Short answer
Most commercial pumpkin spice lattes do not contain real pumpkin. The drink is typically built on espresso, steamed milk, sugar or syrup, and a spice blend that evokes pumpkin pie — but the pumpkin itself is usually absent or present only in trace amounts.
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What's actually in the drink
Starbucks, which popularized the pumpkin spice latte, lists the ingredients as espresso, milk, sugar, and a "pumpkin spice" sauce or syrup. That sauce is a mix of condensed milk, sugar, and spices such as cinnamon, ginger, nutmeg, and allspice, along with natural and artificial flavoring. The drink often gets its orange hue from food coloring or annatto, not from puréed pumpkin.
Why it tastes like pumpkin without the pumpkin
The flavor comes from the spice profile, not the squash. Many recipes use a blend of cinnamon, nutmeg, allspice, ginger, and cloves, sometimes with vanilla or caramel added for sweetness. Manufacturers can replicate the aroma and taste of pumpkin pie without using any actual pumpkin.
When real pumpkin does appear
A few cafés and smaller roasters do offer versions made with real pumpkin purée or purée-based syrups. If you want a drink with actual pumpkin, check the ingredients or ask the barista. In most major chains, the standard pumpkin spice latte relies on spice syrups and sauces rather than the vegetable itself.