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SPECULATING definition: 1. present participle of speculate 2. to guess possible answers to a question when you do not have. Learn more. speculated; speculating 1 : to think or wonder about a subject speculating about the future 2 : to engage in a business deal in which much profit may be made although at a big risk speculator Express Yourself Speculating In some exams, you have to talk about what you can see in a picture and speculate about the situation or a wider issue prompted by the picture. Definition of 'speculate' speculate (spekjlet ) Word forms: speculates , speculating , speculated 1. verb