On Sunday morning, Rey and Aric playfully wrestle, falling off the bed laughing when Aric’s brother, Reeve, enters. His demeanor shifts when he sees Aric’s four activated runes. Rey overhears Reeve urgently discussing with Sigurd how to keep someone safe and maintain a lie. In the kitchen, Reeve drops his cheerful act, threatens Rey, and reveals he knows she’s Odin’s daughter. Rey is shocked, as she believed Reeve was asleep to his powers and memories. When he threateningly mentions Laufey, Aric arrives and puts Reeve in a chokehold before punching him. Sigurd enters and tells Rey she’ll wear a Valkyrie costume to the Hunt. Rey realizes Odin planned to invade campus when the protective runes are down. She and Aric drive back to campus.

Rey calls Odin, confirming Aric will fully awaken tonight. Odin threatens Laufey’s life and describes his utopian vision—the restoration of divine supremacy through reclaiming Mjölnir, reopening access to the realms, and reestablishing the Gods’ dominance over the Giants and the world itself. When Rey asks if Thor betrayed the Giants first, Odin evasively says Thor had no choice. In the dorm elevator, Reeve presses the emergency stop and confronts Rey. They fight until Reeve vanishes and reappears across the elevator. His eyes flash white as he reveals his true identity: Loki, the God of Mischief. He tells Rey that Aric doesn’t know and threatens to kill her if she tells anyone.

Rey processes Loki’s revelation, wondering if other students are awakening as Odin’s power fades. When Aric appears, she prepares to tell him about Loki, but he asks if he’ll forget her when the final rune unlocks. He fears losing their connection more than losing himself. Moved by his vulnerability, Rey reassures him and decides to delay revealing Loki’s identity. Instead, she shows support through a passionate kiss.

Aric leaves a note for Rey saying he’s helping set up the Hunt, and they exchange texts. Rey almost says that she loves him. Rowen visits with a gift. Rey notices his arm scars look like intertwined runes—Laguz and Berkano. Rowen explains it’s a glamour that alters his appearance. He gives Rey a necklace with the Tiwaz rune, symbolizing honor and sacrifice, and reaffirms his loyalty. He warns the campus’s protective runes will be down tonight.

At Rey’s door, Aric overhears her arguing with Reeve, who appeared in her room. He hears Reeve mention Thor’s death and his part in it. Rey calls Reeve a monster and names him Loki. Realizing Reeve is the adopted brother of Thor, Aric feels betrayed by both. He bursts through the door, accuses them of gambling with his life, declares their ceasefire over, and tells Reeve they’re no longer brothers. Storm clouds gather as he leaves.

Loki reveals he knows the runes need Aric’s blood, then vanishes. Rey sees the wall between her and Aric’s rooms freeze solid. After persistent knocking, Aric demands to know how long she knew about Loki. She admits she learned that morning. Aric accuses her family of always betraying his. Rey confesses she’s falling for him. When Aric mentions using a replacement Giant, an enraged Rey shoves him. Their anger turns to passionate sex that shatters furniture throughout the room. Afterward, Aric takes her hand with a smile, signaling reconciliation.

Aric confronts Sigurd, who reveals Aric contains his parents’ power—they sealed their abilities into him before dying. Sigurd instructs Aric to let Rey find Mjölnir, then kill her. When Aric questions his parents’ death, Sigurd angrily dismisses the past. As a horn signals the Hunt will soon begin, Aric asks if peace is possible between Gods and Giants. Enraged, Sigurd cracks his desk in half, demonstrating his power as the first Giant. Feeling powerless against Sigurd’s strength, Aric feigns allegiance.

Rey dresses in her Valkyrie costume with knives hidden in her skirt. Aric waits shirtless, wearing a skull mask as part of his costume as a Giant warrior. Loki joins them, dressed in black armor. They meet their friends and head to the football field for the Hunt feast. Loki explains the three-phase event. The crowd falls silent as Odin arrives in a fur-lined coat with a silver Mjölnir replica braided into his beard.

Sigurd, wearing an elk skull, greets Odin. He gives a speech reframing the Hunt and releases ravens, mocking Odin’s tradition. Students in red masks perform the Dance of the Lure. Loki reveals these students are chosen and will awaken to their powers. Sigurd announces students must choose a rune and make a wish, then explains the final phase: following forest trails and facing challenges that they cannot turn away from. He declares the Hunt begun.

Odin approaches with Laufey, whose hands are bandaged. After a tense exchange, Odin commands Laufey to come with him. Overwhelmed, Rey walks away. Rowen follows and reveals his plan to create a distraction so she can escape. He confirms Odin burned Jötunheim. As people head for the forest, Rey and Aric fall behind and slip into the dark trees.

