Squid Game Season 3 Teaser: 7 Biggest Reveals from Gi-hun’s Return to a new Deadly game

Netflix has officially dropped the first teaser trailer for Squid Game season three, and it’s everything fans have been waiting for — eerie, emotional, and filled with explosive reveals. After months of speculation, leaks, and rumors, we finally have a proper look at the third and final season of the global K-drama phenomenon created by Hwang Dong-hyuk. And yes, the games are far from over.

Season three picks up immediately after the failed rebellion that left fans stunned at the end of season two. Gi-hun (Lee Jung-jae), the original Player 456, is back — but not quite in the way anyone expected. Here's a breakdown of every major revelation from the Squid Game 3 teaser and what it means for the grand finale.

1. Gi-hun’s Grim Return

The Squid Game 3 teaser opens with the pink guards carrying a familiar black coffin into the living quarters — the very boxes used to transport dead players. But when it opens, it's not a corpse inside. It’s Gi-hun, very much alive. After the failed rebellion led to the death of Jung-bae (Player 390), Gi-hun is forcibly returned to the game. He wakes in a daze as his fellow players stare in shock, setting the tone for what’s shaping up to be a brutal final round.

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2. The First game Tease: Gumball of fate

One of the teaser's most intriguing visuals is a massive gumball machine dispensing either red or blue balls. According to Netflix, these colors “represent the fates that will determine the next challenge.” This new mechanic hints at a twist in the game’s structure — perhaps a randomized or player-driven element that adds another psychological layer. In season two, players voted using red Xs and blue Os to continue the game. This callback suggests those decisions are now embedded into the gameplay itself.

3. The Return of the VIPs

After being absent in season two, the notorious VIPs — the masked elites who sponsor and spectate the games — are back. Their return signals a deeper dive into the game’s global reach and the power dynamics behind the scenes. With the rebellion squashed and the games continuing, their reappearance could be tied to punishing those who dared to rebel.

4. A Crying baby and a Shocking Pregnancy

Perhaps the most cryptic moment of the teaser comes at the end: the sound of a crying baby. That baby, Netflix confirms, belongs to Jun-hee (Player 222), who was revealed to be pregnant with fellow contestant Myung-gi’s child. This revelation adds a heart-wrenching human element to the high-stakes survival drama and raises serious questions about what happens to that baby — and its parents — as the deadly games resume.

5. Returning cast and Unfinished Business

In addition to Gi-hun and The Front Man (Lee Byung-hun), the teaser confirms several other returning players: Myung-gi (Player 333), Dae-ho (Player 388), Hyun-ju (Player 120), Yong-sik (Player 007), Geum-ja (Player 149), Jun-hee (Player 222), Min-su (Player 125), Nam-gyu (Player 124), and the pink guard No-eul. Detective Hwang Jun-ho (Wi Ha-joon), long presumed dead, also appears — suggesting his mission to expose the games is still in play.

6. Gi-hun vs. The Front Man

Season three promises an emotional and ideological showdown between Gi-hun and The Front Man, who betrayed the rebellion while disguised as Player 001. Per Netflix’s synopsis, Gi-hun remains committed to dismantling the game from within, even as The Front Man readies his next move. 

Creator Hwang Dong-hyuk teased that Gi-hun “will not be the man he was in Season 2,” (via Variety) facing an internal crossroads as much as a physical one. The final season will test not only his survival but his soul.

7. TUDUM is Coming

If the teaser wasn’t enough, even more details will be unveiled during Netflix’s TUDUM event on May 31, 2025 (or June 1, 2025 in Asia and Europe). Expect new trailers, interviews with the cast, behind-the-scenes looks, and potentially a deeper dive into the upcoming challenges.

The Final Countdown Begins

With less than two months to go until Squid Game returns for its final, blood-soaked chapter, the teaser confirms what fans have suspected: the stakes are higher, the betrayals deeper, and the emotional fallout more devastating than ever before. As Gi-hun dives headfirst into one last game, the question looms — can he finally bring it all to an end, or will the system consume him too?

Squid Game season three will arrive on Netflix on Friday, June 27, 2025.

You can watch the official teaser below.