Euphoria episode two sparks theory on who Jules' 'sugar daddy' is after fans notice one detail

Warning: This article includes spoilers for Euphoria season three

Euphoria fans have come up with a wild theory on who Jules' sugar daddy could be, after the storyline kicked off in the latest episode.

Episode two of the highly anticipated third season of the HBO TV show dropped on Sunday (19 April) in the US and the day after in the UK.

Starring huge-name stars like Zendaya, Jacob Elordi, Sydney Sweeney, and Hunter Schafer, the drama began its new season following a five-year time jump, showing the characters living a slew of very different lives after graduating from high school.

Jules, played by Schafer, didn't appear in the first episode of the new series, so fans were excited to see her debut in the weekend's installment.

The episode ends with Rue (Zendaya) showing up at the lobby of a luxury high-rise apartment block in Los Angeles, just as her ex-girlfriend Jules comes home for the night, wearing a swanky designer dress.

Hunter Schafer just made her Euphoria season three debut (HBO)

They chat for a while in the luxurious penthouse flat before things turn flirty as Jules steps into the bathroom to run a bath and asks: “You’re not going to keep me company?”

In episode one, although Schafer didn't feature, viewers learned from a conversation between Maddy and Rue that Jules is currently making money as a sugar baby, earning a living by dating wealthy older men.

And episode two seemed to confirm this, with the very expensive-looking apartment, as well as Jules hinting that a man pays for it and she 'doesn't think people are meant to be monogamous'.

However, fans are yet to find out who her sugar daddy is - and it's sparked an insane theory.

Viewers are convinced that Jules' wealthy sugar daddy remaining anonymous is intentional, and that despite him being engaged to Cassie (Sydney Sweeney), it could actually be Nate (Jacob Elordi), which would explain why he's in so much debt.

Viewers are convinced that Nate is secretly Jules' sugar daddy (HBO)

Not to mention the fact that Nate catfished Jules online in season one as 'Tyler,' leading to an emotional relationship between the pair.

Taking to social media, one X user wrote: "Are we sure Jules' 'sugardaddy' isn’t Nate, which is why he’s in debt or am I reaching #euphoria."

While a second agreed: "I was looking for this tweet!!!!" and a third wrote: "I was thinking this the second she mentioned him living a double life. Like father, like son, I guess lmao."

And a third guessed: "This might be crazy but what if jules sugar daddy is nate…..???? #euphoria."

"Just watched the new episode of #euphoria and 10 mins in my bf claims nate is jules sugar daddy." wrote a fourth."

Meanwhile, a fifth added: "Hearrrrr me outtttt ….. Nate is broke bc Jules is his sugar baby……?????? #Euphoria."

And another chimed in with: "Season three prediction: Nate doesn’t have money for flowers because he’s been secretly meeting up with Jules, paying her for her services, and keeping her in a fancy penthouse to stay quiet about him and Cal. #euphoria."

Mind blown! If this is true, it means there's gonna be some serious drama in the upcoming episodes. But I guess for now, we'll have to just wait and see...