David Aames, played by Tom Cruise, begins his day with a disconcerting drive through the eerily silent streets of New York City, only to discover the entire city deserted in the middle of rush hour. This unsettling experience quickly turns out to be just a vivid dream as he awakens in his bedroom.
In a subsequent scene, David finds himself in a jail cell recounting his dream to Dr. Curtis McCabe, a psychologist assigned to his case. Accused of a murder he can't seem to remember, David wears a strange pale mask as he tries to piece together the events that led to his current predicament. Following the death of his father, he inherits 51% of the family publishing company, with the remaining ownership held by a board that David mockingly refers to as the "Seven Dwarfs," all of whom expected him to take over after his father's death. With wealth and power at his fingertips, David seems to have everything he desires; however, his life takes a dramatic turn during his birthday party.
At the celebration, David's best friend, Brian Shelby, introduces him to a captivating woman named Sofia Serrano, portrayed by Penélope Cruz. The chemistry between David and Sofia is immediate, almost causing them to ignore Brian altogether. However, the atmosphere shifts when Julianna Gianni, a woman with whom David shares a casual physical relationship, crashes the party. Despite having little emotional connection to Julianna, David feels compelled to keep her at bay and enlists Sofia to help him avoid her attention. The night progresses with David and Sofia sharing deep conversations, setting the stage for an intimate connection.
The next day, disaster strikes when Julianna persuades David to join her for a drive that quickly becomes reckless. Overcome by emotion, she drives them off a bridge in a disastrous attempt to end their lives. Julianna dies in the crash, while David is left severely injured, with his face and arm disfigured. After a long recovery, he seeks to regain control of his company and rekindle his connection with Sofia. However, their initial interactions are riddled with tension as David struggles with his new reality and his haunting past.
As David attempts to move forward, he begins experiencing hallucinations of his disfigured self and encounters a mysterious man who claims that David can control his world. In a surreal twist, David finds himself entangled in nightmarish situations where he alternates between being with Sofia and Julianna, leading him to a violent confrontation that ends tragically with Sofia's death.
When he opens up to Dr. McCabe about these troubling events, the psychologist grows increasingly frustrated by David's inability to confront the truth, which remains buried in his subconscious. As the story unfolds, clues indicate that David's life may not be as it seems, culminating in an exploration of his past choices and failures through the lens of a bizarre infomercial for a cryonics company.
Ultimately, David discovers that he has been living in a lucid dream—crafted from his memories and created by the cryonics company. The Support Technician explains that the horrific events he lived through after the crash were merely projections of his troubled mind. Faced with the reality of his situation and the truth behind his supposed relationships, David must choose between returning to the illusion or awakening in the future, where all he once knew is long gone.
In the gripping finale, David opts for awakening, fully aware that he will face a world drastically altered by time. In a hauntingly poetic moment, he shares a final exchange with Sofia, who promises to find him again in another life, before he leaps off a skyscraper, embracing his fate. As he falls, fragmented memories cascade through his mind, culminating in the poignant invitation to "open your eyes." The film concludes on a powerful note, leaving viewers to ponder the nature of reality and the consequences of choices made.
