A shock cliffhanger and devastating loss: The Squid Game 2 ending, explained.

Well, they've done it again. Squid Game is back, and it's just as soul-crushingly dark as ever.

Season 2 officially landed on Netflix on December 26, and let's just say the finale was… a lot. With shocking twists, devastating losses, and one betrayal that left us reeling, it's no wonder fans are collectively screaming into the void — and frantically Googling for answers.

Let's unpack the chaos of that cliffhanger ending, who survived (barely), and what's in store for Gi-hun and the rest of the players.

Spoilers ahead, obviously.

How many episodes are in Squid Game Season 2?

If you felt like this season flew by, you're not imagining things. Season 2 has just seven episodes, compared to the nine in Season 1. Why? Because director Hwang Dong-hyuk split one massive story into two seasons.

Watch the trailer for Squid Game. Post continues below.

"I originally envisioned Seasons 2 and 3 as a single story," Hwang confirmed to Variety. "That's how I wrote it. But in the process, it came out to be too many episodes. So I thought it'd be better to divide it into two."

Don't worry, though — Sqiud Game Season 3 is already in the works and set to drop in mid-to-late 2025.

The bad news? That's a long time to sit with the emotional trauma of that gut-wrenching ending…

What happened in the Squid Game 2 finale?

In case you missed it the first time, spoiler alert.

The final episode, "Friend or Foe," is an emotional roller-coaster that makes Euphoria look like a sitcom.

Seong Gi-hun (Lee Jung-jae) leads a rebellion against the Squid Game organisers, rallying his allies Jung-bae (Lee Seo-hwan), Hyun-ju (Park Sung-hoon), and Dae-ho (Kang Ha-neul) to storm the control room and take down the system. It's chaos, it's carnage, and it's so not going to plan.

Just when it seems like they might pull it off, the show drops a twist worthy of Game of Thrones.

Squid Game 2 featured a brutal cliffhanger ending. Image: Netflix

The Front Man, who's been undercover as Player 001 (aka "Young-il"), reveals his true identity and shuts the rebellion down — hard.

Then, in the most devastating moment of the season, he executes Jung-bae right in front of Gi-hun, forcing him to watch his best friend die — and leaving him captured, broken and surrounded by pink-suited guards.

Brutal doesn't even begin to cover it. Cue all the tears.

Creator Hwang told Variety why this moment was the perfect season finale:

"I thought that that was an adequate moment to put a stop and give him a little bit of closure along that long story arc."

"And then from that moment on, in the third season, having that sense of huge guilt and sense of failure weighing heavily on him — how is Gi-hun going to carry on his mission? That's the story that'll further unfold."

He added, "Gi-hun will not be the man he was in Season 2."

Gi-hun. Image: Netflix

Who survives Squid Game Season 2?

It wouldn't be Squid Game without a hefty body count. Shot dead by Squid Game supervisor The Front Man, Jung-bae's death was the ultimate heartbreak, but plenty of others didn't make it out alive, either — including Gyeong-seok (Lee Jin-uk) and Se-mi (Won Ji-an).

Honestly, it's like the writers sat down and said, "Who do they love? Let's ruin their day."

As for the survivors, Gi-hun is alive, though not exactly thriving. Hyun-ju and Dae-ho also made it out, but their futures are looking dicey.

No-eul (Park Gyu-young), whose organ-harvesting subplot gave us major chills, seems to have survived too. But let's be real — no one is safe.

Why is everyone obsessed with Park Sung-hoon?

Park Sung-hoon is having a moment, and we love to see it. His portrayal of Hyun-ju, a transgender woman fighting to fund her gender-affirming surgery, has been a standout of Season 2.

But there's been some controversy around the casting of a cisgender man in the role. Hwang addressed this, saying, "In the beginning, we were doing our research, and I was thinking of doing an authentic casting of a trans actor.

"When we researched in Korea, there are close to no actors that are openly trans, let alone openly gay, because unfortunately in the Korean society currently the LGBTQ community is rather still marginalised and more neglected, which is heartbreaking."

As Hwang explained to Decider, "Compared to before, it has gotten better. But still, in Korea, when you are a gender minority, it is not as widely accepted yet. Unfortunately, you are still seen to be very much out of the norm."

Park Sung-hoon. Image: Netflix

What's the big twist?

Oh, you thought you were emotionally prepared? Think again.

The finale also revealed that Captain Park, who had been helping Hwang Jun-ho (Wi Ha-joon) search for the games' location, is actually working for the Front Man. Betrayal hurts, but this betrayal is agonising.

And don't skip the credits — because the mid-credits scene teases a new version of the Squid Game, complete with male and female counterparts of the creepy 'Red Light, Green Light' doll. Yep, it's about to get even more terrifying.

What's next for Squid Game?

It sounds like Season 3 is shaping up to be darker, twistier, and even more intense.

"Player 456, did you have fun playing the hero?" the Front Man asked Gi-hun in the soul-crushing final episode. "Look at the consequences of your little hero game."

Hwang has teased that Gi-hun will be at a "critical crossroads" as he grapples with his guilt and tries to figure out his next move. "What is he going to be like? What will he choose to do? Will he continue on with the mission? Is he going to give up or persist?" Hwang told Variety.

"You're going to meet Gi-hun at a very critical crossroads as we begin the third season. Gi-hun will not be the man he was in Season 2."

As for the games themselves, Hwang hinted at some major changes.

"If you saw the hidden clip after the ending credits roll after the last episode of Season 2 — if you watch that clip, it's going to give you a slight hint as to where Season 3 might take you. I think that's all I can say, for now."

Feature image: Netflix.