Excited by a small speculation (8)
I believe the answer is:
aflutter
'excited' is the definition.
(similar in meaning)
I don't understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for aflutter that I've seen before include "Agitated - excited (eg in anticipation)" , "is rather nervous" , "trembling" , "Nervous, twitchy" , "in excited state" .)