Elections Intelligence

New Mexico U.S. Senate

DEFENDED SEATLikely D

Ben Ray Luján (D) has held this seat since 2021 and is running for re-election. Before that: Tom Udall (D).

Ben Ray Luján Incumbent
98¢
Party market · checked 2:09 PM ETView on Kalshi ↗
1.9¢
Larry Marker Challenger

FTP Race Signal

FTP Race SignalA composite of market, polling and money. The prediction-market price anchors it; a polling average moves it: the last 30 days, or the three most recent pollsters when fewer polled. Polls paid for by a candidate, party or allied group move 2 points toward the other side and count half. When the three most recent independent pollsters each have the race within three points, it is a Toss-up unless the market is already decisive. Fundraising counts only at a five-to-one gap. Past results are context, not inputs. A rating changes only when the evidence clears the line.

The market has run well past this seat's history: a 6-point Democratic hold in 2020, priced at 98¢ today.

Likely D
Safe DLikely DLean DToss-upLean RLikely RSafe R
Market · Safe DD 98¢: traders' price for a Democratic hold. Polling · Likely DD+16.5 (average of 2 pollsters, Sep 30). Fundraising · Lean DD 167.83-to-1 in receipts. Prior result · Lean DD+6.11 in 2020.

Market and polls both favor Luján.

Polling moved 3 points toward the Democrat over 33 days. As of October 12.

Market

BandPRICEToss-up50¢ to 65¢Lean65¢ to 82¢Likely82¢ to 95¢Safe95¢ and above
D 98¢

Kalshi party market · checked 2:09 PM ET

View market on Kalshi ↗

Polling

BandPOINTSToss-up0 to 5Lean5 to 10Likely10 to 20Safe20 and above
D+16.5
SurveyUSA ↗ A+ Sep 25 to 30 · n=567 LV D+18 Independent
Research & Polling Inc. ↗ A+ Aug 21 to 28 · n=516 LV D+15 Independent

Average of the latest poll from each of the 2 most recent pollsters; fewer than three polled in the last 30 days.

Prior result

BandPOINTSToss-up0 to 5Lean5 to 12Likely12 to 25Safe25 and above
D+6.1

Ben R. Lujan (D)

51.7% to 45.6% · 2020 general election

def. Mark V. Ronchetti (R). Margin verified against retrieved official results.

Fundraising

BandRATIO TO 1Parity1 to 5Lean5 and above
D 167.83 to 1

Raised 2025 to 2026 · thru Jun 30

Ben Ray Luján$5.63M ↗$4.40M cash
Larry Marker$33.5K ↗$11.9K cash

Total receipts in the 2025 to 2026 two-year cycle, through June 30, 2026.

The general election is on November 3, which is 22 days away.