Alice, portrayed by Florence Pugh, and her husband Jack Chambers, played by Harry Styles, reside in Victory, a seemingly idyllic 1950s company town nestled in the California desert. Each day, the men head off to work at Victory Headquarters, a location from which their wives are barred and discouraged from inquiring about. The women, restricted to the roles of housewives, indulge in a life of leisure, while the nature of their husbands' work remains a mystery. The narrative unfolds on the 987th day of the Victory project, which is purported to be focused on the advancement of progressive materials. However, the women are blissfully unaware of the sinister reality behind their husbands' occupations.
Among Jack's friends are Peter, played by Asif Ali, Bill, portrayed by Douglas Smith, Dean, brought to life by Nick Kroll, and Ted, played by Ariel Stachel. Alice's daily life is intertwined with the other wives in Victory, including her best friend Bunny, played by Olivia Wilde, Violet, portrayed by Sydney Chandler, who is married to Bill, and Peg, brought to life by Kate Berlant.
The women partake in activities such as a ballet class led by Shelley, played by Gemma Chan, the wife of Frank, played by Chris Pine, who presides over the social group. Their routine revolves around cooking, cleaning, and enjoying passionate evenings with their husbands when they return home. The situation takes a dark turn with the character of Margaret, played by KiKi Layne, whose estrangement from the community stems from a tragic incident following an unauthorized visit to the desert, culminating in her son's alleged death as retribution from the project.
During a gathering at Frank's home, Alice witnesses a troubling scene as Margaret's husband Ted attempts to medicate his distressed wife after she experiences a breakdown. Following a night of intimacy with Jack, Alice notices Frank observing them, leading to an atmosphere of unease. In a shocking turn of events, while riding the trolley, Alice witnesses a plane crash in the desert, which prompts her to rush to assist but results in her encountering strange visions upon touching one of the reflective windows of Headquarters.
As Alice navigates increasingly bizarre experiences, the psychological horror intensifies after she receives a disturbing call from Margaret, only to later tragically witness her friend's suicide. Jack tries to minimize the situation, labeling Margaret's tragedy as an accident, and when Alice demands the truth about the Victory Project, he reacts with anger and refusal.
In a desperate attempt to uncover the truth, she steals Margaret's medical files but soon finds herself under the scrutiny of Dr. Collins, played by Timothy Simons. As Jack grows concerned about Alice's potential defiance, the paranoia reaches a peak during a company celebration where Frank elevates Jack's position. Alice breaks down and, during an intense bathroom confrontation with Bunny, is accused of risking their lives in Victory.
Setting the stage for impending conflict, Alice and Jack host an dinner party with their neighbors, including Frank and Shelley. During this dinner, Alice tries to expose Frank's manipulation but is instead portrayed as delusional, creating tension with Jack. As Alice becomes increasingly convinced that Frank controls every aspect of their lives, she pleads with Jack to escape the project, only to find herself betrayed when he allows Frank's enforcers to take her away.
In a harrowing scene, Dr. Collins administers electroshock therapy, where Alice relives a different existence as a surgical resident named Alice Warren, experiencing feelings of neglect from Jack, who is now unemployed. The shocking revelations continue as Alice recalls Jack's enrollment in the Victory program, realizing that their life was a fabricated illusion maintained through control and sedation.
When confronted, Jack reveals the horrifying truth of the Project: it is a simulated environment orchestrated by Frank, wherein the men experience a fantasy life while their wives remain oblivious to their true circumstances. In a rage against her captivity and the violation of her autonomy, Alice retaliates, resulting in Jack's demise, devastating both the simulated world and reality.
Following Jack's death, Bunny confides in Alice that she has always been aware of the simulation but chose to stay for the sake of her children who perished in the real world. As chaos erupts in the neighborhood due to small explosions, Alice makes her escape, skillfully maneuvering through danger while pursued by Dr. Collins and Frank’s men. A fatal confrontation leads to Frank’s downfall at the hands of Shelley, who embodies a shift in power within Victory.
In a gripping finale, Alice reaches Headquarters, her path marked by disturbing visions and memories. The screen fades to black as Alice gasps for air, leaving the audience on the precipice of an unnerving revelation about the nature of her existence.
