No, Leonardo DiCaprio isn't in Squid Game season 3 — it's a fake trailer

Squid Game season 3 really is coming this year, but this new viral trailer is completely fake.

Squid Game 3 (2026) - First Trailer | Leonardo DiCaprio
Squid Game 3 (2026) - First Trailer | Leonardo DiCaprio | KH Studio

The second season of Squid Game came out just after Christmas and quickly set viewership records for Netflix, as was to be expected from the most popular original show in the streamer's history. A third and final season will wrap up the story sometime this year, although we don't have a release date or an official trailer yet.

But we do have a fake trailer that purports to show us what Squid Game season 3 will look like...and apparently Leonardo DiCaprio will join the cast. The trailer above was put together by KH Studio, which is in the habit of cutting video and audio from various movies and TV shows together with new footage generated by artificial intelligence and then presenting the whole thing to the world without, in my opinion, enough markers indicating that this isn't a real trailer. That could account for why, as of this writing, the trailer has thousands more dislikes than likes; however convincing the trailer may be, there's a feeling that the creator is trying to dupe people, even if there is a very light disclaimer a ways down the official description.

That same description also includes a fake quote from Squid Game creator Hwang Dong-hyuk about how casting DiCaprio was a dream come true, so the skeeviness is still very much in evidence. This kind of reaction is common for a lot of trailers that come out of KH Studio, including a recent one for a non-existent Harry Potter movie sequel. If you ever see a trailer for a movie or TV show that seems too good to be true, check out who made it, because it very well might be.

Squid Game creator didn't expect any awards recognition at the Golden Globes

Meanwhile, the real Hwang Dong-hyuk was recently at the 82nd Golden Globe Awards, where Squid Game was up for Best Drama. It lost to Shōgun, but that probably didn't upset Hwang. “To be honest, I didn’t have any expectations for awards regarding Season 2 when I decided to divide it into two parts—Seasons 2 and 3.” he said, per Koreaboo. “Since the story isn’t complete and the message I wanted to convey hasn’t been fully revealed, I thought it would be difficult to win an award in this state. To receive such recognition, the story needs to be delivered in its entirety, and that hasn’t happened yet. So, I wasn’t expecting anything at all."

It was especially surprising given that Squid Game season 2 wasn't even out when the nominations were announced, but apparently the judges received some episodes in advance. Now it's full speed ahead to season 3, which will definitely not feature Leonardo DiCaprio. “Personally, I don’t have high expectations for winning an award, but if I were to aim for something, it might be with Season 3, when the story’s conclusion is revealed," Hwang said.

I enjoyed Squid Game season 2, but my main complaint was that it felt incomplete, so I'm glad to hear Hwang speak so confidently about the story to come. I'm looking forward to seeing how things end whenever season 3 drops this year.

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