It’s finally here. We truly never thought it would arrive for awhile. But sure enough, the first Spider-Man: No Way Home trailer has arrived. And just as you might have expected from the veil of secrecy that surrounded it, it would appear that at least SOME of the crazy multiversal rumors about this movie are true. From its MCU multiverse shattering central concept to the presence of both Benedict Cumberbatch’s Doctor Strange and Alfred Molina’s Doctor Octopus (with hints of even more characters yet to be revealed), Spider-Man: No Way Home looks like the biggest Marvel movie since Avengers: Endgame, and seems likely to set up future MCU Phase 4 projects, most notably Doctor Strange in the Multiverse of Madness. In other words, there’s a lot to unpack here. Here’s everything we’ve found so far. Oh, and just in case you haven’t watched it yet, here’s that trailer for you:

The Fallout From Far From Home

As we all remember, the previous Spider-Man movie, Spider-Man: Far From Home had a rather shocking ending, and one that didn’t exactly leave Peter in the best place. Thanks to the machinations of Mysterio, Peter found his secret identity outed by J. Jonah Jameson, and the world now knows he’s really Spider-Man. We see glimpses of this in the opening moments, with Peter seeming to have a combination celebrity/pariah status, and it’s negatively affecting MJ and Ned Leeds as well. One classmate this seems to be going well for? Betty Brant, who we briefly glimpse on a TV screen in the high school, presumably reporting on this whole mess. One fun detail about this? MJ is reading the real world New York Post, which on its own isn’t funny (the Post is a rag…except for the sports coverage), but in the Sam Raimi Spider-Man movies the Daily Bugle’s logo and layout were clearly modeled on the Post‘s. Another subtle reminder that this isn’t the world of the Raimi movies, and that The Daily Bugle of the MCU probably spent the last five years telling people to take Ivermectin to bring their “snapped” loved ones back. That headline says “Spider-Minions” and I’d bet the puppets on the webs are MJ and Ned. Zendaya’s “Yesss, my Spider-Lord,” is legit hilarious, though. Not sure why the sports page would say “pray for New York”…UNLESS it’s about Spidey’s favorite baseball team, the New York Mets, for whom prayers are not enough. Later on in the trailer, we see Spidey and Michelle being hounded by new helicopters, so this isn’t going well. But they take refuge on top of a bridge which…

Steve Ditko

Let’s take a moment to appreciate the fact that Steve Ditko co-created both Spider-Man and Doctor Strange and here they are sharing the screen in an impossibly mega-budgeted film. Ditko absolutely would have hated this for any number of reasons, but especially because he barely ever saw a dime from all the Spidey and Strange merchandise through the years. Why am I bringing this up (aside from the obvious)? Because Ditko’s name is literally in the first shot of the trailer, as some graffiti on the wall behind Peter and MJ. I’m sure Mr. Ditko wouldn’t have approved of street artists like this, either.

Damage Control

We see Peter being interrogated by someone in law enforcement, and it’s clear that Mysterio’s frame job is sticking pretty well. But wait…look more closely at the insignia on this guy’s jacket. He’s not an ordinary fed, that DODC stands for Department of Damage Control. Remember them from Spider-Man: Homecoming? These are the folks who get called in to take care of the messes after big superhero/supervillain battles.

Here Comes Daredevil?

While there’s no official sign of Charlie Cox as Matt Murdock in this trailer, it sure seems like Peter could use a good lawyer right about now, and it’s hard to imagine a better time to bring in Daredevil, the most beloved character from Marvel’s Netflix era. Unless, of course, the faceless individual who slams a stack of files down in front of Peter is, in fact, Murdock. It’s kind of cool that this movie seems to at least partially take place around Halloween. The MCU Spider-Man movies have always had a particular sense of time that most MCU flicks lack (although yes, Virginia, Iron Man 3 is a Christmas movie). Spider-Man: Homecoming took place at the start of the school year in September, while Spider-Man: Far From Home was a summer vacation movie. Assuming the end of that film was late summer, Peter has been dealing with his new and hellish existence for anywhere from 60-90 days by this point in the trailer.

Paging Doctor Strange…Doctor Stephen Strange

Benedict Cumberbatch returns as Doctor Strange for the first time since Avengers: Endgame, and he appears to be doing well for himself. He does, however, seem a little too eager to help Peter by casting a spell that is meant to either just erase the memory of the world that Peter is Spider-Man, or perhaps as Peter puts it, make it so Mysterio never went public with his identity. Hell, Wong even shows up to till him what a mistake that would be. And Stephen being Stephen he, well, he ignores the hell out of him. Also worth noting that Peter trying to wish his troubles away via magic is ALSO the basic idea of one of the most hated Spider-Man stories in all of history, the loathed “One More Day” which undid Peter’s marriage to Mary Jane in exchange for the life of Aunt May.

The Broken Spell

Of course, leave it to Peter’s anxious ass to have second thoughts at the last minute. You see, he wants Aunt May, MJ, and Ned to remember the fact that he’s Spider-Man. On the one hand, that’s nice, and reminds us that Peter is a good kid who still feels guilty about deceiving his friends. On the other hand, look at the big picture, dude! You can just…reveal your secret to them after the fact!

The Multiverse

Anyway, Peter’s interruption screws everything up. How? That’s not entirely clear just yet. But it seems to be the nexus event that either sends Peter into other corners of the MCU multiverse or allows variants from other Spidey realities to start filtering in to the Sacred Timeline.

The Black and Gold Spider-Man Costume

The long-rumored black and gold Spider-Man costume seems to make its first appearance here. Is this a new suit Peter has whipped up, or is he Quantum Leaping into some variant form of himself elsewhere in the multiverse? This scene also appears to take place in the charity where Aunt May works.

Get Ready for the Sinister Six

We get the introductions (well, re-introductions) of at least three villains in this trailer, and three is halfway to six, which can only mean that Sony has finally found a way to do that supervillain team-up Sinister Six movie they’ve been threatening us with for so long. We wrote more about this possibility here.

Electro

Is this lightning bolt blowing up police cars our first confirmation that Jamie Foxx’s Electro from the film we’d all rather forget, The Amazing Spider-Man 2, is indeed making his return here? There’s another shot that also makes me think this is more than just some multiversal storm. In fact, some readers have pointed out that this looks like…sand.

Green Goblin

Willem Dafoe’s Green Goblin is definitely about to make an appearance! That’s a pumpkin bomb, alright, and you can just barely hear his sinister cackle.

Doctor Octopus Returns

And, of course, the biggest applause moment in the trailer comes with the return of Alfred Molina as Doctor Octopus, one of the great big screen supervillains of all time. Is his “hello, Peter” directed at Tom Holland’s Peter Parker? Or is possible that he’s addressing another Peter entirely…perhaps one played by Tobey Maguire? In any case, this scene looks like it might happen right after that pumpkin bomb explosion, which would mean that Doctor Octopus and Green Goblin have already teamed up by this point. Who else might be joining them in battle? There’s one other very dark shot in the trailer which some have interpreted as the Lizard, but it’s not a lot to go on. We’ll find out soon enough… Spider-Man: No Way Home opens on Dec. 17. The full schedule of upcoming MCU Phase 4 and 5 movies can be found here.