Wait, could this wild Euphoria season three theory about Nate and Jules actually be true?!

There’s a popular new Euphoria theory about Jules’ mysterious “sugar daddy”, and one small detail has people convinced they’ve cracked it.

The second episode of season three dropped over the weekend, finally bringing Jules back into the story after her absence in the first episode. The new season picks up years later, with the characters now navigating very different lives post–high school.

HBO

When Jules does appear, it’s in a pretty striking way. The episode closes with Rue arriving at a sleek Los Angeles high-rise, just as Jules walks in dressed head-to-toe in designer. It’s a sharp contrast to where we last saw her, and it lines up with something hinted at earlier.

In episode one, Rue and Maddy mention that Jules is financially supported by older, wealthy men. Episode two leans into that idea, with the luxury apartment and Jules casually suggesting that someone else is footing the bill, while also dropping a comment about not believing in monogamy.

The identity of this mystery benefactor hasn’t been revealed, and people think that’s very much on purpose.

A growing theory online suggests that the man behind Jules’ lifestyle could actually be Nate. At first glance, it sounds far-fetched. Nate is engaged to Cassie and outwardly trying to build a stable future. But there are a few details that have us raising eyebrows.

HBO

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For one, Nate is deep in debt, reportedly hundreds of thousands, despite taking over his father’s business. The show hasn’t explained how he got into that position, which leaves room for speculation.

Then there’s Rue’s line about Jules’ partner “living a double life”. That phrasing immediately stood out given Nate’s history of secrecy, and the parallels to his father’s hidden behaviour.

And of course, there’s the past. Back in season one, Nate catfished Jules online under a fake identity, forming a surprisingly emotional connection with her. While the situation was manipulative, the show hinted there was something more complicated going on beneath the surface.

HBO

Put all of that together, the money, the secrecy, the shared history, and people think the pieces might actually fit. Some even think it would neatly explain both his financial problems and the show’s repeated emphasis on hidden identities.

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Featured image credit: HBO