# CA-32 primary: first place

CA-32 (1st place)

Updated: May 8, 2026

Category: Elections

Tags: Primaries

HTML: /markets/elections/primaries/ca-32-primary-first-place/

## Short Answer

**Key takeaway.** Both the **model** and the **market** overwhelmingly agree that Brad Sherman wins first place, with only minor residual uncertainty.

## Key Claims (January 2026)

**- - Brad Sherman reports overwhelming financial superiority, with $4.8M cash-on-hand as of Q1 2026.** - He benefits from strong incumbency and dominant primary results in a D+17 district.
- Larry Thompson's prospects are severely limited by minimal financing and the district's PVI.
- Jake Levine reports **$1.00M** cash-on-hand, making him a significant challenger to Sherman.
- However, Levine's finances remain significantly below incumbent Brad Sherman's reported total.
- The primary election, scheduled for June 2, 2026, is the next key event.

### Why This Matters (GEO)

- AI agents extract claims, not arguments.
- Improves citation probability in summaries and answer cards.
- Enables fact stitching across multiple sources.

## Executive Verdict

**Key takeaway.** **Market** prices Sherman at 96c, 3.4 percentage points higher than the **92.6%** **model** estimate, despite his overwhelming financial advantage.

### Who Wins and Why

| Outcome | Market | Model | Why |
| --- | --- | --- | --- |
| Brad Sherman | 96.0% | 92.6% | Incumbent Brad Sherman benefits from overwhelming financial superiority, strong incumbency, and endorsements from CA Democrats. |
| Marena Lin | 8.0% | 1.6% | This candidate has not demonstrated sufficient support to secure first place against the incumbent. |
| Chris Ahuja | 0.0% | 0.1% | This candidate has not demonstrated sufficient support to secure first place against the incumbent. |

## Model vs Market

| Outcome | Market Probability | Octagon Model Probability |
| --- | --- | --- |
| Brad Sherman | 96.0% | 92.6% |
| Marena Lin | 8.0% | 1.6% |
| Chris Ahuja | 0.0% | 0.1% |
| Dory Benami | 0.0% | 0.1% |
| Jake Levine | 0.0% | 4.9% |
| Josh Sautter | 0.0% | 0.1% |
| Doug Smith | 0.0% | 0.1% |
| Larry Thompson | 0.0% | 0.4% |
| Anna Wilding | 0.0% | 0.1% |

- Expiration: November 3, 2027

## Market Behavior & Price Dynamics

This prediction market displays a sideways trend, characterized by a stable and consistently high probability for the outcome. The price has traded within a narrow 10-point range, from a low of 86.0% to a high of 96.0%. The market opened at 91.0% and is currently priced at its peak of 96.0%. This price action indicates that from the outset, market participants have held a strong conviction that the incumbent, Brad Sherman, will place first in the CA-32 primary. An early price movement saw the probability rise from 91.0% to 96.0%, reinforcing this initial sentiment. The provided context does not point to a specific news event causing this shift, but it aligns with the general market expectation surrounding a long-term incumbent.

The market has established clear technical levels. The price of 86.0% has acted as a firm support level, representing the lowest point of confidence traders have shown. Conversely, the current price of 96.0% serves as a resistance level, the peak valuation reached so far. The total trading volume of 7,297 contracts suggests a significant amount of capital has been committed to this market over its lifetime. However, the sample data points show periods of zero volume, which may imply that trading is intermittent or occurs in concentrated bursts rather than a steady, continuous flow.

Overall, the chart reflects a market with a very strong and stable sentiment. The high probability, which has never dropped below 86.0%, suggests participants see little risk of an upset for the first-place position. The narrow trading range further underscores this high degree of certainty among traders regarding the primary election's outcome on June 2, 2026.

## Contract Snapshot

This market resolves to Yes if Brad Sherman receives the most votes in the 2026 CA-32 primary election, as verified by the California Secretary of State; otherwise, it resolves to No. The market opened on April 18, 2026, and will close after the outcome occurs, or by November 3, 2027, 11:00am EDT, with projected payouts 30 minutes after closing. Insider trading by persons employed by any Source Agencies is prohibited.

## Market Discussion

Incumbent Brad Sherman (D) is favored for the CA-32 primary on June 2, 2026, which operates as a top-two primary system [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary)). Prediction markets show Larry Thompson with an 89% implied probability to advance, with Chris Ahuja and Doug Smith also present in the markets at lower probabilities [[^]](https://robinhood.com/us/en/prediction-markets/elections/events/ca-32-primary-who-will-advance-jun-02-2026/). Public discussion is limited, with no Reddit or X discussions located for the race [[^]](https://www.reddit.com/r/opendoor/).

