.01 99%
Mary Peltola $1.00 $0.01 99%
David Leslie $0.98 $0.14 98%
Fred C. Grauberger $0.01 $1.00 3%
Shirley Saucerman $0.01 $1.00 3%
Carol Hafner $0.01 $1.00 2%
Dustin Darden $0.01 $1.00 2%
Earl Southworth $0.03 $1.00 2%
Gerald Heikes $0.47 $0.98 2%
Richard Grayson $0.04 $1.00 1%
Scott Kohlhaas $0.01 $1.00 1%
Sid Hill $0.01 $1.00 1%
William Hunt $0.01 $1.00 1%
Heather McElwain $0.02 $1.00 0%
Reece Roberts $0.01 $1.00 0%
Richard Mayers $0.01 $1.00 0%

Market Discussion

After the August 18, 2026, nonpartisan "top-four" primary, incumbent Republican Sen. Dan S. Sullivan and Democrat Mary Peltola advanced as the frontrunners for the November 3, 2026, general election [1][2][3][4].

Sources (4)
  1. 12026 United States Senate election in Alaskaen.wikipedia.org
  2. 2Alaska Senate Primary Election 2026 Live Resultsnbcnews.com
  3. 3U.S. Senate race will have two Dan Sullivans and a Mary Peltolaalaskapublic.org
  4. 4Mary Peltolaballotpedia.org

5. How do Dan S. Sullivan's and Mary Peltola's fundraising totals compare for the 2026 primary cycle?

Mary Peltola Total Receipts 2026 Cycle$15.58 million to $18.5 million (as of June 30, 2026) [1][2]
Dan S. Sullivan Total Receipts 2026 Cycle$8.5 million to $9.1 million (as of June 30, 2026) [1][2]
Dan Sullivan Primary Receipts 2026 Cycle$18,835 (Federal Election Commission) [3]
Mary Peltola's campaign significantly outraised Dan Sullivan in overall 2026 cycle receipts. As of June 30, 2026, Mary Peltola's campaign reported total receipts ranging from approximately $15.58 million to $18.5 million [1][2]. This substantially exceeded the incumbent Senator Dan S. Sullivan's campaign, which reported total receipts between approximately $8.5 million to $9.1 million for the same period [1][2].
However, primary cycle fundraising data shows a different financial picture. For the 2026 Alaska U.S. Senate primary cycle, Dan Sullivan's campaign reported $18,835 in receipts to the Federal Election Commission [3]. In contrast, Mary Peltola's campaign reported $0 in receipts for the primary cycle to the Federal Election Commission [3].
Sources (3)
  1. 1Can Alaska's Mary Peltola Fish for Enough Cash to Compete with GOP Megadonors?insidepoliticalmoney.com
  2. 2By the numbers: Alaska’s US Senate race approaches record spending as new $2 million ad blitz begins for Sen. Sullivan - Alaska Storythealaskastory.com
  3. 3United States Senate election in Alaska, 2026 (August 18...ballotpedia.org

6. What is the timeline for ballot counting and election certification following the August 18, 2026 primary?

Absentee ballot receipt deadlineAugust 28, 2026 (for ballots postmarked by August 18, 2026) [1][2][3]
Unofficial results expectedAugust 28, 2026 [1][4][5][6]
Official certification targetAugust 31, 2026 [1][4][5][6]
Primary election results and certification follow a clear timeline. Following Alaska's primary election on August 18, 2026, absentee ballots postmarked by election day will be counted if received by August 28, 2026 [1][2][3]. The Alaska Division of Elections expects to release final unofficial results on August 28, 2026 [1][4][5][6]. Official certification of the primary election results is targeted for August 31, 2026 [1][4][5][6]. State law mandates that district absentee ballot counting boards certify absentee ballot reviews within 15 days of the election [7], and a post-election audit must be completed no later than 16 days after the election [8].
Alaska employs a top-four primary to advance candidates. This system ensures that the leading four candidates in each contest progress to the general election in November [8][9][10]. For example, in the U.S. Senate race, incumbent Dan Sullivan and challenger Mary Peltola were projected to advance as of August 19, 2026 [11][12][13].
Sources (13)
  1. 1Here's when to expect results in Alaska's 2026 statewide...alaskabeacon.com
  2. 2Early voting opens for Alaska’s 2026 primary election — here’s what to expectalaskapublic.org
  3. 3Elections - League of Women Voters of Alaskaalaskalwv.org
  4. 4Kreiss-Tomkins, Begich, Wilson and Bronson lead in...alaskapublic.org
  5. 5What to know about Tuesday’s primary electionalaskapublic.org
  6. 6Election Calendarelections.alaska.gov
  7. 7Timelines related to absentee/mail-in ballot processing and...ballotpedia.org
  8. 8Election policy in Alaskaballotpedia.org
  9. 9United States House election in Alaska, 2026 (August 18...ballotpedia.org
  10. 10Primary elections in Alaska - Ballotpediaballotpedia.org
  11. 11Alaska U.S. Senate Primary 2026: Live Election Resultsnytimes.com
  12. 12Alaska Senate Primary Election 2026 Live Resultsnbcnews.com
  13. 13Alaska Senate primary results live: Dan Sullivan, Mary...washingtonpost.com

7. How might the presence of Dan J. Sullivan on the ballot influence voting patterns and potential ballot spoilage in the 2026 primary?

