A shock death and a famous cameo: The Squid Game Season 3 ending, explained.

Right, let's unpack what just happened at the end of Squid Game season 3. Because we're all feeling a lot of feelings right now.

That was absolutely brutal, wasn't it? After three seasons of psychological warfare disguised as children's games, Squid Game has finally come to an end, and honestly, we're not sure our hearts could take much more.

If you've just finished binge-watching the final six episodes, and you're sitting there staring at your screen wondering what the hell just happened, you're not alone.

Let's break down everything that went down in that absolutely devastating finale. And what it means for the future of the franchise.

Watch the trailer for Squid Game season 3. Article continues after video.

Who is the final winner of Squid Game?

The last game of the series is Sky Squid Game, which requires players to move across three separate towers, one shaped like a square, one like a triangle, and one like a circle. On each tower, players must push at least one participant off the structure. For the deaths to count on the second and third tower, a player must press a button on the ground to officially start the round.

The complicated rules of Sky Squid Game are what eventually lead to the unexpected winner: an infant baby born to one of the players in the game, that has been protected by Seong Gi-hun (Lee Jung-jae).

Image: Netflix

Why does Gi-hun sacrifice himself in the end?

Throughout the game, Gi-hun protected the infant as several other players — including her father Myung-gi (Yim Si-wan) — attempted to kill her.

In the show's final game, Gi-hun manages to shield the baby from the violence for the first two parts of the Sky Tower round. But the already dangerous situation escalates on the third tower, when Gi-hun, Myung-gi, and the baby are the only ones left.

Gi-hun and Myung-gi immediately get into a brawl, which turns into a visceral knife fight. Myung-gi wants to eliminate the baby and take the prize for himself, but Gi-hun will stop at nothing to protect the baby. Eventually both men tumble off the third tower, with Myung-gi falling to his death.

But here's the kicker — no one remembered to press the button to start the round, so Myung-gi's death doesn't count. It's all down to Gi-hun and the baby.

Gi-hun has three options: He can press the button and kill the baby, making him a two-time Squid Game winner with even more extreme survivor's remorse. He could do nothing and condemn both himself and the baby through his inaction. Or he could press the button, end his own life, and allow the baby to live — and win.

He chooses the third option. In his final moments, Gi-hun gives an impassioned speech to Front Man and the onlooking VIPs, reminding them that the players are not "horses".

Image: Netflix

Squid Game creator Hwang Dong-hyuk intended the twist to inspire hope.

"Ultimately, the baby represents the future generation," he told Tudum.

"I believe we also have the responsibility and duty to try everything that we can in our power to leave a better world for the future generation. The baby coming out [as] the winner was in line with the meaning of Squid Game.

"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," Director Hwang said.

"Gi-hun's self-sacrifice to save the baby is the message we need to hear today. This character, who is thrust into the game, endures everything, and then jumps back in to end it, is the one who should deliver this message."

The Shaman's prophecy comes true.

In the Squid Game Season 3 premiere, shaman Seon-nyeo (Chae Kuk-hee) predicted that none of her fellow players would escape the competition alive. In season 3, episode 6 — the series finale — it seems like Seon-nyeo really may have seen the future.

None of the original Squid Game competitors manage to survive the soul-crushing, life-taking contest — including the series' noble hero, Gi-hun, who sacrifices himself for the greater good.

Instead, the winner of Squid Game is Jun-hee's baby, who is not born until episode 2.

Did Gi-Hun change Front Man in the end?

Immediately after Gi-hun's death, Front Man goes to see Gi-hun's body and decides to save Jun-hee's baby. As he escapes with the infant, it becomes clear that perhaps Front Man has had a change of heart — or, at least, remembered he has one.

In a six-month time jump at the very end of season 3, we learn Front Man has broken into his brother Jun-ho's apartment to leave him with a present: Jun-hee's baby and her 4.56 billion-won prize as the newest champion of Squid Game.

Front Man also takes Gi-hun's cash from season 1 and flies to Los Angeles to meet Gi-hun's daughter, giving her the money and informing her of her father's death. At last, Ga-yeong knows her father isn't ignoring her.

What sparked this transformation in Front Man wasn't just Gi-hun's final sacrifice — it was witnessing his unwavering refusal to become a killer. Even when handed a knife and given every opportunity to eliminate his competition, Gi-hun chose mercy over survival.

Image: Netflix

Gi-Hun's journey served as a stark reminder of Front Man's own journey through the games, of moments where he could have chosen differently before the system corrupted him completely.

Watching Gi-hun die rather than compromise his moral code reignited something Front Man thought was long dead — the belief that people can choose to be good, even when the world gives them every reason not to be.

What does Cate Blanchett's cameo mean?

As Front Man leaves Ga-yeong's home and drives through Downtown Los Angeles, he hears a familiar sound: the slap of ddakji tiles hitting the ground. When he looks over, a mysterious and well-dressed stranger is playing the familiar game with a clearly distressed man.

But here's where it gets interesting — that mysterious stranger is none other than Cate Blanchett herself, making a surprise cameo that has sent fans into overdrive.

The Australian actress appears as what looks like a US-based recruiter, similar to Gong Yoo's character from Season 1. She's approaching vulnerable people with that familiar game of ddakji.

This final scene suggests that, despite all the noble efforts of so many people, the world still continues as it was before — the games will go on, just in different places.

Image: Netflix

The internet is now buzzing about what Blanchett's cameo could mean for the Squid Game universe. While Hwang has confirmed that Season 3 is the definitive end of the Korean series, Blanchett's appearance strongly suggests Netflix is exploring international versions of the deadly competition.

According to Deadline, a new English-language Squid Game series is in the works at Netflix, with David Fincher coming on to develop it.

The director, who has an existing Netflix deal, was previously rumoured to be developing an English-language Squid Game movie — but recent reports confirm it's actually a US-based series with Utopia writer Dennis Kelly attached. While Fincher could squeeze in a movie beforehand, insiders say the Squid Game series is likely the project he'll commit his time to in 2025.

Netflix has yet to comment on these rumours.

What does it all mean?

At its core, Squid Game isn't just about deadly children's games — it's a scathing critique of capitalism and how our economic system treats human beings as disposable. Every player enters because they're drowning in debt, representing the very real crisis facing millions of people globally.

Squid Game's three-season journey serves as an unflinching mirror to our capitalist society, showing us exactly how far people will go when pushed to financial desperation. The series doesn't just critique wealth inequality — it exposes the entire system that creates these conditions in the first place.

As creator Hwang Dong-hyuk puts it, "Until capitalism ends, the game will not end."

The baby winning the final prize isn't just a plot twist… it's a stark reminder that future generations will inherit the consequences of our choices.

The games themselves are merely a metaphor for how our economic system already pits people against each other in a brutal competition for survival, where the wealthy watch from the sidelines as entertainment.

Image: Netflix

But despite its bleak premise, Squid Game Season 3 ultimately argues for hope — not the false hope of striking it rich, but the hope that comes from human connection and choosing to do the right thing even when it costs everything.

The series isn't telling us the world is hopeless… it's telling us that hope requires action and sacrifice. The games will continue until we decide to stop playing, and the question we all need to answer is: what are we willing to sacrifice to build a better world for those who come after us?

Feature Image: Netflix.