Loki has just released its final episode of the first season with major implications for the future of all of its characters as well as the Marvel Cinematic Universe (Multiverse?).
So here is a review and some first reactions to the massive reveals in the finale. If you do not want the reveals ruined for you then do not continue reading beyond this point, as the biggest reveal comes early in the episode.
Spoiler Warning
The episode first begins with a look at various elements of the universe gradually zooming out, until eventually, we see the castle from the end of the previous episode floating out on a rock in the middle of a massive void, with the timeline flowing in a ring shape around it.
Loki and Sylvie enter the castle, after some hesitation, and begin to look around.
They are quickly met by Miss Minutes who offers them a deal. If they want, "He Who Remains" will give them both a place on the timeline, together. In addition, they would be granted a certain degree of agency. They turn down the offer and Miss Minutes leaves them alone in the castle to continue exploring.
We then go back to the TVA where we see Miss Minutes meet with Ravonna and give her files that "He Who Remains" wanted her to see.
We then shift back to the castle at the end of time, as Loki and Sylvie continue exploring what appears to be an entirely abandoned castle.
They are then met by "He Who Remains".
At this point a bit of backstory is necessary.
He who remains is played by Jonathan Majors, an actor who is set to play Kang The Conqueror, the infamous Marvel villain in upcoming projects, but this does not appear to be him. Or rather not that version of him.
Through the backstory we learn from him, he was a scientist in 31st century Earth who discovered the multiverse, and several variants of himself discovered it at basically the same time.
While relations between the worlds started out friendly, eventually other variants began to battle each other for supremacy. Assumably one, or multiple, of these variants is Kang The Conqueror as he is known in the comics, but this is merely a version of the same character who did not choose that same villainous path. He is potentially Immortus, although the episode does not specify.
Instead, he learned to control the timeline through his technology and the Alioth, who sprang out from the multiverse war, creating the TVA and this castle.
Now, he is tired and old, and has reached the end of time, and wishes for Loki and Sylvie to take over the mantle for him. They are offered two choices, either to kill him, and let the multiverse run free, or to take control of the TVA themselves.
During these reveals Mobius returns to the TVA and Hunter B-15 tracks down the original Ravonna, beginning the process of taking down the TVA.
In a final confrontation between Mobius and Ravonna, she explains her allegiance to the ideals of the TVA and leaves for an unknown mission.
Back at the end of time, Loki and Sylvie are conflicted about how to respond to this, and "He Who Remains"/ not Kang the Conqueror grows less confident as he no longer is certain of the outcome. Although not Kang does express the sentiment that whatever happens the end result will be the same. If they kill him, it will merely restart the multiverse war that he won in the past.
Sylvie wishes to kill not Kang as she is still deeply hurt by the pain the TVA caused her. Loki on the other hand recognizes that there may be a real danger to destroying the TVA and is fearful of the disruption to their reality.
They battle over this disagreement, both not wanting to destroy the other, and expressing different issues with trust.
In the end, Sylvie kisses Loki before pushing him back into the TVA.
She then kills the unafraid not Kang, ensuring the multiverse continues to fracture.
Loki then runs through the now chaotic TVA and finds Mobius and Hunter B-15. He tries to explain the situation to them but they are confused and do not recognize him.
He then notices that the statues of the Timekeepers have been replaced by a new statue, which appears to be of Kang The Conqueror (the real one this time).
There is no post-credits scene other than an official announcement of a season two of Loki.
This is probably the single most important episode of a Disney Plus Marvel original show yet, as it completely redefines how the universe works. With multiple projects rumored to be delving into this realm in the future, this is the start of all that is to come from this massive reestablishment of the rules of the MCU.
It was also a perfect introduction of Kang The Conqueror despite never formally introducing him. This variant gave all you needed to know about his power while still leaving enough mystery for the real Kang to develop on in the future. Kang is one of the biggest villains the MCU has tackled, and they gave him probably the best introduction of any villain yet.
As for where this leaves Sylvie and Loki, they are in a strange state with no clear path back to one another. There multiverse is expanding at a rapid pace and they are no longer aligned with common motives.
Loki proved to be a strange and deeply important show for the Marvel universe, and it has only begun to redefine this multiverse.
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