Note: Because these theories have been made over time, please try to tag **when** your theories were added to this page. This page is not a "traditional" speculation page and will be updated post-release to confirm, deny, or generally update the contents.
The theories below have not been proven yet. Please keep in mind that they are fanmade theories, and not official material.
It is likely that the Concept movie became Walpurgisnacht: Rising.
The first trailer and its poster shows multiple Homura's in a single shot. It is possible that the movie deals with either a multiverse or doppelgangers.
Alternatively, multiple timelines could be merging together.
Alternatively, based on similar costume elements such as the design of one Homura's headband, the Clara Dolls are capable of assuming her form.
Almost all of the returning girls have a new form/design. This may further promote this theory.
The new magical girl from the first trailer incorporates design elements from most of the Holy Quintet.
Her amalgamate outfit and her lack of a defined face in the trailer may suggest that she is intended to be a representation for the average Magical Girl in Homura's new universe.
Alternatively it could be the embodiment of the Law of Cycles, trying to remember Madoka's past. This could explain her lack of a face as a way to hide her signature golden eyes.
Madoka has a different outfit in the teaser poster and in the 1.1 visual. The poster could be Homura grasping for her old life, and the new Madoka design representing the coming future (which Homura has shackled, as shown by the padlock).
The official site says that the movie is "the beginning of a new chapter". This probably means this will not be the finale to the series.
It's possible that Homulilly transforms into Walpurgisnacht. Devil Homura is the opposite of Ultimate Madoka just as Walpurgisnacht is the opposite of Kriemhild Gretchen. Additionally, Homulilly's head is cut off just like Walpurgisnacht's head. Furthermore, the gears under Walpurgisnacht's dress could also correlate with Homura's old power of time manipulation.
The new orange-haired girl seen alongside Kyubey in the trailer could be the bear girl from Episode 12, but also incorporates designs from the pincushion Magical Girl seen in the Concept Movie.
The new magical girls could be the human forms of witches from the original anime.
The green-haired girl could be the human form of Elsa Maria, as evidenced by the trees and rays of sunlight surrounding her, both elements present in Elsa Maria's labyrinth. The plant motif could also allude to her being Gertrud.
The Magia Exedra 100-Day Trailer shows her riding on Bonas, which can be suggested that she could be the human form of Paola. However, she could also be simply having the ability to control Familiars.
The orange-haired girl could be the human form of Albertine, as her being depicted in a ball pit with Nagisa implies she may be similar in age, or is at least childish. Bright colors, like the balls she's surrounded by, are also a key feature of Elly's labyrinth.
The Magia Exedra 100-Day Trailer and poster shows her Magical Girl outfit having pins and needles, and occasionally hugs Kyubey, which can be suggested that she could be the human form of Quitterie or the Witch of Sewing.
It's also possible the new girls are part of Walpurgisnacht herself.
The new girl in the SIDE Homura trailer may have abilities allowing her to duplicate herself, shown by multiple versions of her looking at Madoka's phone.
The new girl was also seen in the Concept Movie.
The green-haired girl and the orange-haired girl have a black undershirt for their school uniforms, a trait they share with the new Homura-copy. It's possible they are the retainers for Devil Homura like Sayaka and Nagisa are for Ultimate Madoka.
The scene where a book depicting Witches and Familiars, when taking a closer look, contains Witches from Magia Record such as Zenobia, indicating these Witches DO exist within the Madoka Magica timelines.
Existing witches such as Gisela and Albertine use their updated appearance from Magia Record.
This isn't the case in this screenshot, where Roberta and the previously shown Gisela use their original appearances.
Pennen Nolde, the Witch form of Touka Satomi, can be barely seen to the right of this screenshot, even though in Ultimate Madoka's Magical Girl Story, Touka did not become a Magical Girl outside of the Magia Record timeline and thus the Witch was only born as a Doppel.
It's possible that the book was made by the Law of Cycles, with Witches being collected from multiple universes every time the Law of Cycles would take a Magical Girl in. (This was added 2026/07/03)
Following the release of the Main Trailer, some fans speculate that the "Mystery Girl" seen wearing what appear to be Homura's glasses to be an irregularIncubator.
Others speculate that the girl herself is nothing more than a Clara Doll, given the existence of "red strings" that seem to move with her in the latest trailers.
The reason Mami, Kyoko, Sayaka and Nagisa and maybe Homura have different Magical Girl forms is because their powers have been stolen by Wraiths/the Mystery Girl. Looking at Mamis new outfit she's lost her ribbons and Sayaka is covered in bandages (though parts similar to Oktavia are visible there, bandages imply someone being hurt, so her enhance healing power AND her base Magical Girl healing being gone were replaced by Oktavia manifesting). Kyoko had her power blocked as seen in Different Story, so this could have removed the block as her outfit looks more royal, fitting for an illusionist.
The mystery girl bears a striking resemblance to Homura and has her bow, meaning that she's a Mutated Wraith, similar to Wraith Arc, or that she's a creation of Homura. The red string connected to her clearly implies a lack of agency on her part. On the other hand, her first appearance had her be engulfed by red fabric, similar to Mami when she bound Homura in the original series and Rebellion. However, she also grabbed the ribbons, implying some level of control as well. It is possible this is when she stole Mami's power. Her shirt is also very similar to Mami's original shirt as well, not to mention the corset. We know from Wraith Arc that the bow is also connected to the emotion of Homura's love for Madoka, so it being lost could play in different ways depending on whether Homura is in control of the other end of the red string or not. Mutated Wraiths have ben shown to turn against normal Wraiths depending on the cause of the mutation.
Lilac and Selema entering the story could happen at the same time as Homura getting her power stolen. It is possible that the Wraiths were either able to steal Devil Homura's emotions themselves, letting the girls from the Law of Cycles enter Homura's world, or the Wraiths were empowered by the Law of Cycles directly. The silhouettes of eyes appear near them, the same as the faceless girls seen behind Madoka who are almost certainly from the Law of Cycles.
(This was added 2026/07/03)
Speculation Gallery
An analysis of Homura's throne.
A comparison between a new magical girl and Paola.
Speculation of the orange-haired girl seen in the trailers.
A comparison of the Union phone as seen in the trailer, and of the same object seen in Magia Exedra.
The theories below have not been proven yet. Please keep in mind that they are fanmade theories, and not official material.
Date Proposed: 2026-07-02
The Main Trailer shows a cage covered in a cloak of some kind. Analysis of the cage suggests that the contents of the cage are the Union Phone from Magia Exedra.[1][2] While the purpose is unknown, it's speculated upon by some this is how some of the cast members "enter" the story, or "exit" the Law of Cycles.
The theories below have been proven wrong. They are only kept here for the sake of completeness.
Date Proposed: 2025-04-26 ￜ
Date Confirmed/Disproved: 2026-07-02
The girl with the bow is shown jumping off a tower and getting absorbed by a cloud witch-like being; while this could be her jumping to a witch's barrier it's very similar to the Rumor of "Anonymous" from Magia Record.
Apart from the obvious jumping off a tower connection, many other things like the green digital boxes that appear when she jumps, the japanese characters that appear when she's absorbed or the digital-like background when she's falling all seem to point to the Uwasa of the Anonymous AI.
In the April 30th 2026 Trailer, the same barrier is shown with Wraiths in them T-T.
An analysis of Homura's throne.
A comparison between a new magical girl and Paola.
Speculation of the orange-haired girl seen in the trailers.
A comparison of the Union phone as seen in the trailer, and of the same object seen in Magia Exedra.
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