The Spider-Man: No Way Home teaser trailer is here, and there's a lot to unpack from the two minutes of footage. While the trailer confirms at least one major villain for the film, it also hints at several others entering the Marvel Cinematic Universe as a result of Peter Parker and Doctor Strange's tampering with the Multiverse. Of course, most of those hints fly by too fast to be certain of their meaning, especially given the trailer's lack of context.
Keeping all that in mind, here's every villain teased for No Way Home so far, based on what's in the first trailer.
Doctor Octopus
A digitally de-aged Alfred Molina returns as Otto Octavius/Doc Ock in No Way Home and is the only villain whose face is clearly shown in the film's teaser. Molina's Doc Ock first appeared in Spider-Man 2, where his character died after sacrificing himself to save New York from his out-of-control invention. At the end of the film, he regains control of his mechanical arms and is no longer a villain. In the teaser, however, a very menacing Doc Ock appears before Peter, which leads to two questions: 1) How is he still alive, and 2) Why is he evil again? Could this be a variant of Spider-Man 2's Doc Ock that survived or never redeemed himself?
Green Goblin
The iconic cackle of Willem Dafoe's Green Goblin echoes just before the Goblin's trademark pumpkin bomb decimates part of a highway in No Way Home's teaser. Dafoe appeared in all three of Sam Raimi's Spider-Man films, albeit as a cameo in the last two since his character died in the first movie. As is the case with Doc Ock, it's unclear how the dead Goblin from the Raimi films is alive in the MCU, assuming this trailer is confirmation of his appearance. This could once again be a case where No Way Home features a variant of a villain from Raimi's trilogy, which would explain the Goblin's apparent resurrection.
Electro
Jamie Foxx is known to be reprising Electro for No Way Home, with the actor teasing on Instagram that he "won't be blue" this time. The trailer more or less confirms this by including shots of powerful, yellow lightning striking near a Daily Bugle news truck and toppling a power line. In the comics, Electro's lightning is typically yellow, save for Ultimate Electro, which The Amazing Spider-Man 2 drew inspiration from for its version of the super-villain. Combined with Fox's tease, the yellow lightening suggests No Way Home features a more traditional take on Electro.
Mysterio
Mysterio is name-dropped in the teaser while Peter is being interrogated by the police. Before he died at the end of Far Far Home, he recorded a video that framed Peter for his "murder," which leads directly into No Way Home. While it is assumed that Mysterio died for real, his presence promises to loom heavy in the movie's first act, as Peter deals with his secret identity being outed and the public's percetion of him. Then again, with all the Multiverse shenangians in the film, it's entirely possible one of Mysterio's variants could end up appearing at some point.
J. Jonah Jameson
While not a villain in the typical sense, J. Jonah Jameson acts as an antagonist to Spider-Man. The No Way Home trailer alludes to the notorious Daily Bugle head when it shows screens of Times Square reporting the news Jameson broke in Far From Home -- Peter Parker is Spider-Man. The comic book version of Jameson is more villainous, creating the Scorpion armor to take down Spider-Man. With Scorpion's alter ego, Mac Gargan, having already appeared in the MCU, odds are Jameson will merely continue acting as a thorn in the web-slinger's side when he returns.
Venom (?)
At 1:15, we see Peter in a black suit removing his mask in front of a group of onlookers before running away. The suit that Peter wears is very different from his previous black suit, aka the Night Monkey outfit, and appears to be much more stylized with raised webbing, similar to the Sam Raimi version of the symbiote suit in Spider-Man 3 that later becomes Venom. It also does not appear to be the black-and-gold suit that was revealed by Hot Toys. The suit that we see Peter using is very different than anything that has been revealed so far. We know that Tom Hardy is trying to get Sony to involve Spider-Man in Venom, so could we be seeing Peter interact with a version of the Venom symbiote in the film?
Sandman (?)
In the same scene where Electro appears to shock the ground, an almost humanoid-looking chunk of sand or ground bursts into the air, recalling Sandman from Spider-Man 3. Played by Thomas Haden Church, Sandman could manifest himself into a giant humanoid sand creature at will, and the bursting ground seen in the teaser fits well within his abilities. As was the case of Doc Ock, Sandman was no longer an antagonist by the end of the film and has made peace with Spider-Man, so it will be interesting to see why Sandman is once again evil... assuming he is, in fact, returning.
Lizard (?)
Just after Happy Hogan is seen being surrounded by a group of armed men, the trailer shows Peter standing in front of a dark background before being shocked by a creature. It's too dark to really see much, but slowed down footage reveals what looks like a tail or a snout. The roar that can be heard is also very similar to the Lizard's from The Amazing Spider-Man. However, like Sandman and Doc Ock, that villain abandoned his evil ways by the end of his last movie appearance. Still, this version's design may be different, which would indicate they're a variant of Amazing Spider-Man's Lizard.
Mephisto (?)
This one is a stretch after WandaVision's many supposed Mephisto hints led nowhere. That said, No Way Home appears to be inspired by the One More Day comic arc where Aunt May is shot as a result of Peter revealing his alter ego, leading him to make a deal with Mephisto to save May, at the cost of his marriage to Mary Jane Watson. Doctor Strange seems to be taking Mephisto's role in helping Peter solve his identity troubles in No Way Home, but the notable shot of a "Devil in Disguise" poster in the trailer may hint at Mephisto showing up for real this time (as unlikely as that is).
Watch Peter Parker take on all manner of super-villains when Spider-Man: No Way Home flies in theaters on Dec. 17.