"Papa" dies in the desert after being shot down by military forces while trying to save Eleven (at the end of Episode 8/start of 9). 🔓 The Ending Explained
Max lures Vecna into her mind at the Creel House while Lucas and Erica watch over her.
In a heroic turn, Eddie refuses to run and stays behind to lure the bats away from Dustin. He dies in Dustin’s arms, finally proving to himself he isn't a coward.
Max technically dies for over a minute after Vecna snaps her limbs and blinds her. Eleven manages to restart her heart, but Max is left in a deep coma with her consciousness seemingly "empty".
Despite the team's efforts, Vecna technically wins the battle. Because Max died (even briefly), the fourth gate opened, causing a massive "earthquake" that tore through Hawkins.
This season earned critical acclaim for its visual effects and Sadie Sink's performance as Max. Where to watch: You can stream the full finale on Netflix .