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Loki Season 2, just like its first season, was a major hit among MCU fans as it told the story of unity, zest, revenge, and betrayal. Before we delve into season 2, it is important to set some context.
In the Season 1 finale, aired in July 2021, Loki and Sylvie met with a tough choice. They finally manage to defeat the smoke monster and end up in a floating castle, expecting way more terror. But they were taken aback as they did not find a monster, but a man named 'He Who Remains.' It even turns out that he was not looking for a fight.
The man proposed two choices to Loki and Sylvie. He told them that they could either kill him, but with that, it would unleash more evil variants and pave the way for further destruction. He was trying to protect the timeline. The second option asked the dup to take over his place and fulfill his role to save the multiverse.
Here, Sylvie and Loki come into conflict as the former wants to kill the man, thinking that it is deceit. However, Loki believed otherwise and tried to prevent her, but she kicked Loki back to the TVA, taking over. The season ends as 'The Man Who Remains' dies, and the timeline is messed up. Loki discovers that Mobius is back, but he doesn't remember Loki or any of the former events, and Kang has taken over TVA.
Loki Season 2 picks up from here, and Loki and Morbius are on a journey to reset the slipping timeline. He learns the actual cause behind the slipping timelines is actually an unstable loom. Loki spends years to learn the mechanism to fix it, but eventually realizes that it isn't meant to be fixed.
In the Loki Season 2 finale, the protagonist comes across 'He Who Remains' once again. This time, too, he gets two choices, but more brutal than the ones in the previous season. He can either kill Sylvie and save the sacred timeline or let the Multiverse end. Loki decides to go with an unspoken third choice and destroy the mill. He uses his powers to hold the World Tree together and protect the timelines.
The explosive ending of Loki Season 2 had fans delve into different theories.
Loki Season 2: Fan theories about the ending explored
Loki as Beyonder
Many fans believe that Loki is Beyonder, another MCU character from Secret Wars, due to their similar traits. Beyonder is omnipotent and holds every universe in his hands. Loki is basically doing the same by holding the timelines together.
Thor and Loki's reunion
Some fans even believe that Thor and Loki will finally reunite. Loki, from his throne, can now see across time, and there is a common perception that he knows what Thor is up to, but he has no choice but to let it happen. If we go by this theory, Thor will be devastated to know Loki's plight and what it took to save the multiverse.
Doctor Doom
Doctor Doom is one of the most awaited characters in the MCU because, of course, Robert Downey Jr. is finally returning. So, fans did not hesitate to draw a link between Loki Season 2 ending and Doomsday as well. But, unlike the Thor theory, Doctor Doom is a rival here. He tries to dethrone Loki and take over his power to be the 'ultimate god.'
The loop of OB
The Ouroboros loop or the OB loop theory suggests that the multiverse is still stuck in a never-ending trap. According to this notion, Loki eventually becomes tired just like "He Who Remains" was. But unlike the latter, he decides to reset the board by calling for a battle between the God of Stories and the Conqueror, and the cycle continues.
The Fantastic Four theory
Fans even connected Loki's ending with The Fantastic Four: First Steps. By this theory, Loki essentially allowed Reed Richards to experiment with the cosmos without being reset by a reset charge. This was very different from "He Who Remains" rules, as other chaotic branches did not have the leverage to thrive. Loki changed that once he took the throne.
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The Loki Season 2 ending is not exactly happy or sad; rather, it leaves room for speculation. Loki managed to save the multiverse but paid the price of taking the throne forever.
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