The first season of Billionaires’ Bunker, the Spanish thriller series from the creators of Money Heist, ended with a dramatic cliffhanger. The show, released on Netflix on September 19, 2025, follows a group of wealthy families trapped in an underground bunker called Kimera Underground Park. They believe a nuclear war has destroyed the world, but the truth is far more sinister. The finale left viewers wondering whether Max, the main character, managed to escape and what he discovered outside. Here is a breakdown of the ending and what it means for the story.
The Final Escape Attempt
In the last episode, Max decides to leave the bunker after learning that the nuclear apocalypse was a hoax. He realizes that Minerva, the mastermind behind Kimera, tricked the billionaires into entering the bunker to steal their fortunes. With the help of Asia, his late girlfriend’s sister, Max plans an escape. Their initial goal was to find a dialysis machine for Asia’s stepmother, Mimi, who fell critically ill. However, Mimi dies before they can save her, and Max continues his mission to reach the surface alone.
The season ends with Max opening the heavy metal door of the bunker and stepping outside. Sunlight hits his face, but the camera cuts away before revealing what he sees. This moment leaves his fate uncertain. Although the audience knows the apocalypse was faked, Max does not. He risks his life to discover the truth, symbolizing his rejection of the lies and privilege that defined his past.
Max says to Asia before leaving: “I’m going out. Not for that machine. Or for Mimi. I’m doing it for me. There’s more hope for me outside than in this bunker.”
The Truth Behind Kimera Underground Park
Kimera Underground Park was presented as a luxurious shelter designed to protect billionaires from a nuclear war. However, it was eventually revealed to be an elaborate scam. Minerva, the leader of Kimera, fabricated the entire doomsday scenario to trap the wealthy underground. Her goal was to gain control over their assets and businesses while keeping them isolated from the real world.
Minerva used advanced technology, including an AI named Roxan, to create fake news reports and manipulate the bunker’s residents. She even staged events, such as sending employees outside in hazmat suits, to make the apocalypse seem real. The bunker itself functioned like a prison, with strict surveillance and controlled narratives. Max’s journey from a privileged young man to a truth-seeker became the central theme of the season.
Max’s Personal Journey
Max’s character arc is crucial to understanding the ending. At the start of the series, he is released from prison after serving time for a car accident that killed his girlfriend, Ane. His father, Rafa, takes him directly to the bunker, claiming the world is on the brink of destruction. Inside, Max faces hostility from Ane’s family, including her father, Guillermo, and her sister, Asia.
Throughout the season, Max uncovers dark secrets about his family and the bunker. He learns that his mother, Frida, had a long-term affair with Guillermo and that his parents’ marriage was built on lies. His time in prison had already stripped him of his illusions about wealth and privilege, making him more skeptical of the bunker’s operations. Unlike the other billionaires, Max questions the inconsistencies he notices, such as the precision of supplies and the behavior of the guards.
The Role of Other Characters
Asia’s transformation is another key element of the story. Initially, she hates Max for his role in her sister’s death. However, she eventually realizes she has feelings for him and joins his quest for the truth. In the finale, she confesses her love to Max and promises to wait for him if he escapes.
Asia tells Max: “It’s the rewind theory, where you look back and realize that things aren’t the way you thought they were. Because you didn’t want to see them. You need to see things as they are.”
Oswaldo, Guillermo’s business partner, also plays a significant role. While investigating Minerva’s operations from Bangkok, he uncovers the truth about the scam. Unfortunately, he is killed by Minerva’s operatives before he can expose her. His death highlights the dangers of challenging the conspiracy.
Mimi’s illness and death serve as a turning point in the story. Her condition worsens due to inadequate medical care in the bunker, exposing the flaws in Kimera’s supposed utopia. Her death underscores the theme that wealth cannot buy safety or happiness.
The Symbolism of the Ending
The final scene of Max stepping into the sunlight is highly symbolic. It represents his rejection of artificial realities and his desire to live in the truth. The bunker, much like his privileged upbringing, was a gilded cage designed to protect him from consequences. By choosing to leave, Max embraces the unknown, even if it means facing potential danger.
The show’s creators, Álex Pina and Esther Martínez Lobato, use this ending to comment on the isolation and self-deception of the ultra-rich. The bunker becomes a metaphor for the ways extreme wealth can buffer people from reality, often at the cost of authenticity and human connection.
What Could Happen Next?
The open-ended finale sets the stage for a potential second season. If the story continues, it could explore Max’s experiences outside the bunker and his efforts to expose Minerva’s scam. His promise to return for Asia could also become a central plot point. However, as of now, Netflix has not officially announced a renewal for the show.
Billionaires’ Bunker is available for streaming on Netflix. The series stars Pau Simón as Max, Miren Ibarguren as Minerva, Alícia Falcó as Asia, and Joaquín Furriel as Guillermo.
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