The God of War sequel, so-called Ragnarok by fans despite that not being the name, releases next year. Even among stiff competition like Elden Ring, it stands to reason that many are excited for the sequel after the PS4 game revolutionized the series. Now, the second game has to do it again.
Fan expectations for God of War: Ragnarok are high, but so are some expectations pertaining to the franchise itself. Based on the final moments of the game, it seems the cycle of patricide common to the franchise as it shows Atreus killing Kratos, and Atreus' true identity makes this seem even more plausible. More importantly, though, combining the reveal of Atreus' identity with one small fan theory pertaining to Kratos' though could result in a big shift. This is mere speculation, but it's an interesting fan theory nonetheless.
God of War: Atreus is Loki
At the end of the game, it is revealed that Kratos' second wife wanted to name Atreus "Loki," but instead the couple went with the former due to Kratos' Spartan past. At least, that's what the God of War player is told through Kratos. It seems to his wife, Faye (or Laufey), Atreus has always been Loki in some way. And through a mural depicting Atreus killing Kratos, there's also a second name for Kratos: Farbauti, or dangerous striker. Per the various myths, Farbauti and Laufey are referred to as the parents of Loki, yet Loki also fathers in turn by Ragnarok (the World Serpent, who already exits via time travel).
Loki also gets imprisoned, tortured, and trapped prior to Ragnarok, but it seems likely that God of War will continue to flirt with the myths instead of embracing them. Barring Atreus' capture and Kratos being somehow unable to save him, it seems that, after Fimbulwinter, the franchise may stray further and further from the myths. This is speculation, of course, but Loki sitting in a jail cell now until Ragnarok happens wouldn't make for a fun game. At the same time, it seems clear that Thor and Kratos are about to develop a serious rivalry/fight, and that doesn't fit in the myths. So, moving away from the myths ever so slightly but hitting the high notes makes sense, and keeping enough hidden to pull off another twist like Atreus' reveal as Loki makes sense. As such, there are a few small fan theories that make decent enough points to ask one big question: if Atreus is Loki, is Kratos actually his father?
God of War Ragnarok: But is Kratos His Father?
This small fan theory may be wrong. The easy A-B storytelling connection here is that Kratos is his father and that there will be some sort of twist of Faye's end of the equation, but it makes a few points. First, it's the ultimate Red Herring that Atreus supposedly ends up killing his biological father. Everything is building it up as if Atreus killing Kratos is an unavoidable event, and many are not prepared to see Kratos die in God of War. That emotional weight is good, but it doesn't have to be fulfilled in a similar manner.
For example, referring to Kratos as Farbauti doesn't make as much sense as Atreus being called Loki. The latter was Faye's chosen name for him, but why would she or her people try to rename her husband? It could be that Farbauti is the biological father, represented by Kratos here by whoever made the God of War mural, but it comes down to Farbauti being another character, who Atreus kills for some reason. This would give a twist not only to the myth, but to the idea of patricide. After all, fatherhood doesn't have to be biological.
Other hints include Loki's tattoos, as they all match up with the other Aesir in the game, and it doesn't make sense to give Atreus the tattoos of an Aesir when Faye is a Frost Giant. Now, it could be to hide his true nature from the Aesir, should they ever meet, but given that was never intended or Faye could have potentially forseen it, it's a strange inclusion. It would have likely been better to give Atreus more Spartan-like tattoos, as with his father, but it was clearly a choice from Faye.
Then, add in that next to nothing is known about Faye, except she was Kratos' wife. Her existence as a Frost Giant was kept secret from both Kratos and Atreus, and while Kratos would eventually reveal his tragic past to her, she never seemingly trusted him with hers. Known as Laufey the Just, a departure from typical depictions of Laufey, it's even worth mentioning that there's nothing truly substantial established for Faye's relationship with Kratos. It does seem she became pregnant after they married, as Kratos clearly had some role in naming Atreus, but so much is left unclear that one good answer for that is not everything being as it appears.
God of War, Fatherhood, and Loki
Now, the idea that Atreus/Loki is not biologically Kratos' has bigger points against than many fan theorists could actually cook up. There's obvious mention of Atreus being Kratos' son from Cory Barlog in various interviews on the character, and Atreus at one point seemingly uses Spartan Rage in-game. The ability to do so is a clear biological connection between Atreus and Kratos, which is a big indicator as to why this theory never got off the ground. However, just because the big picture is false doesn't mean the points it makes is.
It'll be interesting to see how fatherhood between Atreus/Loki and Kratos/Farbauti manifests, but it's unlikely to be a straightforward Kratos-killing by Atreus. It'll be interesting to see if Atreus' tattoos are ever explained, as well as his role in the forthcoming Ragnarok. It'll be interesting to see what becomes of Faye and if players ever learn more about that; this theory is rooted in several big questions that should be answered, all of which could result in a big twist that makes Atreus being Loki seem like small potatoes.
God of War: Ragnarok is set for release in 2022 on PS4/PS5.