After two seasons of ruthless survival, social commentary, and gut-wrenching choices, Squid Game Season 3 delivers another intense conclusion that leaves fans with more questions than answers.

As the stakes rise and the world behind the games deepens, the finale unpacks loyalty, power, and vengeance, while setting up potential for more.

Please note that there may be spoilers.

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Gi-hun’s Choice

In the climactic final round— called “Sky Squid Game”— Gi‑hun fights alongside Player 222’s baby and Myung‑gi. He protects the infant at all costs and then makes a profound sacrifice: he leaps from the platform with his dying words, “Humans aren’t horses,” ensuring the baby’s win of the 45.6 billion ₩ prize, but costing himself his life.

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Baby As Champion

Player 222’s newborn is declared the winner, a haunting yet hopeful symbol. Creator Hwang Dong‑hyuk explains that this ending was intentional to represent Gi‑hun’s regained humanity and conscience.

The Front Man’s Complex Role

The Front Man unmasks and confronts Gi‑hun, urging him to kill the baby to win. Gi‑hun refuses, diverging entirely from the Front Man’s cold path. Flashbacks reveal the Front Man secured his position using similar violent means.

His motivations and backstory are further explored, revealing layers to his character but no clear redemption.

The VIPs’ Influence Persists

The wealthy VIPs continue orchestrating the games from behind the scenes, maintaining their role as ruthless spectators and decision-makers. Their ultimate fate remains ambiguous.

The finale suggests systemic corruption remains intact.

Emotional Resolutions

Six months later: Detective Jun‑ho appears onscreen with the baby and the prize money, suggesting he’ll care for her.

Cate Blanchett's Cameo

The season concludes in L.A. with Cate Blanchett playing an American recruiter for the Squid Game, echoing Gong Yoo’s role in Season 1. Her cameo hints strongly at an upcoming U.S.-based version of the game.

Potential for Future Storylines

While the season wraps up several plotlines, it leaves open threads and hints at future developments within the Squid Game world.

Blanchett's cameo strongly hints at a U.S.-based spin-off, though nothing has been officially announced yet.