Primary Ballot Inclusion DateAugust 18, 2026 [1][2][3][4][5][6]
Alaska Supreme Court Ruling DateJune 29, 2026 [5][6]
Prediction Market Probability for 'Daniel J. Sullivan Jr.'approximately 41-63 cents [7][8]
The 2026 Alaska primary featured a controversial namesake challenger. The August 18, 2026, Alaska U.S. Senate primary ballot notably included both incumbent Republican Dan S. Sullivan and a candidate named "Daniel J. Sullivan Jr.," a retired teacher with a very similar name [1][2][3][4][5][6]. This inclusion was widely interpreted as a deliberate attempt to generate voter confusion and potentially siphon votes from the incumbent senator [1][2][3][4][5][6]. Despite legal challenges, the Alaska Supreme Court ruled on June 29, 2026, that "Daniel J. Sullivan Jr." must be allowed on the ballot [5][6]. Republican officials and the incumbent's campaign publicly stated that this situation constituted a strategic political maneuver designed to benefit opponents by causing voter confusion [5][6].
Prediction markets and preliminary results showed minimal impact on frontrunners. Despite the concerns, prediction markets such as Kalshi indicated low probabilities, ranging from 41 to 63 cents, for "Daniel J. Sullivan Jr." to secure one of the four available spots to advance [7][8]. Conversely, Mary Peltola and incumbent Dan S. Sullivan were widely regarded as near-certain to progress [7][8]. Preliminary results from the primary election further supported these expectations, showing Peltola and incumbent Dan S. Sullivan leading the field and on track to advance to the November general election [2][3][7][8]. These outcomes suggested that the presence of the namesake candidate ultimately did not disrupt the anticipated progress of the leading candidates [2][3][7][8].
Sources (8)
  1. 1Alaska Supreme Court allows namesake challenger to U.S. Sen. Dan Sullivan to appear on the ballot - Anchorage Daily Newsadn.com
  2. 2U.S. Senate race will have two Dan Sullivans and a Mary...alaskapublic.org
  3. 3Dan Sullivan roils the Alaska Senate race against Dan Sullivan | AP Newsapnews.com
  4. 42026 United States Senate election in Alaskaen.wikipedia.org
  5. 5Alaska Supreme Court rules that Dan Sullivan must appear...news.ballotpedia.org
  6. 6GOP Sen. Dan Sullivan draws an unusual opponent in...ap.org
  7. 7Alaska Senate Race 2026 Odds: Peltola 93¢, 2 Sullivans | OddsShopperoddsshopper.com
  8. 8Alaska Senate Primary 2026: $2M Spoiler Play | OddsShopperoddsshopper.com

8. What do recent polls and endorsements from major Alaskan groups indicate about the likely top-four finishers?

Mary Peltola Primary Vote Share45.94% [1][2]
Dan S. Sullivan Primary Vote Share45.04% [1][2]
Alaska U.S. Senate Primary DateAugust 18, 2026 [3]
Preliminary results reveal top contenders in Alaska's Senate primary. The Alaska U.S. Senate top-four primary, held on August 18, 2026 [3], saw Democrat Mary Peltola and Republican incumbent Dan S. Sullivan emerge as the leading candidates. Peltola secured 45.94% of the vote, while Senator Sullivan garnered 45.04% [1][2]. The third and fourth positions are currently held by Dan J. Sullivan, an unrelated retiree, with 2.46%, and Republican Gerald Heikes, who received 1.17% of the votes [1][2].
External efforts and markets did not surprise predicted outcomes. Despite millions spent by political action committees aiming to boost fringe candidates, these efforts ultimately did not alter the expected advancement of Peltola and the incumbent Senator Sullivan into the top four [4][5]. Prediction markets, including Kalshi, accurately anticipated the progression of both Peltola and Senator Sullivan [6]. These markets also foresaw that a second candidate named 'Dan Sullivan' would secure a top-four spot, primarily due to potential voter confusion [6][7].
Sources (7)
  1. 1PRELIMINARY RESULTS: 2026 Alaska Primary Electionalaskasnewssource.com
  2. 2In Alaska's U.S. Senate race, it's Sullivan and Peltola...alaskabeacon.com
  3. 3United States Senate election in Alaska, 2026 (August 18...ballotpedia.org
  4. 4Millions pour into Alaska to boost fringe U.S. Senate candidates - Anchorage Daily Newsadn.com
  5. 5Alaska Senate Primary 2026: $2M Spoiler Play | OddsShopperoddsshopper.com
  6. 6Alaska Senate Race 2026 Odds: Peltola 93¢, 2 Sullivans | OddsShopperoddsshopper.com
  7. 7Two Dan Sullivans On Alaska's 2026 Senate Ballot: Kalshioddsshopper.com

