In the shadow of the Birmingham Blitz in November 1940, Nazi Germany pursues a covert economic strike against Britain: flood the economy with counterfeit British currency, produced by concentration camp inmates, with the help of pro-Nazi agents in order to spark hyperinflation. At the same time, a Luftwaffe night raid on a BSA munitions factory wipes out the female workforce there, a blow that rattles families and factions across Birmingham.
Tommy Shelby Tommy Shelby has withdrawn from public life, living in isolation after the death of his elder brother Arthur years earlier, and his only company is his loyal assistant Johnny Dogs. He works on an autobiography, but his mind keeps returning to visions of his deceased daughter Ruby, a haunting reminder of the costs of power. Ada Thorne Ada Thorne, now the MP for Birmingham South, visits him to warn that the Peaky Blinders, under the leadership of his son Duke Shelby, have stepped into dangerous waters and are entangled with a plot that could unravel the whole family and the city.
The gang breaches the ruined factory to steal its munitions, a move that ties Duke to a larger, darker game. He has aligned with Nazi agent John Beckett, who intends to move roughly £70 million in counterfeit currency into Britain through the Peaky Blinders’ networks. The plan is ambitious and treacherous, designed to undermine the United Kingdom from within its own economy. As these machinations unfold, Tommy is approached by Kaulo Chiriklo, the twin sister of Zelda Chiriklo, who insists he is the Rom Baro and has spoken to Arthur from beyond the grave. Kaulo’s provocations pull Tommy back toward Birmingham, where she deduces Duke’s trouble and nudges him to act.
Though Kaulo’s visit unsettles him, she convinces Tommy to return and rescue Duke, while Beckett intensifies his own pressure by learning that Ada has gathered testimony about Duke’s factory raid—testimony that could derail the entire plot. Beckett orders Duke to silence Ada, a command Duke nearly falters on, but Beckett steps in to kill Ada himself when the moment fails. Ada’s death is a wrenching blow that pushes Tommy toward a reckoning with his past and his leadership.
Tommy confronts Duke in the mortuary where Ada’s body has been laid, and the truth about Arthur’s death—Tommy’s moment of brutal necessity, the killing of his volatile brother after a spiraling sequence of events—becomes a central revelation. Beckett appears and tries to kill Tommy, but escapes after a tense shootout. Meanwhile, Duke privately meets with Kaulo again, who hands him a bullet engraved with Tommy’s name and orders him to kill his father once their shared objective is achieved.
Reassembling his old alliances—Charlie Strong and the steadfast dockyard boss Hayden Stagg Hayden Stagg—Tommy regroups the Peaky Blinders and plots a daring strike against Beckett’s Nazi mercenaries. The plan centers on a perilous journey by narrowboat to Liverpool, paired with a tunnel-based surprise against Beckett in a separate location, with both teams scheduled to strike at midnight. Tommy, now back in command, accepts the grim calculus of war and sacrifice that his life has become.
Beckett’s forces, primed to intercept the narrowboats, are blindsided when the boats explode from hidden charges. Duke’s sudden pivot—reaffirming loyalty to his father—fragments Beckett’s grip on the operation as the Blinders close in. The ensuing confrontation at the docks is brutal and relentless: the Blinders wipe out Beckett’s remaining mercenaries, and Tommy arrives in time to force a final showdown with Beckett. A gunfight erupts, Tommy is wounded, and he makes a bold bid to die by stepping in front of Beckett’s speeding car, only to be saved at the last moment by Duke.
Mortally wounded, Tommy begs Duke to end him with the bullet Kaulo gave him. Duke resists at first but ultimately obeys, and Tommy dies, reciting the first line of a poem that marks his long, haunted arc toward peace. With Duke now the Rom Baro, the Peaky Blinders stage a Gypsy funeral for their fallen leader, a ceremony that binds family and clan in a solemn farewell. Kaulo recovers Tommy’s manuscript, The Immortal Man, and Tommy’s reflections reveal a man who, despite wealth and power, finally finds comfort in the presence of family—now reunited with them in memory, wherever they may be.
