Michael Katz holds a commanding lead in Delaware's Republican U.S. Senate primary, set for September 15, reflecting trader consensus on his stronger organization and resources. Katz, a physician and former state senator who switched to the Republican Party in 2026 after an independent bid in 2024, has secured key endorsements from the Delaware Republican Party, former U.S. Attorney Julianne Murray, and multiple state legislators, alongside superior fundraising and cash on hand. John Shulli, a retired Army colonel and instructor at the U.S. Army War College, maintains support from figures like Michael Flynn but trails in established party backing and financial metrics. With the closed primary approaching and limited public polling, these structural advantages have solidified the current implied probabilities.