Wild AVENGERS: DOOMSDAY Theory Says the Trailer Secretly Reveals Loki Disguised as Captain America

The first trailer for Avengers: Doomsday has fans doing exactly what Marvel probably hoped they would. Sure, everyone is talking about the huge team-ups, the first interactions between the Fantastic Four, the New Avengers, the X-Men, Wakanda, and Thor, plus that unexpected Shang-Chi vs. Gambit fight.

But it's the final moments of the trailer that have now taken over the conversation. Marvel ends the footage with a mystery, and it's one that's already spawned some fun theories.

Thor declares that the team needs a miracle before suddenly freezing as he sees someone standing off-screen. He extends Mjolnir toward the mystery figure, and the hammer rockets into the outstretched hand of none other than Steve Rogers.

Considering Chris Evanshad already been confirmed to return, seeing Steve again wasn't exactly the surprise. What has everyone talking is which Steve Rogers this actually is.

The version of Steve we last saw at the end of Avengers: Endgame chose to remain in the past and finally live the life he'd always wanted with Peggy Carter. Marvel even teased that peaceful life in the first Doomsday footage, showing Steve caring for a baby. That Steve also appeared clean-shaven with shorter hair.

The Steve who catches Mjolnir in this new trailer has a beard and longer hair, and that's where the speculation begins. I personally think this is the Nomad version of Steve Rogers.

But, one theory making the rounds claims this isn't the Steve Rogers audiences have followed throughout the MCU. Instead, some fans believe this could actually be Hydra Cap.

Comic readers will remember Nick Spencer's controversial 2016 storyline that shocked fans when Steve Rogers ended the first issue by saying, "Hail Hydra."

The idea of Captain America secretly serving Hydra was controversial for obvious reasons. Steve has always represented the very best of what a hero should be. Still, because comic books love complicated loopholes, Hydra Cap was eventually able to wield Mjolnir.

That has led some fans to wonder if Avengers: Doomsday is pulling a version of Hydra Cap from another universe. But based on everything the MCU has established over the years, Hydra Cap doesn't feel like the cleanest answer.

Which brings us to a theory that's even more interesting. What if that isn't Steve Rogers at all? What if it's Loki? As wild as that sounds, Marvel has actually been setting this possibility up for years.

Back in Thor: The Dark World, Loki briefly transforms himself into Steve Rogers while joking around with Thor before battle. It lasts only a moment, but it's memorable because it shows Loki enjoys impersonating Captain America almost as much as he enjoys annoying his brother.

Marvel revisited the joke in Avengers: Endgame during the Time Heist. While imprisoned after the events of 2012's The Avengers, Loki once again transforms into Captain America to mock how noble and righteous Steve is.

Later, when 2012 Steve encounters 2023 Steve, his immediate assumption is that Loki is pulling the same trick again, leading to the hilarious fight between the two Captain Americas.

That's three separate MCU moments where Loki either becomes Captain America or is directly associated with doing it. That's the kind of setup Marvel loves paying off years later.

Then there's Steve's expression in the trailer. Rather than simply smiling, he gives what looks like a playful smirk. Could it just be Steve enjoying the moment? Absolutely.

But that expression also feels far more like Loki's personality than Steve's. Loki has always loved fooling Thor, especially after Thor: Ragnarok showed just how much fun he has using his shapeshifting abilities to mess with his brother.

If Loki disguised himself as Steve just to make a dramatic entrance, honestly... that sounds exactly like something he'd do. The trailer also shows Loki examining a TVA card, making it clear he has an important role in whatever unfolds next.

Thor's reaction may also support this idea. At first glance, it looks like Thor is shocked to see Steve Rogers alive again. But think about everything Thor has witnessed over thousands of years.

He's battled gods, aliens, robots, witches, multiversal threats, and survived the destruction of Asgard itself. Seeing Steve again would certainly be surprising. Seeing Loki alive? That would completely shake him.

As far as Thor knows, his brother died at the hands of Thanos during the opening minutes of Avengers: Infinity War. He has absolutely no knowledge of everything Loki experienced with the TVA afterward.

By the end of Loki Season 2, the God of Mischief had undergone one of the greatest character arcs in the entire Marvel Cinematic Universe.

He destroys the Loom, restores the dying timelines, and willingly chooses eternal isolation at the End of Time so the multiverse can survive.

It's arguably the most selfless decision any version of Loki has ever made. In fact, it's one of the most heroic sacrifices anyone in the MCU has made. If worthiness is measured by selflessness, courage, and sacrifice, that version of Loki has a much stronger case for wielding Mjolnir than almost anyone.

Imagine if Loki, disguised as Steve Rogers, reaches out and calls the hammer because he has actually become worthy. That would completely reframe Thor's stunned reaction.

It wouldn't simply be about seeing Steve again. It would be about discovering that his brother survived... and became someone Thor never imagined he could be.

There's another detail that fans with eagle eyes have pointed out. Right after Thor says, "It's not possible," Steve raises his hand to summon Mjolnir.

Look closely. There appears to be the silhouette of another figure standing behind Steve. Many fans believe that second figure could actually be Loki.

That idea becomes even more interesting when you remember Marvel has a long history of manipulating trailers to protect major surprises.

The marketing for Spider-Man: No Way Home famously removed Tobey Maguire and Andrew Garfield from several shots before release.

The trailers for Avengers: Infinity War even showed Hulk charging into battle in Wakanda, something that never actually happened in the finished film. Marvel loves hiding its biggest reveals in plain sight.

So it's entirely possible the trailer has been edited to make audiences think Thor is reacting to Steve Rogers when he's actually seeing Loki standing beside him.

If that's the case, Marvel may be protecting what could become one of the MCU's most emotional reunions. As excited as fans are to see Thor reconnect with Steve and the rest of the Avengers, there's a good chance that watching Thor finally reunite with his brother after everything Loki has endured would hit even harder.

Whether it's Steve Rogers, Hydra Cap, Nomad, Loki in disguise, or something nobody has guessed yet, Marvel has succeeded in getting fans talking. That's half the fun of these trailers.

Now comes the hard part... waiting to find out which theory survives once Avengers: Doomsday finally arrives.