Squid Game season 2 saw Seong Gi-hun (Lee Jung-jae) return to the arena for a whole new set of games. Intent on taking down the competition from within, the former winner faced the masked mastermind the Front Man once again to try and end the sadistic tournament once and for all. However, as you might be expecting, the path to victory is not always a smooth one, especially when lives are at stake.
The drama all came to a head in the season 2 finale, which was full of betrayal, heartbreak, and plenty of bloodshed. Most importantly too, it neatly sets up the show's third and final season, which has already wrapped filming. In order to look ahead at what's to come in the Netflix shows, let's dive into some of the major revelations in the Squid Game season 2 ending, and what consequences they may have.
Naturally, we are getting into heavy spoiler-territory from here on out, covering everything from deaths to major final act reveals. Make sure you've streamed all of Squid Game season 2 before reading on.
Squid Game season 2 ending explained *SPOILERS*
Following the vote after the third game which left the contestants split between who wants to stay and who wants to leave, the season finale begins in the midst of a fight in the bathroom. Thanos (Choi Seung-hyun) is stabbed in the neck by Lee Myung-gi (Im Si-wan), killing him, as numbers elsewhere dwindle between both sides. War has begun…
When they return to the main arena, it's not long before the carnage continues. Gi-Hun and Hwang In-hoo (Lee Byung-hun) decide they need to make a new plan to try and survive the night – and hopefully end the murder for good. Gi-hun says it's time to strike against those running the show, advising his fellow contestants to hide as soon as the lights go down and wait for the guards to enter. Then, when they try to contain the killing, they'll attack them and steal their guns.
The plan works pretty smoothly as the rebels kill several of the guards and manage to take their weapons. They then see if anyone will join them on their plan to storm the upper levels and take control of the arena. A few do, including Hyun-ju (Park Sung-hoon) as they begin their assault, moving slowly through the building and facing gunfights with the guards at every corner.
Meanwhile, on the boat, the group are caught in the middle of a storm as one of the soldiers heads up onto the deck to take a look after they see a light go on. They discover the Captain (Oh Dal-su) toying with the drone, sabotaging their mission to find the island. He kills them, before hiding what's going on to the rest of the crew – it seems we know now why they've been so slow at finding where the games take place…
Back in the arena, the rebels have been locked into a corner with dwindling ammo and a seemingly endless assault from the masked guards. Gi-hun makes a decision to try and make gains in the route to the control room, taking Jung-bae (Lee Seo-hwan) with him. They make good progress before they reach the final staircase where the guards fire on them endlessly as their rounds begin to run out.
In-ho says he'll come and provide back-up, bringing two other soldiers with him. When they reach Gi-hun, he gives him his last ammo and it seems for a second that he might switch sides. Sadly, it's not the case as In-ho sends the other soldiers in front of him before he shoots them dead, and calls over on the radio to Gi-hun pretending he has been killed too. He quickly switches to another line where he orders his guards to end this.
At the same time, Dae-ho (Kang Ha-neul) returns back to the contestant's living quarters in search of more ammo from the dead guards. He finds them but has a panic attack and is unable to return. Hyun-ju goes in search of him back in the room, but before she can return to the soldiers, the guards enter. Jang Geum-ja (Kang Ae-shim) stops her from facing them and shooting her way out as it's clear the numbers are now stacked against the rebels.
In the final few moments, In-ho is now back in his Front Man uniform and mask and approaches Gi-hun. "Look closely at the consequences of your little hero game," he warns him, before shooting Jung-bae dead.
Who dies in Squid Game season 2?
We'd be here for a while if we named every single character that dies in Squid Game season 2, but it's fair to say the bloodshed this time is significant. In episode 1, the first major casualty we get is the Recruiter (Gong Yoo) who dies during a game of Russian Roulette with Gi-hun. The first major character to die in the games is player 95 (Kim Si-eun) who is shot dead during the group game. Se-mi (Won Ji-an) is also murdered as her friend Min-su (Lee David) looks on helplessly. Thanos doesn't make it out of season 2 alive either, getting stabbed in the neck with a fork and bleeding out at the beginning of the finale. The final – and most painful – death comes at the end of season 2 when Jung-bae is shot dead by the Front Man.
What happens to Gi-hun? Does he know who In-ho really is?
Gi-hun isn't killed at the end of season 2, but he comes close to death. As the credits roll, it's not quite clear what his fate will be. He's deemed responsible for the riots and is now captured by the Front Man. Will he take him back to the games? Only time will tell on that one, but one thing is very clear: he still has no idea that In-ho and the Front Man are the same person. Now, that is going to be one painful revelation.
What's going on with the boat?
The boat crews, led by Hwang Jun-ho (Wi Ha-joon) are still searching for the island and it seems like they're getting closer after they triggered a booby trap explosion in their searches. However, in the finale it becomes clear that they have a snake in their ranks. Yes, the Captain has been working for the Front Man all this time, and is sabotaging their journey. He's destroyed the drone now too, so could he have set them back even further?
Is there a post-credits scene?
Yes, there is a tiny Squid Game season 2 post-credits sting after the initial credits that sees players 096, 100, and 353 walking towards the Red Light, Green Light statue of Young-Hee who is facing another young boy statue. Could this be a glimpse at a new twist on the classic game coming in season 3? Time will tell…
Will there be a Squid Game season 3?
Yes, Squid Game season 3 has already been confirmed by Netflix who have said it will release in 2025. The show has been filmed and is currently in post-production, and it will be the final season. According to the show's creator, Hwang Dong-hyuk, it will bring Gi-hun's story to a close.
What will happen in season 3? Will the games continue?
No synopsis details have been released by Netflix yet for Squid Game season 3, but it seems from where we leave season 2 that the games will continue. The post-credits teases might be giving us an indication of what game is up next, and we're not too sure the game heads will allow the votes to continue after the rebellion.
Squid Game season 2 is available to stream on Netflix now. For more, check out our Squid Game season 2 review. We've also got guides to the best Netflix shows and the best Netflix movies to stream right now.
