Squid Game Season 3 brings the curtain down on one of Netflix’s globally iconic series with a season finale full of emotional depth, rewarding character arcs, and a chilling tease of what could come next. The series finale wraps up Gi-hun’s long and painful arc, delivering the story of redemption, sacrifice, and the haunting reality that the games might never truly end. From Gi-hun’s sacrifice to the teased spin-off, here’s a full breakdown of Squid Game Season 3 ending.
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Gi-hun’s Final Sacrifice: Humanity Above Survival
Gi-hun’s ultimate test is at the center of Squid Game Season 3, not just against the rest of the players, but within himself. Having been subjected to severe psychological trauma and compromising his morals, including the traumatic killing of Dae-ho in the previous season, Gi-hun’s purpose sharpens when Jun-hee leaves her newborn baby in his hands before dying in the Jump Rope game. The baby, later known as Player 222, is a fragile symbol of innocence in a world built on cruelty.
In the last game, “Squid Game in the Sky,” Gi-hun is up against Myung-gi, the biological father of the child, who has descended into his worst instincts. Gi-hun refuses to let Myung-gi harm the baby, aware that it could cost him his life.
In a gut-wrenching moment, he sacrifices himself so that the baby survives the game. In his last moment, Gi-hun says, “We are not horses. We are humans. And humans are…,” which shows that he chose humanity over his own survival.
Why Gi-hun Let the Baby Win
Gi-hun’s decision is more than the safeguarding of a child; it’s the culmination of his character development, from pawn to moral compass. In Season 2, a vision from a shaman revealed that Gi-hun had more work to do.
That moment comes when he sacrificially gives his life to provide Jun-hee’s baby with an opportunity for a better world. By doing so, he rejects the blood-soaked payout and destroys the cycle of cruelty with an act of pure selflessness.
Cate Blanchett’s Mysterious Cameo and U.S. Spin-Off Tease
Just as the credits are about to roll, there’s a huge twist. Cate Blanchett appears, wearing the now-iconic recruiter’s uniform first worn by Gong Yoo, slapping a man during a street game of ddakji in Los Angeles.
The scene heavily hints that the games are going international and may be the start of the long-promised U.S. Squid Game spin-off. Blanchett’s cameo raises questions and strongly suggests the deadly cycle is far from over.
What Becomes of the Baby After the Games
Following the sacrifice of Gi-hun, the baby survives and finds itself in the hands of Jun-ho, Gi-hun’s ally and brother of the Front Man, In-ho. Jun-ho also inherits the 45.6 billion won winnings of the baby.
In a surprising turn, In-ho himself hands over the baby and the winnings before disappearing from view. The act demonstrates In-ho’s growing moral conflict, inspired by Gi-hun’s sacrifice, and his hope that the baby will be raised in a better world by Jun-ho, away from violence.
Gi-hun’s Daughter Receives His Legacy
In another emotional twist, In-ho travels to Los Angeles to meet Gi-hun’s estranged daughter. Though still bitter over their estranged relationship, she accepts the belongings, consisting of his 456 uniform and a bank card with the winnings from Season 1, after learning of his death.
In-ho’s action to secure the futures of both daughter and baby indicates that redemption may be an option, even for those most lost to the game’s cruelty. Season 3 gives viewers a glimpse of his past, revealing that he was once a player, a storyline that could continue in a spin-off series, especially now that he has become one of the show’s most beloved characters.
The Fate of Other Characters
Player 246, Kyung-seok, survives due to the help of No-eul, a former guard who pretended to betray him so that she could go undercover in a human trafficking network. She rescues him and reunites him with his cancer-stricken daughter. Later, she discovers that her own daughter might still be alive in China, providing hope for her harrowing story.
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At the same time, Jun-ho refuses to shoot In-ho during their final standoff, a gesture of respect for when In-ho had spared his life previously. Their moment of mercy is a reflection of the series’ continued theme of brotherhood, suffering, and redemption.
The Real Message Behind Squid Game
The final episode reinforces the show’s central theme: in a system built on inequality and exploitation, even the smallest acts of humanity can make a difference. The Front Man, himself a desperate player, became a cog in the system.
Gi-hun, however, breaks that cycle by choosing empathy, even at the cost of his own life. As the games fall apart, and survivors try to move forward, the conclusion subtly asks a haunting question: Will the system ever truly end, or just move somewhere else?
The Game Isn’t Over
Although Squid Game ends with Season 3, the story itself may not be finished. Cate Blanchett’s jaw-dropping cameo as a new recruiter suggests the games are already taking root elsewhere in the world.
Whether as a sequel, spin-off, or entirely new chapter, one thing is for sure: the spectacle continues, and the price of humanity remains as steep as ever.
Now streaming on Netflix, Squid Game Season 3 gives one of the decade’s most influential shows a satisfying finale, while keeping the door open for whatever may come next.
