Netflix has released a teaser trailer for Squid Game Season 3, and as well as offering a first glimpse at the culmination of the hugely popular show, has sparked a number of fan theories.
Season 3, which launches on Netflix on June 27, is the third and final season of Netflix’s most popular show. It picks up where Season 2 left off, with Gi-hun (Player 456) back in the games and still determined to dismantle them once and for all — despite the harrowing events of the previous season.
It’s time to play the final games 🔴🔵
Squid Game Season 3 premieres June 27. pic.twitter.com/5ZyZ9HVl2Z
— Netflix (@netflix) May 5, 2025
Here’s the official blurb from Netflix:
A failed rebellion, the death of a friend, and a secret betrayal. Picking up in the aftermath of Season 2’s bloody cliffhanger, the third and final season of Netflix’s most popular series finds Gi-hun, a.k.a. Player 456, at his lowest point yet. But the Squid Game stops for no one, so Gi-hun will be forced to make some important choices in the face of overwhelming despair as he and the surviving players are thrust into deadlier games that test everyone’s resolve. With each round, their choices lead to increasingly grave consequences. Meanwhile, In-ho resumes his role as Front Man to welcome the mysterious VIPs, and his brother Jun-ho continues his search for the elusive island, unaware there’s a traitor in their midst. Will Gi-hun make the right decisions, or will Front Man finally break his spirit?
So, what does this teaser trailer tell us? Fans believe that at the 46-second mark we see Player 246, the father of the sick girl in Season 2 (they’re being scanned behind the ear). If true, this would mean Player 246 survived the events of Season 2, during which it looked like they had died.
And if that’s true, perhaps that has implications for Guard 011, who worked at the same theme park as Player 246 before entering the games. Did 011 deliberately miss the kill shot on 246? What is 011’s plan, exactly?
Right at the end of the trailer we hear a baby crying. That may well be Kim Jun-hee’s baby. Will Player 222 give birth during the events of Season 3? Fans fear that if so, we could be in for some real tragedy.
We also have new teaser images, below, that have similarly sparked speculation about what to expect from Season 3 in terms of the characters, their votes (if voting happens again), and the fate of their teams. One image shows Park Min-su (Player 125) wearing an O patch instead of an X patch, which suggests at some point in this upcoming season 125 ends up on a different team… again.
Is this the result of a change of heart and an associated change of vote? The teaser trailer shows the characters turning what looks like a gumball machine to find out whether they get a red or blue ball, so it may be the case that the don’t have a choice which side they end up on this time around. That could have interesting implications for allies potentially now forced to be enemies.
Elsewhere, the shaman character, Seon-nyeo (Player 044), is seen with a prayer necklace that looks a lot like a key. And in one of the images we see a door shaped like a key hole. Could the two be related? Could this key unlock the door?
Squid Game Season 2 ends on a cliffhanger that sets up Season 3. Be sure to check out our Squid Game Season 2 review to find out what we think of the show.
Wesley is the UK News Editor for IGN. Find him on Twitter at @wyp100. You can reach Wesley at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.
