
The first full trailer for Avengers: Doomsday has arrived and with it, expectations have risen but so have the number of questions and theories that longtime fans have. While specific plot details are still unclear, the trailer gave audiences a look at the first interactions between the likes of the Fantastic Four, the New Avengers, the X-Men, Thor, the people of Wakanda, and more. There’s even an unexpected fight shown between Shang-Chi and Gambit. However, there’s one moment right at the end of the trailer that has people coming up with all sorts of theories.
Just before the trailer concludes, Thor notes that the team needs a miracle and is stunned to see someone off-camera. He offers up Mjolnir to the person as proof and the hammer goes flying right into the hands of Steve Rogers, who hasn’t been seen since the end of Avengers: Endgame. He chose to stay behind in time and live the life he never got to have with Peggy Carter, giving him the happy ending the hero deserved. Alas, Chris Evans’ return had already been confirmed, so this wasn’t a shocker, making people look deeper into his appearance.
Many Believe It’s Not The Real Steve Rogers In The Trailer

Steve Rogers’ appearance and reunion with Thor has been one of the biggest talking points of the Avengers: Doomsday trailer for several reasons. A major theory suggests that the Steve Rogers who shows up isn’t the Steve who has been part of the MCU all these years. The theory goes: that Steve did indeed remain in the past and live the life he had always wanted with Peggy Carter. That’s the Steve seen in the initial teaser, who is shown taking care of a baby – and that Steve doesn’t have longer hair or a beard, but the one in the new trailer does.
So what’s the theory?
It’s believed by many that the Steve shown summoning Mjolnir from Thor is actually “Hydra Cap.” In 2016, Nick Spencer penned a controversial comic book arc where the debut issue ends with Steve Rogers saying, “Hail Hydra.” The idea of Steve actually being a Hydra agent is a wild one considering he’s such a beacon of good. However, Hydra Cap does wield Mjolnir through a loophole, which could be the case in Avengers: Doomsday, especially if it’s a Steve from a different universe. That said, there’s actually a more intriguing theory that lines up better with what the MCU has established.
One Theory Suggests It’s Loki Disguised As Steve

That interesting theory brings up the possibility of the Steve Rogers seen at the end of the trailer actually being Loki. There are several aspects that point to this, including the history of the Marvel Cinematic Universe. In Thor: The Dark World, Loki actually uses his shapeshifting ability to turn into Steve Rogers for a joke as he looks to fight alongside his brother, Thor. It’s only a quick moment, yet it sets the tone for something that Loki does again in Avengers: Endgame, which helped lead to one of that blockbuster film’s most memorable moments.
During the movie’s “Time Heist,” the heroes see Loki held captive by the team in 2012’s The Avengers. While there, he shifts into Captain America to joke about how righteous he is. When the Steve from 2012 runs into the Steve from 2023, he believes it’s just Loki in disguise again. That leads to a fight between the two Captain Americas and marks the third time the MCU has either had Loki turn into Cap or at least reference it. Setting that up and using it for a twist in Avengers: Doomday is the kind of thing the MCU does.
There’s also the final shot of Steve Rogers in the trailer, which sees him smirk. While it could just be a witty smile, if it is an actual smirk, that’s not something the character is known for and is more of a cocky, almost arrogant reaction. A devious smirk is just what Loki would do, especially if he was tricking his brother. Thor: Ragnarok established how much joy Loki takes in playing tricks on Thor with his shapeshifting, even if he’s on his side. Loki is shown in the trailer as well, looking at a TVA card, and given where Loki was last seen, he’s clearly meant to play a big part going forward.
In the trailer, Thor is stunned at what he’s seeing and it seems like it’s because he’s looking at his old friend Steve Rogers. While that might be true, his shocked look could go a bit deeper. At first, seeing Steve would be jarring but Thor has seen plenty of unusual things in his life. What would truly be shocking to him is learning that Loki is alive and well. He last saw him when Thanos killed him at the beginning of Avengers: Infinity War. Thor has no idea of the journey his brother has gone on with the TVA.
At the end of Loki season 2, Loki makes the ultimate sacrifice. He destroys the Loom, rejuvenates the dying timelines, and commits himself to oversee the branches alone at the End of Time. That’s something that Loki never would’ve done in the past and it’s one of the most heroic actions anyone in the MCU has ever taken. It’s the kind of thing that would make Loki worthy of wielding Mjolnir, which is why he could do it disguised as Steve. Thor seeing that and learning how far his brother has come, would truly shock him in Avengers: Doomsday.
The Trailer Could’ve Altered A Shot Of Loki Arriving With Steve Rogers

Another popular theory about the Avengers: Doomsday trailer requires a keen eye. Thor says, “It’s not possible,” at the sight of someone, which is followed by Steve Rogers’ open hand summoning Mjolnir. However, if you look closely, there’s a visible silhouette of someone standing behind Steve, seemingly arriving with him. Many believe that person could be Loki. As noted, Thor would be shocked to see Steve but given his experiences, he’s seen much stranger things. Loki being alive and casually arriving would truly stun the God of Thunder.
Marvel has been known to release trailers with altered shots. Famously, the trailer for Spider-Man: No Way Home edited Tobey Maguire and Andrew Garfield out of an action shot, while the Avengers: Infinity War trailer featured Hulk running in Wakanda, which never happened. It’s very possible that Marvel altered the sequence to make it look like Thor’s shock is at Steve when it could be that Loki arrived with him.
Thor’s reunion with Loki in Avengers: Doomsday is even more anticipated at this point than reuniting with his old teammates, so keeping it secret for now makes sense.

