'House of the Dragon' Finale Unveils Explosive New Power Dynamics — Season 3 Can't Come Soon Enough!

[This story contains major spoilers from the House of the Dragon season two finale.]

Matt Smith as Prince Daemon Targaryen and Emma D'Arcy as Princess Rhaenyra Targaryen in 'House of the Dragon.' Warner Bros. Discovery

House of the Dragon concluded its second season in a manner akin to the creatures central to its story: suspended in uncertainty.

In the finale, the HBO series inspired by George R.R. Martin's Fire & Blood wrapped up with an air of ambiguity, showcasing both fortified and frayed alliances, along with harsh betrayals.

Those expecting an epic clash between the Blacks and the Greens may have been left wanting, as the swords and dragons remained mostly unused and grounded, despite the final moments hinting at a surge of violence in the upcoming third season.

Written by series veteran Sara Hess and directed by Geeta Vasant Patel, House of the Dragon wrapped up its second season in a less overtly violent yet still intense fashion, mirroring its premiere. In the season opener, Queen Helaena (Phia Saban) faced the harrowing choice of deciding which of her two children would lose their life. Now, it is Queen Regent Alicent (Olivia Cooke) who must confront a similar dilemma.

Previously, Daemon Targaryen (Matt Smith) had set in motion the death of Helaena’s young son. Now, it is Rhaenyra (Emma D’Arcy), who once condemned her husband's ruthless actions, realizing that such measures are necessary for her to secure the throne and bring a semblance of peace to the realm.

The season's final moments boil down to a high-stakes standoff between Rhaenyra and Alicent, reminiscent of their earlier confrontation in King’s Landing. This time, it is Alicent who approaches Rhaenyra at Dragonstone, her childhood friend turned adult adversary.

Exhausted by her son Aemond’s (Ewan Mitchell) violent behavior and recognizing Rhaenyra’s legitimacy, Alicent proposes a deal: come to King’s Landing in three days while Aemond is away at war, and the city will submit without resistance. In return, Alicent seeks assurance of safety for herself, Helaena, her grandchild, and her severely scarred son, King Aegon (Tom Glynn-Carney).

That final request makes Rhaenyra hesitate. She asserts that she cannot secure King’s Landing and restore order to the Seven Kingdoms without eliminating Aegon, ending the reign of the false king. Thus, Rhaenyra turns the tables, offering Alicent everything she wants from the initial deal, but with one condition: Aegon must be sacrificed.

Heartbroken yet resolute, Alicent agrees. Although not as overtly gruesome as the "Blood and Cheese" incident, the agreement between Rhaenyra and Alicent echoes that horrific choice, marking a significant and irreversible decision. As the season concludes, the rival Targaryen factions once again prepare for battle, leaving their conflict unresolved.

As for the current state of affairs, the finale concludes with a montage depicting various factions. For Team Green, Aemond’s forces are mobilizing in multiple ways. Jason Lannister (Jefferson Hall) and his bannermen march through the Riverlands, while his twin brother Tyland (also portrayed by Hall) sails back from Essos with the pirate Sharako Lohar (Abigail Thorn) as an ally. Team Black also has forces in these regions.

House Tully's bannermen, the Starks and their northmen marching through the Twins, and Corlys Velaryon (Steve Toussaint) along with his bastard son Alyn (Abubakar Salim) commanding their fleet at sea.

In terms of dragons, the sides are unevenly matched. Rhaenyra’s dragonseeds have brought three new dragons into the fold, facing Prince Regent Aemond’s powerful yet solitary mount, Vhagar. Even in the Eyrie, Rhaena Velaryon (Phoebe Campbell), who has been dragonless all her life, now faces the prospect of claiming one in the countryside.

The two armies are relatively well-matched, but there’s a notable difference at the leadership level, which heavily favors Rhaenyra. Not only has she brought Alicent to her side and unseated King Aegon (who was last seen fleeing King’s Landing in secret), but she has also overcome her deadliest rival: Daemon.

The prince spent most of season two in Harrenhal, experiencing psychedelic visions that pointed to his greater role in the prophetic A Song of Ice and Fire. In the finale, Daemon envisions the White Walker threat and even catches a glimpse of Daenerys Targaryen (portrayed by Emilia Clarke in Game of Thrones) and the birth of her three dragons. Emerging from these visions, Daemon no longer desires the throne for himself and pledges his full support to Rhaenyra’s claim.

With new dragons and renewed loyalties, Queen Rhaenyra’s triumphant return to King’s Landing seems almost certain when season three arrives, no matter how long the wait. However, this is the Game of Thrones universe, and as a certain bastard once said, “If you think this story has a happy ending, you haven’t been paying attention.”

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