The Twist Ending Of Netflix's ‘Squid Game' Season 3, Explained

Forbes

10-07-2025

Cate Blanchett in the 'Squid Game' season 3 finale Netflix
The third and final season of Squid Game is a dark descent into humanity's worst impulses, with a surprisingly hopeful ending—here's what season 3 was really about.
Netflix's Squid Game holds up a dark mirror to the wealth inequality, greed and desperation of the current moment—in the third and final season, series creator Hwang Dong-Hyuk gave us a cynical, yet hopeful conclusion.
Notably, some of the contestants have been drawn to the games due to gambling and crypto schemes. This time, the cruelty of the billionaires orchestrating Squid Game is matched by the greed of the contestants.
One of the most important episodes of the first season sees the contestants voting to leave, then choosing to come back after experiencing the horrors of living with debt.
In season 3, the choice of the contestants to stay is emphasized by the repeating votes held between each game—this time, the money is split between surviving members. Yet, we see the contestants continually choose to stay for a bigger take of the winnings, willing to sacrifice each another for the chance of a bigger number.
There is nothing our saintly protagonist, player 456, Gi-hun (Lee Jung-jae) can say to change the majority's mind—Gi-hun's curse is that he is doomed to repeat the horrors of the past, despite knowing how it's all going to go down.
In the finale of season 3, the deep greed of the contestants reveals itself in a horrifically calm, 'logical' conversation between the surviving group of men, who all happily agree to murder a baby in order to win the game.
Humanity's greed reaches its height in the final instance of a father willing to kill his own baby girl. Thankfully, this is contrasted by Gi-hun's desperation to save the child, no matter what.
Player 333, Myung-gi (played by Yim Si-wan) does his best to maneuver the group away from his helpless daughter, but ultimately makes a choice to murder her when he has the final say.
Squid Game seems to imply that there is no end to the greed of humanity, no rock bottom to hit—only an bottomless pit. In this story, money is framed as a poisonous substance, a mind virus. Still, Squid Game suggests that the allure of money can be resisted.
In the end, Gi-hun manages to triumph, and chooses to give up his own life for the baby, as the rules only allowed for a single survivor. His sacrifice inspires others, shifting the final outcome of the deadly game.
Series creator Hwang Dong-hyuk wanted the moment to highlight the necessity of sacrificing for the younger generation.
Hwang said, 'The message I wanted to communicate was that if we solely pursue our immediate self-interest, and refuse to self-restrain, sacrifice, or bear any costs — and if we don't put our heads together — we have no future.'
Hence, the baby survives to inherit the fortune—the meaning of money is flipped, and now represents the baby's salvation.
An interesting blend of triumph and cynicism pervades the finale, as the rebel guard No Eul (Park Gyu-young) manages to overpower the others, and free Gyeong-seok (Lee Jin-wook), who returns to his daughter.
Families that were torn apart are reunited, as No Eul is given hope that her own daughter might be waiting for her in China.
The Frontman (Lee Byung-hun) and his brother (Wi Ha-joon) reach the end of their personal game, with the Frontman having had a change of heart, inspired by Gi-hun's empathy.
Hence, the island facility is destroyed, the baby is saved, and Squid Game has ended in Korea—but the games are not over.
The very last scene is set in Los Angeles, where the Front Man witnesses an American recruiter playing Ddakji, luring another victim into the games, confirming that Squid Game is international.
Gi-hun's Christ-like sacrifice can only do so much—the rot is worldwide.
Of course, there could be another layer to this ending, as Netflix is surely seeking to monetize Squid Game and expand the franchise (ironic, given the anti-capitalist themes of the series).
However, Hwang never intended that to be the message.
"I wanted to convey that in this late capitalist society, the system remains strong, deeply entrenched, and powerful—and that these kinds of games are still continuing in the US," Hwang Dong-Hyuk told Vanity Fair. Is There Going To Be An American 'Squid Game' Spin-Off?
An American Squid Game spin-off could be on the horizon, but without the involvement of Hwang, or Blanchett.
In 2024, Deadline reported that an English-language Squid Game series from Fight Club director David Fincher was in the works, but the spin-off hasn't been officially confirmed by Netflix or Fincher.
Hwang denies any knowledge of an American Squid Game spin-off, but has spoken positively of the idea:
"I've always been a huge fan of David Fincher's work — from Se7en — and I've loved his films. So if he were to create an American Squid Game , I think that would be very interesting to watch. I would definitely click on it immediately after it's released, if it were to happen." MORE FROM FORBES Forbes HBO's 'The Last Of Us' Season 2 Finale, Explained By Dani Di Placido Forbes How Labubu Dolls Took Over The Internet By Dani Di Placido Forbes TikTok's '4th Of July Antipasto' Controversy, Explained By Dani Di Placido Forbes What Is 'Umamusume: Pretty Derby'? The Viral Horse Girl Game, Explained By Dani Di Placido