## Market Data

| Contract | Yes Bid | Yes Ask | Last Price | Volume | Open Interest |
| --- | --- | --- | --- | --- | --- |
| Anna Wilding | 0% | 5% | 0% | $0 | $0 |
| Brad Sherman | 91% | 95% | 96% | $7,297.66 | $900 |
| Chris Ahuja | 0% | 9% | 0% | $0 | $0 |
| Dory Benami | 0% | 5% | 0% | $0 | $0 |
| Doug Smith | 0% | 5% | 0% | $0 | $0 |
| Jake Levine | 1% | 9% | 0% | $0 | $0 |
| Josh Sautter | 0% | 5% | 0% | $0 | $0 |
| Larry Thompson | 0% | 9% | 0% | $0 | $0 |
| Marena Lin | 0% | 5% | 8% | $1 | $1 |

## What historical voting patterns and demographic data in California's 32nd District support Brad Sherman's incumbency advantage for the 2026 primary?

2024 Primary Vote (Sherman) | 64% [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2024) |
2022 Primary Vote (Sherman) | 73% [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2024) |
District Partisan Voter Index | D+16 [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2024) |

**Brad Sherman consistently demonstrates strong electoral performance in California's 32nd District primaries**

Brad Sherman consistently demonstrates strong electoral performance in California's 32nd District primaries. Historically, Sherman has either run unopposed or achieved dominant victories in elections since 1996, securing re-election in 2024 [[^]](https://ballotpedia.org/Brad_Sherman_(California))[[^]](https://www.nytimes.com/interactive/2024/11/05/us/elections/results-california-us-house-32.html). In the 2024 CA-32 primary, Sherman garnered 91,952 votes (**64%**), while his Republican opponent, Thompson, received 29,939 votes (**21%**) [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2024). This strong showing follows his performance in the 2022 CA-32 primary, where he secured 88,063 votes (**73%**) compared to Volotzky (R) with 32,342 votes (**27%**) [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2024). These results highlight consistent and robust electoral support for Sherman in primary contests.

The 32nd District's strong Democratic lean further bolsters Sherman's position. California's 32nd Congressional District is characterized by a PVI of D+16 [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2024). District voters overwhelmingly supported Biden in 2020, with **69.5%** of the vote, against Trump's **28.7%** [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2024). Broader recent data for California voters reveals a significant Democratic advantage, with **45.3%** registered as Democratic, **25.2%** as Republican, and **22.3%** identifying as No Party Preference [[^]](https://www.ppic.org/publication/california-voter-and-party-profiles/). This district-specific and statewide data indicates a political landscape that strongly favors Democratic incumbents.

## What key endorsements or fundraising thresholds would a challenger like Larry Thompson need to meet by early 2026 to signal a credible threat to Brad Sherman?

Larry Thompson Cash on Hand | $973 (as of March 31, 2026) [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary)) |
Brad Sherman Cash on Hand | $4.77M (as of December 31, 2025) [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary))[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026) |
CA-32 District Rating | Solid D (Cook PVI) [[^]](https://www.cookpolitical.com/house/race/481976) |

**Larry Thompson faces a significant financial challenge against the incumbent**

Larry Thompson faces a significant financial challenge against the incumbent. While Thompson has secured endorsements from the CA Republican Party (unanimous) and the LA/VC County GOP [[^]](https://www.larrythompsonforcongress.com/), his financial resources are notably limited. As of March 31, 2026, Thompson reported **$15,000** in receipts and had a mere **$973** cash on hand [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary)). This financial standing presents a stark contrast to the incumbent's resources.

Incumbent Brad Sherman holds a formidable financial and political advantage. Sherman reported a substantial **$4.77** million cash on hand as of December 31, 2025 [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary))[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026). His position is further solidified by endorsements from CA Democrats and various labor unions [[^]](https://www.bradsherman.com/endorsements)[[^]](https://calmatters.org/politics/2026/02/california-democrats-endorsements/)[[^]](https://www.facebook.com/cadems/posts/congratulations-to-our-endorsed-candidates-for-congress-were-proud-to-support-th/1479903033502536/), reinforcing his standing in a district rated Solid D by Cook PVI [[^]](https://www.cookpolitical.com/house/race/481976). In the most recent primary, Sherman secured **58.6%** of the vote [[^]](https://www.cookpolitical.com/house/race/481976).

