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Squid Game 3 delivered a heart-stopping ending that left fans gasping and guessing after three seasons full of action. On June 27, 2025, Netflix released the newest season of the South Korean series, which has become a worldwide success.
Created by Hwang Dong-hyuk, the franchise has maintained its dark, thought-provoking tone, exploring human nature, economic disparity, and the cost of greed and despair. Squid Game 3 kept that tradition alive by putting its twisted games in the middle of fresh alliances, surprising betrayals, and deeper conspiracies.
The season saw the return of Seong Gi-hun, once again played by Lee Jung-jae. Gi-hun delved deeper into the mysterious organization behind the games, determined to take it down from within. It built toward a dramatic conclusion, but even as the curtain fell, Squid Game 3 left behind more questions than answers.
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Disclaimer: This article includes major spoilers. Read at your own risk.
Some of the biggest unanswered questions following the
Squid Game 3 finale
1) Will there be another Squid Game in Korea?
Despite the organization being exposed, no one was captured. The bombing of the headquarters erased all evidence associated with the games, and the pink guards vanished without a trace. There was no government intervention, and the world remained unaware of what had taken place. The only people who knew the truth about the games were Jun-ho and Gyeong-seok, the lone surviving player whom No-eul saved.
Still, the finale hinted that the games might not be over. Despite the destruction of the Korean facility, the system that supported it seemed far from defeated. In a surprising final scene, Academy Award winner Cate Blanchett appeared in Los Angeles, playing ddakji with a stranger.
Gi-hun died trying to end the games, but the network that enabled them appears to be growing. With new regions potentially picking up where Korea left off, Squid Game 3 closed with more questions than answers.
2) Will In-ho retire from being the frontman now?
In Squid Game 3, In-ho—the cold and calculating Front Man—showed no signs of guilt or remorse. Unlike others entangled in the games, he remained composed, strategic, and deeply committed to testing human morality under pressure.
His goal throughout the season was clear: to expose what he believed was the inevitable darkness within people. He tried to push Gi-hun into turning against others, orchestrating situations that would force him to abandon his ideals. But Gi-hun resisted, clinging to his belief in trust and humanity until the very end.
After the final game, In-ho left Korea and traveled to Los Angeles. There, he personally delivered Gi-hun’s belongings and Squid Game winnings to his daughter—an action that seemed more dutiful than redemptive. He also arranged for Jun-hee’s orphaned child, Player 222’s daughter, to be placed under the care of his brother, Jun-ho.
In the final moments of the season, In-ho quietly observed a game of ddakji on the streets of Los Angeles. Although the Korean branch has collapsed, his presence in this new setting raises questions about what his next move will be.
Has he retired as the Front Man, or is he overseeing a broader expansion? Squid Game 3 left his intentions vague, but his continued presence hints that his role in the deadly enterprise may be far from over.
3) Why didn’t Gi-hun finish his final words?
Gi-hun and Player 222’s infant daughter were the last remaining contestants in the final round. The rules required the elimination of one player to finish the game. Without hesitation, Gi-hun chose to sacrifice himself so the baby could live—a final act of selflessness that defied everything the games represented.
Just before his death, Gi-hun turned and looked directly into the camera. Breaking the fourth wall, he began to say, “We are not horses. Humans are…” but he never finished the sentence. The moment was abrupt, haunting, and deliberate.
That unfinished line became one of the most powerful symbols in Squid Game 3. It hinted at Gi-hun’s internal conflict and the broader moral ambiguity at the heart of the series. After everything he had seen—betrayals, desperation, and small acts of kindness—he still couldn’t define what it meant to be human.
4) Did No-eul reunite with her long-lost daughter?
No-eul was a Pink Soldier, which meant she was part of the system but was gradually turning against it. Her conscience was what set her apart.
As the games became increasingly violent, No-eul found herself on the verge of breaking. She refused to keep following commands that disrespected the deceased. In the end, she set fire to the vault holding files on players and guards, destroying the proof of their pain.
No-eul didn't see a future beyond the island, as she had no relatives left. She was so sad and scared by what she had seen that she was going to kill herself. But just when she thought she couldn't take it anymore, she observed Gi-hun's last gesture of kindness. He gave up his life to save the baby of Player 222. That moment of genuine humanity gave her hope, something she thought she had lost.
In the finale, No-eul received a call from a broker claiming that her long-lost daughter was still alive and had last been seen in China. Her final scene showed her boarding a plane, determined to follow the lead, no matter how uncertain the outcome.
Although Squid Game 3 provided No-eul a chance to start anew, her journey was still incomplete. The question of whether she found her daughter remained unresolved. What was clear, however, was her transformation—from a soldier enforcing a system to a survivor driven by love, hope, and the will to live another day.
5) Did In-ho care about Gi-hun?
The clash between Seong Gi-hun and Hwang In-ho was a big part of what made Squid Game 3 so tense. In-ho thought people were greedy and dishonest, while Gi-hun trusted in kindness and trust, even when things were at their worst. As the season went on, their different opinions became more personal.
In-ho tried to get Gi-hun to give up his values, but Gi-hun stood his ground. In the last game, he gave up his life so that Jun-hee's baby could survive. In-ho never showed any emotion or regret, but what he did subsequently suggested something more. He took care of the baby for six months, gave her to Jun-ho, and sent Gi-hun's prize money to his daughter in the U.S.
In the final scene, In-ho is in Los Angeles, sharing a glance with an American recruiter. Whether his small acts reflected guilt, admiration, or a deeper respect for Gi-hun remains unclear. Squid Game 3 didn’t give answers, but it suggested In-ho wasn’t left entirely untouched by Gi-hun’s sacrifice.
6) Will Gi-hun’s daughter know what happened to him?
In Squid Game 3, one of Gi-hun's biggest reasons for playing was to protect his daughter, Seong Ga-yeong. He said he would come back when the games were over, but instead he died in the last round, giving up his life to save Player 222's baby daughter. The show never confirmed whether Ga-yeong would ever learn the whole story.
In the last episode, In-ho sent Ga-yeong her father's prize money in the U.S. along with two personal items: his bloodstained jumpsuit and a card bearing the number "456." While the gesture seemed respectful, it carried a darker implication. Ga-yeong had believed her father was ignoring her. Seconds later, she discovered he was gone.
The card and jumpsuit weren’t just mementos—they felt like a message. Perhaps In-ho intended for her to seek the truth, even to follow in her father’s footsteps. Squid Game 3 didn’t answer whether she would uncover what really happened, but it left a chilling possibility: the cycle may not be over.
7) Who created the games?
By the end of Squid Game 3, the true mastermind behind the games remained unknown. While season 1 revealed Oh Il-nam as a co-founder, his death did little to stop the operation. Season 2 hinted at a council of wealthy elites sustaining the games behind the scenes.
Many fans expected season 3 to include a flashback to a younger Oh Il-nam laying the foundation for the games, but that scene never came. Instead, Squid Game 3 deliberately left the past untouched, preserving the question at the heart of the franchise: who truly built this nightmare?
With talk of potential spin-offs or a prequel series, Netflix may eventually reveal more. But for now, Squid Game 3 leaves viewers with a chilling reminder: systems of violence and control don’t always have a single face. Sometimes, it's the idea that survives, growing larger than any one person.
Squid Game 3 is now available for online streaming exclusively on Netflix, including the first and second seasons.
