Cryptic crossword clue
Thought to have speculated

The most common and most likely answer to this crossword clue is the 8 letter word SURMISED

I've seen this crossword clue in The Guardian
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Buddy explains!

The straight part
We know that "Thought/to have speculated" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case thought/to have speculated = surmised.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does SURMISED mean?

SURMISED verb
  1. To imagine or suspect; to conjecture; to posit with contestable premises.

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