Other challengers and current **market** indicators offer limited insight. Another challenger, Jake Levine, has demonstrated more significant fundraising capabilities compared to Thompson, having raised **$1.06** million and holding **$745,000** cash as of December 2025 [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary))[[^]](https://www.quiverquant.com/election-fundraising/house/CA/32). However, there are currently no prediction markets or polls available specifically for the CA-32 primary, which makes it difficult to assess the immediate threat challengers pose to Sherman [[^]](https://robinhood.com/us/en/prediction-markets/mens-pro-basketball/events/detroit-at-oklahoma-city-spread-mar-30-2026/).

## How do Larry Thompson's and Brad Sherman's campaign platforms on economic and housing policy compare?

Sherman's Housing Policy | Supports ending the affordable housing crisis and regulatory reform for housing supply [[^]](http://sherman.house.gov/media-center/press-releases/sherman-joins-press-conference-on-ending-affordable-housing-homelessness) |
Thompson's Economic Proposal | Proposes a Youth Financial Literacy Act for high school students [[^]](https://www.larrythompsonforcongress.com/legislative-initiatives) |
Thompson's Identified Issues | Includes homelessness and inflation as district issues [[^]](https://www.californiapoliticstoday.com/article/738389500-larry-thompson-closing-the-california-congressional-gap-on-brad-sherman) |

**Brad Sherman's platform directly addresses the affordable housing and homelessness crisis**

Brad Sherman's platform directly addresses the affordable housing and homelessness crisis. He advocates for an end to this crisis and supports regulatory reform specifically aimed at increasing the housing supply [[^]](http://sherman.house.gov/media-center/press-releases/sherman-joins-press-conference-on-ending-affordable-housing-homelessness).

Larry Thompson proposes specific economic legislation and identifies key district challenges. His platform features the Youth Financial Literacy Act for high school students as a distinct economic proposal. Additionally, his campaign highlights homelessness and inflation as critical issues affecting the district [[^]](https://www.larrythompsonforcongress.com/legislative-initiatives).

Comprehensive comparison of candidate platforms is challenging with current information. The available information primarily provides specific policy proposals for each candidate within one domain. Therefore, a detailed comparison of both candidates' comprehensive economic and housing policy platforms cannot be fully established from this information alone [[^]](https://www.larrythompsonforcongress.com/legislative-initiatives).

## Is there any publicly available district-level polling data for the CA-32 primary from the 2025-2026 election cycle?

Polling Data Availability | Not publicly available as of May 8, 2026 [[^]](https://www.cookpolitical.com/house/race/481976)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary))[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026) |
Primary Election Date | June 2, 2026 [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary))[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026) |
General Election Date | November 3, 2026 [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary))[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026) |

**No public district-level polling data exists for the CA-32 primary**

No public district-level polling data exists for the CA-32 primary. As of May 8, 2026, there is no publicly available district-level polling data for the California's 32nd Congressional District primary from the 2025-2026 election cycle. Esteemed political analysis sources such as Cook Political Report and Ballotpedia do not indicate the presence of any polls, including specific district-level data for this race [[^]](https://www.cookpolitical.com/house/race/481976)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary))[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026).

The CA-32 primary and general elections are set for 2026. The primary election for California's 32nd Congressional District is scheduled for June 2, 2026, with the subsequent general election taking place on November 3, 2026 [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026_(June_2_top-two_primary))[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026). A roster of notable candidates for this election includes the incumbent, Brad Sherman (D), alongside challengers Christopher Ahuja (D), Dory Benami (D), Jake Levine (D), Marena Lin (D), Josh Sautter (D), Anna Wilding (D), Douglas Smith (no party affiliation), and Larry Thompson (R) [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026).

## What does Brad Sherman's cash-on-hand, as per early 2026 FEC filings, indicate about his readiness for a primary challenge?

