Why it Matters

Alaska is in the spotlight today as it holds its primary. Legis1 is taking a look at the money behind long time Sen. Lisa Murkowski (R-AK) who is gearing up for 2028 with a significant financial head start. Murkowski has raised $1.29 million in total receipts during the 2025–2026 election cycle through June 30, 2026, according to FEC data. Individual contributions make up the bulk of her haul at $896,200, representing 72.7 percent of her receipts. PACs and other committees have contributed $335,800, or 27.3 percent. As of June 30, 2026, she held $1.52 million in cash on hand, having spent just $381,000 so far. The Alaska Watchman characterized her early fundraising pace in 2025 as unusual given the 2028 race is still years away.

GCI Communication Corp. PAC contributed $5,000 to Murkowski, while BRACEPAC gave $1,000 and The ESOP Association PAC contributed $1,000.

Gov. Mike Dunleavy (R-AK), who is expected to challenge Murkowski in the 2028 Senate race as a Trump-aligned candidate. He has yet to file a candidate committee with the FEC as of August 17, 2026. This means no formal fundraising data exists yet for the Republican governor. Trump has expressed interest in Dunleavy running against Murkowski, positioning him as the party's alternative to the senator's independent streak.

The Background

Murkowski frames her candidacy around her record of independent, Alaska-first governance. She is known to vote against her party if the vote does not serve her state. Some examples include: She joined a pivotal group of Republicans voting against repealing the ACA, protecting healthcare access for thousands of Alaskans in 2017. And She was one of only seven Republicans to vote to convict Donald Trump following the January 6th Capitol attack and frequently opposed his administration's policies and nominees.

She voted 'No' on the Motion to Invoke Cloture on Peter Hegseth to be Secretary of Defense on January 23, 2025, voting against her party's position. She also voted 'Yes' on Van Hollen Amendment No. 1272 on March 14, 2025, voting against her party's position. Murkowski frames her candidacy around her record of independent, Alaska-first governance.

She is a member of the Senate Appropriations Committee, the Senate Energy and Natural Resources Committee, and the Senate Health, Education, Labor and Pensions Committee. She chairs the Senate Indian Affairs Committee and the Senate Appropriations Committee Interior, Environment and Related Agencies Subcommittee.

The Opposition

Dunleavy, a Pennsylvania-born educator and politician who worked first in a logging camp before becoming a teacher and school administrator, was elected Governor in 2018 and is the first Republican governor in Alaska to win re-election since 1978. He is positioning himself as the Trump-aligned alternative to Murkowski.

Follow the Money

No PAC contributions from lobbying organizations to Murkowski were found in the dataset. She raised approximately $798,000 in 2025 alone according to FEC contribution data.

She sponsored S.2016, the Chugach Alaska Land Exchange Oil Spill Recovery Act of 2025, which would facilitate a land swap between Chugach and the Department of the Interior—a bill with lobbying activity from Cigna Group, Backcountry Hunters & Anglers, and Van Ness Feldman LLP. The Committee on Energy and Natural Resources ordered S.2016 to be reported with an amendment in the nature of a substitute favorably on December 17, 2025. She also sponsored S.1353, extending through September 30, 2032 the authority to modify the Second Division Memorial located in President's Park in the District of Columbia.

S.2061 requires the working group to submit an initial report within one year detailing collaborative research efforts and recommendations, followed by annual progress reports over a five-year period. The bill has lobbying activity associated with it. Under S.3303, the pilot program will operate at five VA medical facilities of varying types and sizes starting within one year of enactment. This bill also has lobbying activity.

AARP Inc., Hilton Worldwide Holdings Inc., Tiber Creek Group Inc., JPMorgan Chase Holdings LLC, Airbnb Inc., Hogan Lovells US LLP, Travel Tech: The Travel Technology Association, American Hotel and Lodging Association, Booking Holdings Inc., TwinLogic Strategies LLP, H&M Strategies LLP, Convergence Strategies LLC, and Six Continents Hotels Inc. are lobbying firms associated with S.314.

Lisa Murkowski had $1.52 million in cash on hand as of June 30, 2026.

The Closing Argument: Who Wins

Murkowski's 24 years of Senate service—she was appointed in December 2002 by her father, then-Governor Frank Murkowski, and won election in her own right four times—have given her deep roots and substantial legislative leverage. She won a write-in victory in 2010.

In Alaska's 2022 U.S. Senate race, the two Republican candidates together received 85.97 percent of the first-round vote, a sign of Republican consolidation. Kelly Tshibaka received 111,480 first-round votes (42.60 percent).

No major rating service—Cook Political Report, Sabata's Crystal Ball, or Inside Elections—has issued a formal rating for Murkowski's 2028 Senate seat as of August 2026. No major rating service has yet issued a formal rating for Murkowski's 2028 seat. Alaska has 142,453 registered Republican voters, representing 25% of the total registered voter base.

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