Spoilers are ahead for House of the Dragon season 2, episode 5, “Regent.”
Summary
AsHouse of the Dragonnears its sophomore outing’s finale, viewers are putting forth theories about how, exactly, the devastating war of succession will unfold. Although theGame of Thronesprequel series isbased on George R. R. Martin’sFire & Blood, a pseudo-historical account of the so-called “Dance of the Dragons,“the future of House Targaryen isn’t set in stone. After all,House of the Dragonhas already differed from the book, suggesting that almost anything could happen before Rhaenyra Targaryen (Emma D’Arcy) or her half-brother, Aegon II Targaryen (Tom Glynn-Carney), claim the Iron Throne.
EvenHouse of the Dragonseason 2viewers who haven’t readFire & Bloodare likely aware of just how significant the “Dance of the Dragons” is to Westeros' history. Although it’s set 172 years before the birth of Daenerys Targaryen (Emilia Clarke),House of the Dragonhas a massive role in shaping the story ofGame of Thrones. In fact, it’s no secret that HBO’sGame of Thrones' charactersmentioned the ill-fated conflict one or twice. Jack Gleeson’s KingJoffrey even spoilsHouse of Dragon’s endingto his future wife. Still, Martin’s characters aren’t always reliable narrators.

10Rhaenyra & Syrax Join The Fray
The Targaryen Queen Refuses To “Do Nothing”
Queen Rhaenyra Targaryen, King Viserys I Targaryen’s heir apparent from his first marriage, has continually lamented her inability to join the fight. Rhaenrya even admits to Mysaria, her trusted advisor, that her father trained her to know the names of royals, but didn’t teach her how to use a sword. She fears that her enemies know this — and that it makes her look weak. Time and again, various advisors assure their queen thatthere’s more than one way to fight a war, but Rhaenyra doesn’t seem contentwith waiting in the wings asHouse of the Dragonforges on.
…a victory claimed, at least in part, by Rhaenyra and Syrax would hold huge symbolic power for their side.
Based on some shots from the show’s season-two trailer as well as the apparent trajectory of Rhaenyra’s story, it seems likely that she’ll head into battle with Syrax, her loyal dragon. Of course, Rhaenyra’s desire to join the fray is a gravely serious matter. If she dies, the blacks' cause is lost. Needless to say,the queen’s insistence on riding Syrax into battle may be the root of her downfall. On the other hand, a victory claimed, at least in part, by Rhaenyra and Syrax would hold huge symbolic power for their side.
9Alicent Betrays Aemond
After Aegon’s Fate In Episode 5, Alicent Seems Ready To Act
Alicent Hightower (Olivia Cooke) is primed to go against Aemond (Ewan Mitchell), especially in the wake ofHouse of the Dragonseason 2, episode 5, “Regent.” It’s revealed that Aegon survived episode 4’s battle, but is both comatose and severely burned, while his dragon, Sunfure, is near death. Although Ser Criston (Fabien Frankel) doesn’t tell Alicent the whole truth about what happened, it doesn’t really matter. Alicent, who suggests she act as regent while her son is incapacitated, is denied by the Small Council, which elects Aemond instead. Plus,Alicent looks at Aemond with (rightful) suspicion throughout the episode.
8Aemond & Helaena’s Illicit Affair Will Be Revealed
If Aemond Is The Father Of Helaena’s Children, More Internal Conflict Will Unfold
For a while,House of the Dragonviewers have wondered if there was more to be revealed about Aemond’s relationship with his sister, Helaena (Phia Saban). In trueGame of Thronesfashion, Helaena is the sister-wife of Aegon, so it isn’t too much of a stretch that there’s a different incestuous affair unfolding behind the scenes — especially in a world that gave viewers Jamie and Cersei Lannister. Some fans have pointed out thatAemond seems uncharacteristically protective of Helaena, especially during the coronation, and that there are subtle hints that he’s actually the twins' biological father.
7Larys Is A Warg Like Game Of Thrones' Bran Stark
The Rats Of King’s Landing Know Things
Lord Larys Strong (Matthew Needham), the Master of Whisperers on King Aegon II’s Small Council, seems to know all too well what’s going on in King’s Landing. This has given rise to a compelling fan theory thatLarys, like Bran Stark inGame of Thrones, is a Warg— someone who is able to possess animals. Given just how many rats are crawling around King’s Landing, warging into the rodents would give Larys some key insight. Since Mysaria (Sonoya Mizuno), Rhaenyra’s advisor, leads a network of spies, Larys having some supernatural ability to best her would be quite the twist.