Brad Sherman Q1 2026 Cash-on-Hand | $4.8M [[^]](https://www.quiverquant.com/news/Fundraising+Update%3A+Representative+Brad+Sherman+just+disclosed+%24312.1K+of+new+fundraising) |
Fundraising Lead Over Top Rival | Approximately 10 times [[^]](https://www.quiverquant.com/election-fundraising/house/CA/32)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026) |
Top Challenger Q1 2026 Cash-on-Hand | $1.00M (Jake Levine) [[^]](https://www.quiverquant.com/election-fundraising/house/CA/32)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026) |

**Brad Sherman's cash-on-hand signals strong primary challenge readiness**

Brad Sherman's cash-on-hand signals strong primary challenge readiness.
Brad Sherman's Q1 2026 FEC filings reveal a robust financial standing, with **$4.83** million in cash-on-hand, indicating strong preparedness for a primary challenge [[^]](https://www.quiverquant.com/news/Fundraising+Update%3A+Representative+Brad+Sherman+just+disclosed+%24312.1K+of+new+fundraising)[[^]](https://www.quiverquant.com/election-fundraising/house/CA/32)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026). This figure reflects growth from **$4.77** million at the close of 2025 [[^]](https://www.quiverquant.com/news/Fundraising+Update%3A+Representative+Brad+Sherman+just+disclosed+%24312.1K+of+new+fundraising)[[^]](https://www.quiverquant.com/election-fundraising/house/CA/32)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026). During Q1 2026, Sherman successfully raised **$312,100,** with **75%** originating from individual donors, while expending **$278,100** [[^]](https://www.quiverquant.com/news/Fundraising+Update%3A+Representative+Brad+Sherman+just+disclosed+%24312.1K+of+new+fundraising). His substantial financial position translates into a fundraising lead approximately ten times greater than that of his closest competitor [[^]](https://www.quiverquant.com/election-fundraising/house/CA/32)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026).

Challengers lag significantly behind Sherman in fundraising and cash.
In comparison, top challenger Jake Levine reported **$1.00** million in cash-on-hand and a quarterly raise of **$535,000** [[^]](https://www.quiverquant.com/election-fundraising/house/CA/32)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026). Other contenders, such as Dory Benami, held considerably less, with **$26,000** in cash and **$28,000** raised, and most other challengers maintained less than **$50,000** [[^]](https://www.quiverquant.com/election-fundraising/house/CA/32)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026). Despite the presence of multiple Democratic challengers in California's 32nd Congressional District, which Quiver rates as Solid D, Sherman's significant financial advantage underscores his readiness for the upcoming primary contest [[^]](https://www.quiverquant.com/election-fundraising/house/CA/32)[[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026).

## What Could Change the Odds

**The next key event for California's 32nd Congressional District is the primary election, scheduled for June 2, 2026, which operates under a top-two system [[^]](https://ballotpedia.org/California%27s_32nd_Congressional_District_election,_2026)[[^]](https://www.sos.ca.gov/elections/upcoming-elections).** The incumbent for this district is Brad Sherman (D-CA-32), who has been serving since 1997 [[^]](https://www.270towin.com/2026-house-election/)[[^]](https://linkedin.com/in/brad-sherman-856236a9).

**The Kalshi market "kxcaprimary-32first26" specifically focuses on Brad Sherman's position for first place in the CA-32 primary [[^]](https://kalshi.com/markets/kxcaprimary/who-will-advance-in-the-ca-primary/kxcaprimary-32first26).** The overall race outlook for this district is considered a Safe Democratic hold, with Kalshi indicating a **probability** greater than **95%** [[^]](https://www.270towin.com/2026-house-election/). Therefore, significant changes to **market** probabilities would likely stem from any developments that could challenge the incumbent's strong position or alter the district's current political leanings. There is no CA-32 primary in 2027; the next cycle after 2026 is 2028 [[^]](https://ballotpedia.org/California_elections,_2027).

## Key Dates & Catalysts

- **Expiration:** November 03, 2027
- **Closes:** November 03, 2027

## Decision-Flipping Events

- The next key event for California's 32nd Congressional District is the primary election, scheduled for June 2, 2026, which operates under a top-two system [^] [^] .
- The incumbent for this district is Brad Sherman (D-CA-32), who has been serving since 1997 [^] [^] .
- The Kalshi **market** "kxcaprimary-32first26" specifically focuses on Brad Sherman's position for first place in the CA-32 primary [^] .
- The overall race outlook for this district is considered a Safe Democratic hold, with Kalshi indicating a **probability** greater than **95%** [^] .

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## Historical Resolutions

No historical resolution data available for this series.

## Disclaimer

This content is for informational and educational purposes only and does not constitute financial, investment, legal, or trading advice.
Prediction markets involve risk of loss. Past performance does not guarantee future results.
We are not affiliated with Kalshi or any prediction market platform. Market data may be delayed or incomplete.

### Data Sources & Model Transparency

**Data Sources:** Octagon Deep Research aggregates information from multiple sources including news, filings, and market data.

**Freshness:** Analysis is generated periodically and may not reflect the latest developments. Verify critical information from primary sources.

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