Do nearby raids only show silhouettes?

Solution 1:

In a recent update, this has been changed to display the Pokémon rather than the silhouettes based of if you've captured the Pokémon or not.

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Since I have captured Magmar, it shows the Pokémon, but with Raikou uncaptured, it displays the silhouette.

Solution 2:

All ongoing Pokemon Raids are depicted in silhouettes. All pending Raids are depicted as an egg. This is shown through this sort of search: Can you see any full colour Pokemon Raid Bosses? Doesn't look like it. However, this may change in the future.