Marvel Studios knows exactly how to end a trailer.
The final moments of the new Avengers: Doomsday trailer sent the internet into overdrive with the unexpected return of Chris Evans as Steve Rogers. After years of speculation surrounding whether Evans would ever suit up again, Marvel finally gave fans a glimpse of the beloved character—or did it?
Almost immediately after the trailer debuted, social media exploded with theories suggesting that the man wielding Captain America’s iconic shield may not actually be the Steve Rogers we’ve known throughout the Marvel Cinematic Universe.
And honestly? The evidence has fans looking a little closer.
Could This Actually Be Hydra Supreme?
One of the loudest theories circulating online points toward one of Marvel Comics’ most controversial alternate versions of Captain America: Hydra Supreme.
Comic readers will remember the shocking “Hail Hydra” storyline that revealed an alternate Steve Rogers who had secretly been aligned with Hydra. While the comic remains one of Marvel’s most divisive stories, the Multiverse Saga has opened the door for virtually any version of a character to appear on screen.
Considering Avengers: Doomsday is expected to fully embrace alternate realities and variants, the possibility of an evil Steve Rogers doesn’t seem completely impossible.
There’s just one major problem.
The Mjolnir Problem
During the trailer, Thor (Chris Hemsworth) appears to hand Mjolnir directly to Steve Rogers.
For many fans, that’s enough to dismiss the Hydra Supreme theory altogether.
The enchantment placed on Mjolnir famously states that only those deemed worthy can wield the hammer. Steve Rogers proved his worthiness in Avengers: Endgame, delivering one of the MCU’s most unforgettable moments.
Hydra Supreme, however? Well c’mon now, that’s much harder to believe.
An evil, power-hungry version of Steve doesn’t exactly embody the selflessness and nobility Odin’s enchantment has traditionally rewarded. While Marvel’s multiverse allows for almost anything, many fans argue Hydra Supreme simply shouldn’t be able to lift Mjolnir.
Unless, of course, something else is happening.
What If It’s Mystique?
Another popular fan theory points toward an entirely different Marvel veteran.
With Rebecca Romijn officially returning as Mystique, some viewers wonder if the legendary shapeshifter could actually be disguised as Steve Rogers.
On paper, it sounds plausible. Mystique has impersonated countless heroes and villains throughout Marvel history, and introducing that level of deception into Doomsday certainly wouldn’t be out of character.
But this theory runs into the exact same issue.
Even if Mystique perfectly replicated Steve’s appearance, she wouldn’t necessarily inherit his worthiness. Unless Marvel introduces an entirely new explanation for how Mjolnir works, the hammer remains a significant obstacle for this theory as well.
Could the Biggest Twist Actually Be Loki?
Perhaps the most fascinating theory floating around online isn’t Hydra Supreme or Mystique. It’s Loki.
At first glance the idea sounds ridiculous, but think about it. After the events of Loki Season 2, it suddenly becomes much more believable.
By the series finale, Loki transformed from the God of Mischief into arguably one of the MCU’s most selfless heroes. He sacrificed his own freedom — and essentially his entire future — preserve every branch of the multiverse, choosing an eternity of isolation so that countless lives could continue to exist. That level of sacrifice feels remarkably similar to the qualities traditionally associated with Mjolnir’s enchantment.
Could Loki now be worthy? It’s entirely possible.
What’s interesting is that the MCU has never actually answered this question. Despite Loki’s incredible character evolution, audiences have never seen him attempt to lift Mjolnir after becoming the God of Stories. Marvel has intentionally left that mystery unresolved. Of course, one enormous question remains.
Why would Loki appear as Steve Rogers?
Whether it’s an illusion, magic, or part of a larger multiversal plan, Marvel certainly has enough narrative tools to make it happen.
Or Maybe He’s Simply Another Steve Rogers
There’s also the simplest explanation. The Multiverse Saga has introduced audiences to countless alternate versions of familiar heroes. Between Spider-Man: No Way Home, Doctor Strange in the Multiverse of Madness, Deadpool & Wolverine, and Loki, Marvel has made one thing abundantly clear:
Variants are everywhere.
So perhaps this really is Steve Rogers it’s just not our Steve Rogers.
An alternate Captain America could explain subtle differences in personality, appearance, or motivations while still remaining worthy enough to wield Mjolnir.
It may not be the original Steve who danced with Peggy Carter after Endgame, but another version shaped by an entirely different timeline.
If there’s one thing Marvel Studios excels at, it’s crafting trailers that spark endless fan theories while revealing very little. Whether the figure at the end of Avengers: Doomsday is the Steve Rogers we’ve loved for over a decade, Hydra Supreme, Mystique in disguise, Loki pulling off one final trick, or an entirely different multiversal variant, fans aren’t buying that this reveal is as straightforward as it appears.
Until Marvel decides to show its hand, every theory remains on the table. One thing’s for sure: we’ll be watching every frame of that trailer over and over again searching for clues.
The answers finally arrive when Avengers: Doomsday hits theaters on December 18. And trust, we’ll be there opening day.
