Netflix’s Most Brutal Dystopian Show Finally Resolves Its Big Cliffhanger

Squid Game is back for one final round. The smash hit Netflix series has fast tracked its final two seasons, releasing Season 2 in December 2024 and Season 3 in June 2025. The quick turnaround is just what the show needs, though, because Season 2 only showed half of Gi-hun’s return to the games: Season 2 and 3 were originally one big story, divided into two seasons.

It may have only been six months, but that epic cliffhanger has us wondering what will come next at the end of June. At Netflix’s Tudum live event, the streamer released a new look at the final season, including a new look at the last Squid Game games we’ll ever see.

The trailer seems to show the remaining players — the ones who have survived the previous games and the unsuccessful player riot from the end of Season 2 — divided into two teams for a game involving a maze and a children’s playroom that looks suspiciously like the Rainbow Room from Stranger Things.

But more excitingly, the trailer also finally solves the mystery from the Season 2 mid-credits scene: Cheol-su, the male version of Red Light Green Light doll Young-hee. Fans have long theorized about what role Cheol-su could play in the games, from being another deadly laser in a dual-sided game of Red Light Green Light to creating a trolley problem conundrum, but now we know what is really going on: he’s helping Young-hee with a giant game of jump rope that’s sure to have deadly consequences.

Because this trailer is teasing the final season, there are plenty of glimpses at what the final moments of the show will look like, including Gi-hun donning the all-too-familiar tuxedo for a final showdown with the Front Man, the very man who played alongside him in Season 2. That is, until that big betrayal in the Season 2 finale.

Squid Game Season 3 is only a matter of weeks away, so we’ll find out how this story ends very soon. But for those weeks, you can pick apart every shot of this trailer to find out just exactly what’s in store ahead.

Squid Game Season 3 premieres June 27, 2025, on Netflix.