With Donald Trump's 2024 victory rendering him ineligible for 2028 under the 22nd Amendment, the presidential race opens to a wide field, but no major candidates have formally announced runs before 2027 as of early 2025. Vice President JD Vance has emerged as the Republican frontrunner in trader consensus, bolstered by national tours, Trump endorsements, and speeches framing him as the heir apparent amid GOP unity post-election. On the Democratic side, figures like Gavin Newsom, Gretchen Whitmer, Josh Shapiro, and Pete Buttigieg are testing waters through PAC launches and state-level positioning, though party disarray lingers from Harris's defeat. Key upcoming catalysts include 2026 midterm primaries, CPAC addresses, and exploratory committee filings, which could prompt early declarations in swing states or battlegrounds.