Republicans are all in on David McCormick for Senate. So where is he?

David McCormick is not in a rush.

The former hedge fund manager who lost a bruising and close GOP Senate primary campaign last year is widely expected to run again, this time for the chance to take on Democrat Bob Casey.

But nearly six months since he started making plans, nothing’s been made official yet.

Several Republican sources who know McCormick say he’s eyeing a potential fall entrance but is being cautious about the decision, coming off the primary loss to Mehmet Oz last year. He’s wary of what’s expected to be a tough run against Casey, a well-known incumbent, sources said, as well as how the outcome of the presidential GOP primary could impact Pennsylvania’s Senate race.

“He’s staring down the barrel of two guns — trying to beat Bobby Casey is not an easy thing to do, even in a great environment,” GOP strategist Vince Galko said. “The other thing is, does he want to be running in a swing state with Donald Trump at the top of the ticket? How does that play?”

The GOP primary field is currently wide open. State Sen. Doug Mastriano had indicated interest but announced in May he wouldn’t run.

Democrats, meanwhile, are already treating McCormick as the Republican nominee and are preparing for to Casey face him in a race that could determine control of the Senate.

But party leaders and strategists on both sides of the aisle say McCormick has both plenty of time to get in the race and political strengths that don’t require him to jump in early.

McCormick, 57, who has family ties to Western Pennsylvania, is a West Point graduate who served in Iraq and then in George W. Bush’s administration before becoming the CEO of Bridgewater Associates, one of the world’s largest hedge funds, until 2022. He moved from Connecticut to Pennsylvania two years ago to run for retired Sen. Pat Toomey’s seat and has spent this summer promoting his book and other GOP candidates with a super PAC he started.

He’s not exactly lying low, attending GOP events, penning op-eds and doing cable news interviews. But by waiting to announce, McCormick contrasts Senate candidates in other states where campaigns have kicked into gear. The GOP presidential primary is also in full swing, with Trump the front-runner among more than a dozen candidates.

Pennsylvania is a unique battleground. After GOP losses here in 2022, some of which were blamed on Trump, there’s lingering uncertainty about the former president’s impact.

McCormick is likely eyeing the pros and cons of running in a swing state should Trump be at the top of the ticket, said Calvin Tucker, second vice chair of the Philadelphia Republican Party.

“I was told he stuck his toe in the Atlantic Ocean and the temperature’s not where he needs it to be right now,” Tucker said. “I think at some point, we will just go ahead and plunge in, but I dunno when that day will be.”

Democrats have already started blasting out weekly emails attacking McCormick’s former company’s ties to foreign governments and his largely antiabortion stance — highlighting an issue that was key to Democratic success in Pennsylvania last year.

Those attacks are low-dollar digital ad buys, far from the expensive TV blitz sure to come next year. But the early offensive shows Democrats are testing messages against the assumed GOP front-runner.

A July email from the Pennsylvania Democratic Party tried to cast McCormick as an out-of-touch millionaire for attending the swanky Aspen Ideas Festival, where he spoke about his new book.

“While McCormick was socializing with billionaires, Sen. Bob Casey gathered with labor leaders in Pittsburgh to lay out his agenda to stand up to China, support workers, and boost Pennsylvania manufacturing,” the email read.

Casey, 63, launched his reelection campaign in April and has not started actively campaigning. But some of the topics he’s focused on in the Senate could be touted in a potential battle with McCormick, who faced scrutiny in 2022 over comments praising China. Last week, the Senate adopted a Casey-backed provision — which he first cosponsored in 2021 — requiring screening of U.S. national security investments in China as part of a defense policy bill.

National and state Republicans are also assuming McCormick’s their guy. He was included in a slate of candidates endorsed this summer by Americans for Prosperity Action, a conservative grassroots political action committee.

“Everyone, and I mean everyone, is encouraging Dave to run,” U.S. Rep. Dan Meuser (R., Pa.) said.

With 15 months to go until the general election, McCormick’s timing isn’t all that out of the norm.

Republican Sen. Josh Hawley, who unseated incumbent Claire McCaskill in Missouri in 2018, announced his bid in October 2017.

When former U.S. Rep. Lou Barletta challenged Casey in 2018, he launched his primary campaign around Labor Day and, by his own telling, was lesser known than McCormick, who is coming off of a statewide campaign just a year ago.

“Everyone wants you to get out there and start swinging, but they’re probably feeling more angst than McCormick would feel that he needs to get in right now,” Barletta said. “People are on vacation. They’re not really as focused on politics.”

Two Pennsylvania Republican Party officials said the campaign is waiting for a super PAC backing McCormick’s campaign to launch first.

In the unlikely scenario that McCormick waits a while and then decides not to run, some Republicans do worry it could shorten the runway for other GOP candidates to gain steam.

When McCormick ran in 2022, he got into the race in January amid a late reset of the GOP field, after front-runner Sean Parnell suspended his campaign over abuse claims.

Parnell said this week he’s fully behind McCormick.

“Casey has never had a real challenge, and I’m confident Dave is the person who can show Pennsylvania we deserve better leadership in the Senate,” he said.

The race will likely be one of the most expensive in the nation, with resources pouring in from both national parties and outside groups. McCormick, a multimillionaire who partially self-funded his campaign last year, is expected to do so again.

“Fundraising will not be a problem for him,” Barletta said.

But fundraising will likely affect the timing. Campaigns like to announce with a full fundraising quarter ahead of them in order to show a robust first filing. The deadline for the second quarter reports just passed, and the next isn’t due until Oct. 15.

Not getting in too early could also be strategic. It delays the onslaught of attacks once he’s officially in the race, Democratic strategist J.J. Balaban said.

“The only reason to get in early is to consolidate political support or raise money,” Balaban said. “In his situation, he doesn’t need the early start. He can write himself a check and not miss a step.”