Peacock’s Near-Perfect Spy Thriller Is Surging on Streaming — and the Finale Twist Changes Everything

Editor’s Note: The following contains spoilers for Ponies, Season 1.

It isn’t so surprising that Emilia Clarke has found her niche in yet another foreign land. After learning Dothraki for her breakout role in Game of Thrones, the actor adopted another language for the Peacock series, Ponies. Set in the 1970s, Clarke plays Bea, the wife of a CIA agent stationed in Moscow. The first scene shows Clarke’s handling of the Russian language, which is even more impressive, knowing that she didn’t speak it before filming.

This is just the introduction to the series that is grabbing viewers’ attention on streaming. Ponies sets itself apart from other thrillers of its kind through style and content. The spy thriller takes place in Moscow, where Bea and another CIA wife, Twila (Haley Lu Richardson), are shocked to learn that their husbands have died in a mysterious plane crash. Knowing that this is just a cover story for whatever CIA operation they were doing, the two women become intent on finding out what happened, even though they are “persons of no interest.” Ponies is a fresh take on the thriller genre as it follows two underestimated women who empower themselves in the world of spies. This entertaining new series flies by in eight episodes, culminating in the shocking season finale.

The Mole is Finally Revealed in the ‘Ponies’ Season Finale

As Twila and Bea fight to find the truth about their husbands, they also contend with the existence of a mole in the CIA. Just as everything else in Ponies has been a surprise, this reveal is unexpected. In the finale, the mole turns out to be none other than Cheryl (Vic Michaelis), the wife of CIA operative, Ray (Nicholas Podany). This reveal played on the expectations of the audience just as Twila and Bea themselves combat the expectations of the KGB.

Cheryl was first introduced as a sort of nemesis for Twila, as she resented the less experienced secretary coming to work for the embassy. This professional and personal rivalry turned out to be something much more in the final two episodes. Cheryl shoots the family nanny, Eevi (Clare Hughes), when she sees the woman rummaging through her husband’s things. Cheryl’s turn against the CIA was surprising, not only for the audience, but for the writers themselves.

“We created the character without thinking that she would be the mole. As we started talking about it, we realized this is a story about people underestimating Bea and Twila. So what if the mole was also somebody they underestimated?” series co-creator David Iserson said in a recent interview.

Cheryl becomes a real threat to the CIA, turning in a supposed tracking device which actually turns out to be an explosive. When it detonates, it destroys evidence that the CIA had been collecting for years. Cheryl’s turn works not just because it is unexpected but because it falls in line with the position her character is in. Iserson also explained that the CIA has an acronym that explains why someone would turn against their country: MICE.

“It highlights the four different motivations of why somebody turns, and they are money, ideology, compromise, and ego. Cheryl is an ego. She’s somebody who feels like she isn’t getting enough respect in her life and her world. She was compromised because of that, and it’s something we’re excited to explore in Season 2.”

The reveal of Cheryl was not the only surprising twist in the season. It turned out that there was more than one double agent within the ranks of the CIA.

‘Ponies’ Revealed Even More Twists

Image via Peacock

Leading up to the finale, the main duo believes that they have most of the facts. Twila is disturbed to discover that her husband, Tom (John Macmillan), was a double agent. However, this was revealed to be a false trail. KGB agent Andrei (Artjom Gilz) lets the women know that it was actually Bea’s husband, Chris (Louis Boyer), who was the traitor working for the Russians. This revelation contradicts everything that Bea thought she knew about her husband. He was supposed to be progressive, a man who would take turns with his wife in finding their passion in life.

Even more shocking, however, was the revelation that Chris actually wasn’t dead at all. Bea and Twila aren’t aware of this information quite yet, as the finale leaves audiences with a cliffhanger. However, Chris remains the crux of a mystery that makes the prospect of a Season 2 even more exciting. Susanna Fogel, the other creator of the series, explains how this will come to play out in the future.

“The premise of PONIES is that it’s all in service of figuring out what happened to Chris, the person who Bea thought defined her life. By the end of the season, her loyalties are complicated; she’s not the person she was at the beginning. Losing Chris sent her on this journey that’s made her a much stronger person. How does or doesn’t he fit into her life now? And what does it mean for Bea if he doesn’t fit?”

The ultimate question is what exactly is Chris’ motivation. The creators behind Ponies didn’t want to fall into the common trope in spy thrillers of pitting two nations against each other. Ponies is more complicated than good vs. evil or Americans vs. Soviets. These aspects have made the series feel more than the average predictable thriller and have made it all the more reason a follow-up season needs to be greenlit.

Release Date

January 15, 2026

Network

Peacock