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Loki Season 2 Finale Ending Explained: What Really Happened to Loki?

In Loki: Agent of Asgard #13 (2015), Loki realizes the truth about his position. “A lie is a story told,” Loki tells his friend Verity Willis (revealed in episode five of Loki to be the real name of Hunter B-15). “And we can rewrite our stories. All of us.”

In other words, Loki understands his lies to be stories. And from stories comes all reality, the point of all multiverses. Within Marvel Comics, Loki’s revelation came right before the massive Secret Wars event, which essentially rebooted the Marvel Universe, leaving no time for Ewing or any other writer to fully explore Loki’s abilities as the God of Stories. But the series did leave on a note of hope, with Loki reminding Verity that stories will always be told, no matter what happens to the universe, multiverse, or omnivores. And for that reason, Loki always remains.

At this point, we don’t know what this means for the Loki of the MCU. The timelines’ shift from white to green, from branching timelines to Yggdrasil suggests that Loki now stands at the center of the MCU, and thus has control over it all. But to keep it safe, he must now be the One Who Remains.

Doesn’t That Mean the TVA Is Unnecessary?

After Loki’s ascension, we find B-15 operating what appears to be a kinder, gentler — but no less bureaucratic — TVA. Although Mobius leaves the organization to spend some time in the world, watching his original self Don play with his kids in Cleveland, the rest of the team continues to work, gathering in the War Room.

We don’t see much of the TVA’s plans. Episode directors Justin Benson and Aaron Moorhead choose to emphasize the emotion of the scene instead of the plot, shooting the War Room in warm slow motion and layering hopeful synth music over it. However, the discussion between Mobius and B-15 shortly before the latter enters the War Room concerns He Who Remains, which suggests that the TVA now exists to battle HWR and his Variants.

The most notable missing person in the War Room is Judge Ravonna Renslayer, who turned against He Who Remains after learning about her role in the Multiversal War. While Miss Minutes gets rebooted and brought back to the TVA (When B-15 asks if she will once again try to destroy them all, O.B. only shrugs), Ravonna awakens in the Void, with Alioth moving towards her. We don’t see anything further here, which means that Ravonna may still survive and find a way out, just as Loki did at the end of season one. If so, she may continue her villain journey, eventually taking the title of her comic book counterpart, the Termanatrix.

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