No major Democrat has formally announced a 2028 presidential bid as of October 2026, which underpins the 50% price on "Other" as traders price in a crowded, undecided field. Andy Beshear, Gavin Newsom, and Pete Buttigieg lead named options due to their active positioning, including repeated early-state visits such as to South Carolina, national surrogacy during the midterms, and public signals of interest. Newsom has indicated he would defer to Kamala Harris, while Buttigieg has described himself as "more inclined than not" to run. Recent DNC calendar changes elevating South Carolina have shaped early maneuvering, but the timeline for first announcements remains fluid pending midterm results and individual decisions.