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‘Ponies’ Ending Explained: Will There Be a Season 2?

January 17, 2026
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‘Ponies’ Ending Explained: Will There Be a Season 2?

Note: This story contains spoilers from “Ponies.”

Is anyone ever really dead on television? Oftentimes not, especially if you’re in a spy show — and such is the case for Peacock’s new series “Ponies.” So, what happens now?

Now streaming in its entirety, “Ponies” centers on Beatrice (Emilia Clarke) and Twila (Haley Lu Richarson), the wives of two CIA agents during the Cold War. When their husbands are killed under mysterious circumstances, the two women go back to Russia and become agents for the CIA themselves, hoping to get some answers. But, those answers turn out pretty disappointing.

This is your last exit before spoilers. Still here? Great.

As the series goes on, it’s revealed that the CIA had a mole, and that mole is the reason that Chris (Louis Boyer) and Tom (John Macmillan) were killed. Twila is told early on that it was her husband Tom who was the mole, and she carries that guilt with her.

But when the women capture Andrei (Artjum Gilz) in the finale, he reveals that Americans are easy to mix-up, and Twila was misinformed — it was actually Chris who was working for the KGB. As an added twist, it’s revealed that Chris is actually alive in the final seconds of the episode.

And yes, co-creators Susanna Fogel and David Iserson are well aware that that might’ve been predictable.

“From some early meetings, when we talked to people, they’re like, ‘One of these husbands is alive, or both of them are.’ We understand that that is like, inherent in the genre,” Iserson told TheWrap.

“We know that is something that maybe some people might have predicted. However, what I think is kind of something new to explore in a television show, where we have more room to grow, is like, what do you do with this information?”

For her part, Emilia Clarke hopes Bea goes absolutely “feral” when she finds out her husband is both a traitor and alive.

“I’m hoping that woman snaps,” she told TheWrap. “I am really hoping, because she had a baby snap. I think finding out that he’s alive, like, ‘It’s on, motherf–ker, I will take you down.’”

Fogel agreed, saying that she’d be mad to discover she was being used as a “pawn,” though Iserson was quick to add that we don’t know Chris’ true motivations just yet.

“But from her side of it, I think it doesn’t matter why he did it,” Fogel said. “He put her through this period of grieving him. But also, by disappearing from her life he opened up her life, and by being in that zone, she found herself.”

Emilia Clarke in “Ponies” (Credit: Peacock)

At this point, “Ponies” hasn’t been renewed yet, but Iserson and Fogel have their plans laid out. Their hope is to score three-to-four seasons.

“In success, we hope to do several more seasons of this,” Iserson said. “And we do have a lot planned for where it goes.”

“14 or 15” Fogel joked. “We’d like to get us up to current, so up to 2026”

As for Twila, the reveal that her husband was innocent could result in a lot, in Richardson’s opinion.

“She could go so many ways. I don’t know,” she said. “I think the world is her oyster, now that she has this friendship and she has a new kind of acceptance with herself and her vulnerability”

“As tough as she was at the beginning of the season, there’s a real strength to her at the end of the season,” she continued. “So also, I’m just kind of wondering if she’s gonna get in a, like, actual relationship with a woman, what that’s gonna bring out of her.”

“Ponies” is now streaming on Peacock.

The post ‘Ponies’ Ending Explained: Will There Be a Season 2? appeared first on TheWrap.

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