9. What key legal challenges or court rulings could alter the slate of candidates before the August 2026 primary?

Initial DisqualificationJune 15, 2026 (Alaska Division of Elections) [1]
Disqualification OverturnedJune 29, 2026 (Alaska Supreme Court) [2][3][4]
Primary Election DateAugust 18, 2026 [2][3][4]
A legal challenge concerning a candidate's name significantly impacted the primary ballot. The primary legal challenges affecting the slate of candidates before the August 2026 primary involved the eligibility of Dan J. Sullivan, who shared a name with the incumbent Republican, Dan Sullivan [2][1]. The Alaska Division of Elections initially disqualified this namesake challenger on June 15, 2026, citing evidence that his candidacy was intended to mislead voters [1]. Prediction markets closely observed this legal challenge, recognizing it as the most significant factor impacting the ballot slate [5][6].
The Alaska Supreme Court ultimately reversed the candidate's disqualification. However, the Alaska Supreme Court subsequently overturned this decision on June 29, 2026, ruling that Dan J. Sullivan was qualified to remain on the August 18, 2026, primary ballot [2][3][4]. This ruling reversed the earlier disqualification by the Division of Elections, which had been based on "good-faith" grounds [2][3][4].
Sources (6)
  1. 1Challenger with same name as US Sen. Dan Sullivan is...ap.org
  2. 2A man with same name as US Sen. Dan Sullivan will be in Alaska primary | AP Newsapnews.com
  3. 3Alaska Supreme Court allows namesake challenger to U.S. Sen. Dan Sullivan to appear on the ballot - Anchorage Daily Newsadn.com
  4. 4Petersburg Sullivan to remain on ballot, State Supreme Court rulesalaskasnewssource.com
  5. 5Alaska Senate Race 2026 Odds: Peltola 93¢, 2 Sullivans | OddsShopperoddsshopper.com
  6. 6Alaska Senate Primary 2026: $2M Spoiler Play | OddsShopperoddsshopper.com

10. What Could Change the Odds

Key Catalysts

The Alaska U.S. Senate primary, held on August 18, 2026, resulted in Republican incumbent Sen. Dan S. Sullivan and Democrat Mary Peltola advancing to the general election [1][2][3]. Alaska employs a top-four nonpartisan primary system, allowing the top four vote-getters to proceed to the general election irrespective of party affiliation [2][4][5][6]. As of August 19, 2026, with 83% of precincts reporting, Mary Peltola led the primary with 46.84% of the vote, while incumbent Dan Sullivan secured 44.38% [4]. An independent/unaffiliated teacher also named Dan J. Sullivan was identified as a likely top-four finisher, though the other two candidates advancing were not confirmed as of August 19, 2026 [2][3].
Prior to the primary, prediction markets such as Polymarket and Kalshi indicated Mary Peltola held a lead over incumbent Sen. Dan Sullivan, assigning her a 52-55% probability of winning the seat [7]. Bullish factors for Peltola included consistent leads in pre-primary polling and her successful history of winning statewide in Alaska [7][8]. Bearish indicators for the incumbent Republican included narrow polling margins, potential voter confusion from having two candidates named Dan Sullivan on the ballot, and significant national Democratic focus on the race as a potential pickup to control the Senate [7][8].

Key Dates & Catalysts

  • Expiration: August 17, 2028
  • Closes: August 17, 2028
Sources (8)
  1. 1Parties are looking past Alaska's primary to pivotal matchups in the fall | AP Newsapnews.com
  2. 2U.S. Senate race will have two Dan Sullivans and a Mary Peltolaalaskapublic.org
  3. 3GOP Sen. Dan Sullivan and Democrat Mary Peltola advance to battleground Senate election in Alaskanbcnews.com
  4. 42026 Alaska US Senate | Live Election Resultsvotes.decisiondeskhq.com
  5. 5United States Senate election in Alaska, 2026 (August 18...ballotpedia.org
  6. 6United States Senate top-four primaries, 2026ballotpedia.org
  7. 7Alaska Was Safe Trump Territory. Now Republicans Are on Defense - Newsweeknewsweek.com
  8. 8Alaska Senate election polls show narrow race between Peltola and Sullivanwashingtonexaminer.com

12. Related News

+89.0pp
Last updated: August 19, 2026, 12:16 UTC

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