Rey asks if Aric would run away, flashing back to the scene in the Prologue; he says they must end things first. Rey identifies the final rune stone as the cobblestone she tripped over on arrival. At the lake, Aric creates an ice bridge. In a cave, they activate Thurisaz with their blood. Lightning strikes Aric’s back, and an explosion levels acres of forest. Aric transforms—eyes white, hair lengthening with ice crystals, runes covering his arms. He lays out the consequences of giving the hammer to Odin or Sigurd, and Rey realizes that if she takes it herself, Laufey will die. He breathes on Laufey’s note, revealing a hidden message only visible to Giants. Laufey urges Rey to trust Aric, keep faith in the Giants’ rise and the Gods’ fall, and not fail.

Overwhelmed by visions of his parents, Aric believes he knows Mjölnir’s location: at the lake’s bottom in the Hall of Omrir. Consumed by revenge, he struggles to control his power. He creates an ice bridge for Rey and urges her to go. As Rey runs across, Aric feels weakness without her and lunges to follow. Asgardian rune-chained bonds trap him. Someone impales him from behind with a spear. He sees his attacker wink before blacking out.

Rey wakes in the Hall of Omrir, bound in chains. Odin stands with masked guards. Aric is chained and bleeding, unable to heal. Odin summons Rowen, who is working for him. A guard brings in a chained Laufey. Odin threatens to kill everyone unless Rey reveals Mjölnir’s location. Rowen urges Rey to tell. Rey demands they unchain Aric, saying she’ll retrieve the hammer. The door opens.

Loki enters, revealing his alliance with Odin. Odin orders Loki to prove loyalty. Loki holds a blade to Aric’s neck. Aric encourages Rey to get Mjölnir. Odin promises to free Aric if she brings the hammer. Aric tells Rey to swim into the storm and finish this, then creates an icy path into the water. As Rowen unchains her, Loki kicks her down. She secretly picks up a serpent rune stone from the ground.

Aric watches Rey step into the pool, conveying love through his gaze. Once Rey is submerged, Loki drops the sword and whispers that only one of worth can wield Mjölnir. Aric uses his last strength to send light through the ice for Rey.

Rey swims deep, guided by Aric’s light. The serpent rune glows, leading her to a square shape. The current pins her against the floor, where she grabs what she believes is Mjölnir. The water traps her at the bottom. As she begins drowning, visions of loved ones flash before her. Rowen swims down and pulls her up. Odin laughs. Rowen opens the box, revealing not Mjölnir but the legendary Nightfrost diamond ring.

Rowen slides the Nightfrost ring on and transforms into black armor. Odin calls him son. Rey realizes Rowen is Thor. Loki is shocked, revealing his deal with Odin was for Nightfrost’s location. Odin incapacitates Loki. Thor threatens Aric, then slams his hand into Aric’s back, attempting to pull something massive out of him. Rey sees Mjölnir’s handle emerge from beneath Aric’s skin—the weapon has been embedded in his spine all along.

Thor fails to pull Mjölnir free. Odin holds a pistol to Rey, revealing her purpose was always to provide blood for retrieval. He explains Mjölnir rejects Thor’s tainted blood but will recognize hers. Odin shoves Rey toward Thor, ordering her to pull the hammer. Rey resolves to save Aric even if it means dying. Aric tells her to let their world burn.

Aric taunts Thor that Mjölnir won’t recognize him. He whispers he’s worthy because he’d die for Rey. Speaking directly to Mjölnir, Aric reminds it his parents chose him as protector. Summoning the storms, he fights for Rey. Lightning pours in. Mjölnir erupts from his back, shattering his chains. Memories of the wars and his parents sealing the hammer flood his mind. Now armed, he decides Odin will die.

Aric transforms into his Giant form in silver armor. He hurls Mjölnir at Odin; Thor deflects with a Nightfrost shield. Aric slams the hammer down, killing Odin’s guards with fire and ice. Odin summons ravens and orders Thor to seize Rey while holding Laufey. Rey realizes she’s worthy and calls Mjölnir to her hand. Odin shows fear. Rey demands Laufey’s release, then throws Mjölnir, striking Odin in the chest. Thor grabs the wounded Odin, and they vanish. Rey frees Laufey. Sigurd appears, reactivates the runes, and warns that all the fallen Gods and Giants are waking. The hammer moves between them, healing Rey before returning to its place in Aric’s back for protection. Loki regains consciousness and announces Ragnarök is beginning. He seeks their forgiveness and says that he placed the serpent rune for Rey to find.

Two days later, Aric takes Rey to a cabin filled with wildflowers for their first date. They embrace. Aric confirms he told Sigurd they control Mjölnir, and its use is Rey’s decision. Rey declares they’ll open the Bifrost to restore power to all the fallen, accepting that this includes Odin. Aric agrees. They acknowledge Loki’s manipulative help. Aric’s visions show him Asgard and pre-destruction Jötunheim. Rey experiences a vision of a peaceful snow-covered field before Aric brings her back to the present. They share a quiet moment, knowing the silence won’t last.