Wait, What If Nate Is Jules’ Sugar Daddy On Euphoria?

Spoilers for Euphoria Season 3 ahead. After graduating high school, everyone on Euphoria is doing... exactly how I expected, to be honest. On HBO’s long-awaited third season, Zendaya’s Rue still owes money to her former drug dealer, Jacob Elordi’s Nate is engaged to Sydney Sweeney’s Cassie but also in debt for some reason, and Hunter Schafer’s Jules has a mystery sugar daddy.

Naturally, although we’re only two episodes into Season 3, viewers have already started trying to figure out the mysteries and found a possible explanation for both: What if Nate is Jules’ secret sugar daddy?

In the second episode, it’s revealed that Nate owes some shady businessman nearly $600,000, claiming the State of California is blocking him from building the residential community he’s been fundraising for. That also explains why he’s hesitant to splurge on Cassie’s dream wedding. However, this isn’t stopping him from pitching his idea to more investors, who continue to give him money.

That said, if he can’t spend on this delayed project, where is the money going? Nate took over his family’s construction business from his father, Cal (who also suspects his financial troubles). He lives in a nice suburban abode and is not paying for the wedding, as Cassie pressured him into letting her earn money on OnlyFans (at least until he made her delete the account). He’s already well off, yet somehow can’t pay his dues.

When Rue reunites with her former flame Jules at the end of the episode, she gets a first look at her lavish new digs, which Jules reveals is an apartment that her “boyfriend” owns but isn’t using. Of course, she doesn’t reveal his identity. Instead, she says “he’s at his place,” making Rue think he’s a married sugar daddy. “What if his wife’s OK with it?” Jules asks, insinuating that she is.

The only snag in this theory is that Cassie is not Nate’s wife just yet, and she would absolutely not be OK with this arrangement (though she might begrudgingly accept it). However, it would be in character for Nate to lie to Jules about that information, or for him to just not tell Cassie.

Nate and Jules seemingly have no relationship today, but never forget Season 1, where he catfished as a hunk named Tyler just to get close to her. Sure, in his head, he did that to protect his family after discovering she had hooked up with Cal. But whether he admits it or not, he became attracted to Jules, who returned Nate’s feelings without even knowing it was him.

For all viewers know, Nate may have somehow reconnected with Jules but wanted to stay with Cassie to maintain their picture-perfect suburban facade, resulting in the classic scenario where Nate stays at work late and goes to his secret condo with Jules. Is it a stretch? Perhaps. But when Cassie is posing in a diaper and binky, literally anything is possible on Euphoria.