Alexis, Suki Waterhouse, watches over a child she babysits as they view a video featuring Danielle Williams, Carly Chaikin, a social media influencer with her own streaming show and a former friend of Alexis. Later, Alexis returns home to prepare for a New Year’s Eve party with her high school friends Kayla, Kirby Howell-Baptiste, Chloe, Melissa Bergland, and Danielle, setting the stage for a gathering that promises old tensions and new pressures. The mood shifts the moment Danielle arrives, raking over past grievances and reigniting the hurt caused by rumors about Kelsey, the girl whose suicide became a painful touchstone for the group, including Kelsey, Isabella Acres.
What follows is a dangerous tilt from social drama to deadly games. Alexis, in a chilling display of control, uses champagne to “waterboard” Danielle, counts down to midnight, and then orders the others to tie Danielle up as if agreeing to a shared, if twisted, pact. With Danielle bound, Alexis berates her for bullying the group and then unveils a plan to sabotage Danielle’s career by forcing a confession about Kelsey’s suicide onto camera. When Danielle refuses to take the blame, Alexis damages Danielle’s appearance to make her look “camera-ready,” intensifying the power imbalance at the party. Kayla, overwhelmed, slips away to FaceTime her girlfriend Frankie, Michelle Haro, while Danielle convinces Chloe to free her in exchange for a coveted spot on the YouTube channel she’s leaving behind. The moment of triumph is short-lived, as Danielle knocks Alexis unconscious when the group reconvenes.
Danielle and Chloe imprison Alexis and Kayla inside a sauna, intending to let them perish and then call the cops to stage an accidental death. The plan takes a perilous turn when Alexis and Kayla smash the sauna window with a champagne bottle in a desperate bid to escape, only to collide with Danielle and Chloe. They retreat to Alexis’s closet, and Alexis heads out to retrieve her phone, leaving Kayla briefly alone. Chloe finds Kayla, who pleads for a quiet exit and secrecy, but Chloe is racked by fear and violence, ultimately killing Kayla in the struggle. Meanwhile, Danielle corners Alexis and slices her calf, but Alexis manages to break free.
Chloe joins Danielle downstairs as Frankie arrives, seeking Kayla and sensing the growing danger. Danielle and Chloe decide to frame Frankie and kill her, a plan they execute as Chloe fatally stabs Frankie. The chase resumes as Alexis rises to defend herself, knocking Chloe down the stairs and killing her. Danielle presses on, and Alexis hurls Danielle out of a window into the pool, ending Danielle’s life. The house quiets for a moment, but the repercussions echo beyond the party’s end: later, an influencer who worked with Danielle recounts how Frankie killed Danielle after Danielle had encouraged Kayla to end their relationship.
Standing beside that account, Alexis momentarily grieves, then quickly pivots to her own agenda, returning to the camera with a bright, unsettling buoyancy. She films again, savoring the notion that she now has Danielle’s life, and the audience sees a chilling transformation: the once-turbulent circle is replaced by Alexis’s gleeful ascent into a familiar, ruthless spotlight. In the ashes of the party, the cycle of manipulation and ambition remains, but Alexis’s grip on power—and on the image of victory—appears unshakable.