6Daemon & Aemond Form A Covert Alliance
The Two House Of The Dragon Characters Are More Alike Than They Think
Daemon’s Harrenhal visions had viewers wonderingwhy Daemon looked like Aemond in his dream. The more obvious answer is that the two characters parallel each other; both Targaryen princes are so close to laying claim to the throne, but are unable to see that ambition realized without committing terrible acts. Ultimately,Daemon and Aemond — both sides best remaining dragonriders — will probably face off on the battlefield. On the other hand, the vision could suggest an uneasy alliance between the two. Although it likely wouldn’t last, both characters are conniving enough to try it.
5Alicent Eventually Tries To Aid Rhaenyra’s Cause
The Ties Of Childhood Friendship Are Stronger Than Blood
As children, Alicent and Rhaenyra were incredibly close — until Alicent married Rhaenyra’s father, giving rise to a second line of would-be heirs. In many ways, the former friends are at the heart of the conflict, even if Alicent herself isn’t fighting to be on the Iron Throne. In season 2, Rhaenyra tries to appeal to Alicent, suggesting they remember their friendship and avoid more bloodshed. Ultimately, both characters are too stubborn to agree, but it could still happen. As Alicent’s children destroy each other,maybe she’ll put her friendship with Rhaenyra first once again.
4Jace’s Fate Is Tied To The Wall
The Prince Learns About A Threat Greater Than Any War For The Iron Throne
InHouse of the Dragonseason 2, episode 1, Prince Jace (Harry Collett) visits the Wall with Cregan Stark. Since theGame of Thronesprequel is so mired in the “Dance of the Dragons,” the scene is a reminder of the larger threat that looms just beyond the northern battlement. It’s possible that Jace will carry the lessons learned at the Wall with him. Although Cregan doesn’t get into it too deeply,he does allude to the White Walkers. It would make sense for Jace’s TV fate to be tied to the threat beyond the Wall — something that’s greater than any political strife that’s fracturing House Targaryen.
3Alicent Is Actually Game Of Thrones' Melisandre
Alicent Awaits The Prince That Was Promised
InGoT, Melisandre is a centuries-old witch who follows a diety that’s worshipped in Essos and searches for decades for the “Prince who was Promised” — the prophesied savior of Westeros. As of season 2, Alicent doesn’t know all the specifics of theSong of Ice and Fire, but she does seem to be weakening in her resolve. For starters, she seems to sense that Aemond had something to do with Aegon’s life-threatening injurie. Plus,she’s clearly shaken by her part in the war. Alicent transforming her grief into purpose by becoming Melisandre is definitely a compelling twist.
2Daemon Goes Into Exile & Becomes The Night King
House Of The Dragon May Retcon Some Game Of Thrones Lore
Although it would contradict the canon presented inGame of Thrones' final season, viewers have theorized that one of the characters inHouse of the Dragonwill become the Night King, the ruthless undead leader of the White Walkers who lurk beyond the Wall. It’s definitely a stretch, but it would also tie together the various threads that become important inGame of Thrones. If anyone seems poised to exile himself to the North and, somehow, become a zombie warlord, it’s Daemon. Ultimately,he’s a royal without a throne, and one made of ice might doin the end.
1Rhaenyra Fakes Her Death But Loses The Dance Of The Dragons
Aegon II Will Sit On The Iron Throne
Based on what Joffrey tells his bethrothed inGame of Thrones, Rhaenyra is brutally killed by Aegon’s dragon. What little remained of her was stowed at King’s Landing as a kind of memorial to the Dance of the Dragons. It’s very possible Rhaenyra will pull a full-on Dany and go mad beforeHouse of the Dragonends, leading to severe miscalculations and a bloody death-by-dragon. On the other hand,it would be much more exciting if the story told inGame of Throneswas only a partial truth. After weathering great loss, an outmaneuvered Rhaenyra could stage her death and flee to Essos.
New episodes ofHouse of the Dragonseason 2 stream on Max through July 02, 2025.