As of mid-2026, no major party figures have launched formal 2028 presidential campaigns, leaving the field in an early exploratory phase focused on positioning rather than declarations. Democrats are advancing their primary calendar process, with the Rules and Bylaws Committee expected to finalize state order later this summer, potentially elevating diverse early states over traditional ones like Iowa. Speculation centers on figures such as Gavin Newsom, Kamala Harris, Pete Buttigieg, and Mark Kelly on the Democratic side, alongside Republicans including JD Vance and Marco Rubio, many of whom are building national profiles through public appearances and policy statements. A handful of lesser-known candidates have filed with the FEC, while exploratory activity like Jo Jorgensen’s Libertarian committee formation signals the cycle’s gradual start. Announcements are widely anticipated after the November 2026 midterms, with traders monitoring polling trends, endorsements, and fundraising as indicators of likely entrants before the 2028 primaries.