In the grim theater of the Squid Game, Seong Gi-hun’s valiant stand crumbled beneath the weight of betrayal. Season 2’s finale delivered a gut-wrenching blow: Gi-hun, helpless, watched as his dear friend Jung-bae met a cruel end at the hands of the Front Man, Hwang In-ho. This merciless act not only extinguished a flicker of hope but also left audiences suspended in a state of disquiet. The post-credits revelation of Cheol-su, a malevolent counterpart to the notorious Young-hee, cast a foreboding shadow over the games to come. Thus, the stage was set for a finale steeped in despair and anticipation.

At Netflix’s Tudum 2025 event, the streaming giant unveiled the trailer for Squid Game’s third and final season, teasing a brutal endgame filled with deadly challenges and emotional confrontations.

Gi-hun’s last move? The trailer makes the stakes bloodier than ever

In the opening of Netflix’s newest installment of televised trauma, players shuffle into an arena where the next trial, rope jumping, awaits them beneath a soundtrack of innocent children’s rhymes that now feel like war chants. The scene shifts to Seong Gi-hun, the protagonist with more lives than a haunted cat, dramatically gasping to the game makers, “Why did you let me live?” . The Front Man, possibly moved or possibly allergic to emotions, drops a single tear, a moment fit for an antihistamine commercial.

The trailer spirals into a frenzy as it gives more insight into the released teaser where teams are divided, blue versus red, and rope jumping gives way to what looks like a maze. Voting returns like a bad sequel, and with it comes the return of existential panic. Characters stumble through moral crises, physical traps, and questionable acting choices. The highlight arrives when Seong Gi-hun meets the Front Man at last, possibly as a winner or just a very exhausted man, and is asked the soul-piercing question: “Do you still believe in people?” To which the only appropriate answer might be, “Define people.”

While Gi-hun questions everything, viewers are decoding every frame, searching for answers about Squid Game Season 3’s endgame.

Decoding the trailer

The trailer for Squid Game Season 3 has fueled a wave of fan theories about the upcoming twists. For starters, the sweet old lady could stay alive and might adopt the baby, due to Jun Hee’s theorized untimely death, which could be a repercussion of her unwillingness to play the games, as seen in the trailer. Meanwhile, many speculate that Seong Gi-hun could lose faith in humanity and be forced to become the next Front Man, as it seems he is being kept alive not just to survive but to have his spirit broken.

Fans are eagerly awaiting more exclusive information, with Netflix Tudum 2025 promising key revelations thanks to its star-studded attendance and major events. The trailer also hints at a new maze game reminiscent of Takeshi’s Castle, while some theorize a Police Catch Thief challenge may appear, adding fresh layers of danger. With so many characters caught in these brutal games, anticipation is high for a psychologically intense final season.

What are your theories regarding the Squid Game season 3’s trailer? Let us know in the comments down below!