Farewell, Hawkins. After nine years and five seasons, Stranger Things officially came to an end on New Year’s Eve with an epic series finale. The emotional two-hour episode was one that fans anxiously awaited, as the Hawkins gang came together for one final battle, in hopes of banishing from the human world once and for all Vecna, the Demogorgons and the Mind Flayer.

Ahead of the finale, the Stranger Things fandom was brewing with speculation as to how the long-running series would conclude. Would the gang actually succeed in taking Vecna down for good? And what about the nerds, teens and adults? Will they come out of this alive?

“So much of the final scenes that you see, I mean, yes, people are acting, but in a way, they’re not,” cocreator Ross Duffer told Deadline of the final episode. “Those are real emotions that they’re feeling, because those are all the last scenes that we captured with these actors. So, it’s a vulnerable thing to see that projected on the big screen and then put out in front of everyone.”

Below, Yahoo breaks down the key moments of the Stranger Things series finale. Be warned, however, spoilers lie ahead.

The Hawkins gang stops Vecna once and for all

After five seasons, Eleven, Mike and the rest of the Hawkins gang battle Vecna for the final time — and they win by way of a coordinated attack. Finally coming face to face with the Mind Flayer in the Abyss, the group bands together to assault it with bombs and weapons — Dustin and Steve attack the Mind Flayer from underneath; Nancy shoots at it with her rifle; and Mike, Lucas and Jonathan throw bombs and flares at it. Will, meanwhile, taps into the hive mind and breaks off Vecna’s arm as Eleven battles his physical body in the Mind Flayer’s chest cavity. Eleven manages to overpower Vecna and impale him on a spire, but it’s Joyce (Winona Ryder) who delivers the final fatal blow when she decapitates him with an axe.

“We went through every character going, ‘Who gets the final blow on Vecna?’ Then once we landed on Joyce with that axe, us and the writers were like ‘She’s got to be the one.’ It just feels right,” Ross Duffer told Deadline.

Steve Harrington is spared

The Stranger Things fandom was fearful that Steve Harrington (Joe Keery) would meet a tragic end in the finale — though that was thankfully not the case. Steve does, in fact, make it out of the final battle alive, but his journey isn’t without a near-death experience. While at the top of the radio tower with the rest of the gang, Steve slips and nearly falls to his death — but Jonathan (Charlie Heaton) saves him. This moment, according to the Duffer brothers, served a narrative purpose.

“It wasn’t designed to torture fans who are terrified that Steve is gonna die,” Matt Duffer told Netflix’s Tudum following the series finale. “I’ve never really understood why they’re so worried about Steve dying. Really, it was about him and Jonathan coming together, and that’s why that moment is in there.”

Steve and Jonathan have a complicated history marked by jealousy and a seemingly constant need to one-up each other for Nancy’s (Natalia Dyer) affection. Jonathan saving Steve is pivotal for their relationship. It marks a moment of understanding as they finally reach a common ground.

Ross Duffer added, “Steve and Jonathan were the last remaining source of tension within the group, and so we realized we had to resolve that before they would be able to defeat Vecna and the Mind Flayer.”

Still, fans are taking comfort in the fact that the Hawkins dreamboat is alive and well.

Eleven makes the ultimate sacrifice

The Hawkins gang finally defeats Vecna, the Upside Down is moments away from being destroyed — and a happy ending is seemingly within reach. But as they exit the Upside Down, they’re met by Dr. Kay (Linda Hamilton) and her troops — who are dead set on controlling Eleven and hurting everyone she cares about in order to get to her.

Desperate to protect her loved ones, Eleven stands at the entrance of the Upside Down, waiting for the bridge to be wiped from existence. She knows, however, what this means: that she’ll be wiped away with it. But before she goes, Eleven pulls Mike into the void for a gut-wrenching goodbye. As Prince’s “Purple Rain” plays, a supercut of El and Mike’s relationship — from when they were children to the teens they are now — flashes on the screen. Eleven assures Mike that she’s come to peace with her destiny and that he needs to make the others understand why she’s choosing to do this.

“None of this will ever end, not if I’m still here,” she tells Mike, before asking him to relay a message to the rest of the gang. “I need you to thank them for me, for being so kind to me, and teaching me what it means to be a friend. Mike, I need you to help them understand my choice.”

For the Duffer brothers, Eleven’s story needed to end this way. She was never supposed to move on with Mike, Dustin (Gaten Matarazzo), Lucas (Caleb McLaughlin), Will (Noah Schnapp) and Max (Sadie Sink).

“There was never a version of the story where Eleven was hanging out with the gang at the end,” Ross Duffer told Netflix’s Tudum. “For us and our writers, we didn’t want to take her powers away. She represents magic in a lot of ways and the magic of childhood. For our characters to move on and for the story of Hawkins and the Upside Down to come to a close, Eleven had to go away.”

An ambiguous ending for the Mage

In the final moments of the episode, as the gang plays a final game of Dungeons & Dragons, Mike tells the story of the Mage — which is understood to be about Eleven. Mike suggests that Eleven manages to escape the Upside Down and move to a remote, serene village. Dustin, Lucas, Will and Max listen intently as tears fill their eyes — and they ultimately all choose to believe that Eleven is still out there, and that she’s finally free to live the life she deserves.

“There are two roads that Eleven could take. There’s this darker, more pessimistic one or the optimistic, hopeful one,” Matt Duffer told Netflix’s Tudum. “Mike is the optimist of the group and has chosen to believe in that story.”

These characters, Ross Duffer added, are holding onto hope.

“We thought it would be beautiful if our characters continued to believe in that happier ending even if we didn’t give them a clear answer to whether that’s true or not,” he told the outlet. “The fact that they’re believing in it, we just thought it was such a better way to end the story and a better way to represent the closure of this journey and their journey from children to adults.”

The emotional 40-minute epilogue

Rather than end on the battle, the Stranger Things finale features a 40-minute epilogue that picks up 18 months later on graduation day for Mike and the rest of the nerds. But more than wrapping things up nicely, the epilogue gives audiences the opportunity to see these characters move on and carve out their own paths.

“We wanted each of the characters to find happiness but in their own specific ways,” Matt Duffer told Netflix’s Tudum.

Steve becomes a Little League coach and sex ed teacher; Nancy drops out of Emerson College and lands a job at the Boston Herald; Jonathan is a film student at New York University; Robin (Maya Hawke) enrolls Smith College; and Joyce and Hopper (David Harbour) get engaged.

As for our nerds? Mike becomes a writer, Dustin attends college and remains best friends with Steve, Lucas and Max stay together and Will starts fresh in a big city.

“[There were] discussions with ourselves and also with the other actors, and everyone had very specific ideas of where their characters would end up,” Ross Duffer told the outlet. “We wanted them to continue the journeys that they had all started.”