With just hours left for the premiere of Stranger Things 5's finale episode, the internet cannot get enough of theories and assumptions about how the nine-year-long journey is set to come to an end. With a bang on volume 1 and a pretty underwhelming volume 2, all eyes are on the final episode. While you wait, here are 5 fan theories about the finale that has been rocking the internet:
Ever since Kali's return to the final season, viewers have been very suspicious of her intentions. In fact, meme culture has been equating the audiences' reaction to that of Jim Hopper, who is also very wary of Kali's relationship with Eleven. Some also noted that while all these children with powers, including Eleven, Kali, Henry Creel, and recently Will, bleed from their left nostril while exerting themselves, in the second volume of Stranger Things 5, Kali bleeds from her right nostril. In season 2, however, she was seen bleeding from her left nostril. Many suggest that Kali is currently being controlled by the mind flayer to sabotage the group. Some are even speculating that instead of sacrificing her life with Eleven, she might create a visual image of doing so using her powers and manipulate Eleven to die.
Throughout Stranger Things, there’s repeated mention of “foggy memories”, particularly when Vecna manipulates children. Fans now believe this may be more than metaphorical, especially when viewed alongside inconsistencies in Will Byers’ recollections. In Will’s coming-out scene, several details appear subtly off. He mentions biking to Melvald’s for milkshakes, even though, in the 1980s timeline of the series, Melvald’s is established as a general store. Interestingly, in the Stranger Things stage play The First Shadow, set decades earlier, Melvald’s did serve milkshakes during Henry Creel’s childhood. Will also speaks about enjoying getting lost in the woods, an oddly uncharacteristic statement for someone whose deepest trauma is tied to being trapped alone in the Upside Down after being lost in the woods. Taken together, fans believe these discrepancies suggest that Vecna, or Henry Creel, may be influencing Will’s mind, with fragments of Henry’s memories bleeding into his. If true, this could mean Will isn’t just connected to Vecna… he may still be under his control.
This theory is simple but bold: the Duffer Brothers intentionally made Volume 2 feel messy to mirror Mike Wheeler’s unfinished and confusing Dungeons & Dragons campaign from Season 1. What initially feels like weak storytelling could, in fact, be a deliberate meta callback. In Season 1, Mike’s D&D game ended in victory, but the rules were unclear, the logic felt shaky, and the story had visible gaps. The kids survived, yet the campaign never felt truly complete. Many fans now see the same pattern playing out in Volume 2. Threads feel unresolved, callbacks pile up, and certain character arcs seem to pause rather than conclude.
Stranger Things has always used D&D as its narrative compass, with each season’s campaign reflecting real-world threats and character roles. This theory suggests the parallels now run deeper than ever. Will’s evolving sorcerer arc, repeated references to old Hawkins, and lingering unanswered questions may not be flaws, but pieces being deliberately left in play. If true, the final episode could transform frustration into one of the smartest long-game payoffs in television, revealing Volume 2 not as a misstep, but as setup.
After the release of Volume 2, viewers began pointing out a series of unsettling inconsistencies that felt too deliberate to ignore. Max shows little shock at Hopper being alive after escaping Vecna and returning to her physical body. Holly notices the centre of her merry-go-round as grey instead of yellow. At WSQK, the power switch appears red instead of its usual grey. Individually, these moments could be dismissed as continuity slips. Together, they’ve fuelled a far more disturbing theory.
Fans now speculate that Vecna may have seized control of the narrative itself in Volume 2, not just manipulating the kids in Hawkins, but altering what we, the audience, are being shown. The idea is that reality has been subtly rewritten, creating “memory errors” that mirror Vecna’s obsession with fractured recollections and distorted truths. This theory takes on a chilling meta dimension. With Lucas breaking the fourth wall while speaking about "coincidences" and Vecna himself looking at the audience rather than the characters in the show, the theory suggests that we, the viewers, are very much a part of the show. There is also some speculation that there might be a rundown in the final episode where Vecna explains how he manipulated us and the characters within.
Those who have watched or know the story of the Stranger Things play, The First Shadow, also know that Henry Creel wandered into dimension X for 12 hours, which made him the villain that he currently is. A growing section of the fandom believes Henry Creel may not be the true endgame villain after all. According to this theory, the real enemy is the Mind Flayer, with Vecna serving as its most powerful pawn. Fans speculate that Eleven, Kali, Will, and the rest of the group could be forced into an uneasy alliance with Henry to break the Mind Flayer’s hold over him. Rather than defeating Vecna, the final battle may centre on freeing him. A fan theory suggested that the series is setting up a full-fledged redemption arc for Henry, one that culminates in a massive, extended finale where former enemies unite against the Upside Down’s true mastermind.