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>Film opens with the immediate aftermath of the events of Far From Home. Peter as Spidey is on the run and ends up surrounded by SWAT and Police Helicopters atop the Statue of Liberty. Peter escapes using the Helicopters to swing back to the city and hides out in the back of a FEAST truck, removing his mask in exhaustion as he rests on the pile of clothes he’s sitting on.

>Marvel Studios intro plays, cut to a Bugle.NET bulletin with JJJ (recapping Far From Home, some new Beck footage here as a “leak”, mentions the new Cap shield on Statue of Liberty as a gift from Wakanda in a show of support for Sam Wilson as Cap), which is followed by a scene of Peter in court. He is being defended by Matt Murdock, played by Charlie Cox, who is trying to convince the jury that Peter Parker is not Spider-Man. They don’t appear to be trying to prove Spider-Man innocent, just Peter. The court is adjourned for the day and Peter speaks with Matt, May and Happy. As they exit, we see various Mysterio Supporters protesting in front of the courthouse along with people who believe Peter is being framed. Peter meets Ned and MJ at a bakery they work at. They discuss the identity reveal, and show Peter a Midtown High News video that was made discussing the topic (Flash is shown denying that “Penis Parker could ever be as cool as Spider-Man” before starting to cry and telling them to stop filming him).

>Peter has a nightmare about Beck goading him about winning and how this will destroy everything Peter has. Gyllenhaal returned for this scene. Peter shoots awake, and goes for a nighttime swing to Ned’s house. Ned’s mother lets him in and Peter speaks with Ned about his concerns regarding how this is affecting their friendship and his relationship with MJ, but Ned promises Peter that they both have his back.

>The next day, Peter arrives to the courthouse with Matt, Happy and May, meeting Ned and MJ at the door. They are suddenly overwhelmed by a group of Mysterio Supporters. Peter tries to get everybody out of there without using his powers, but struggles until he is transported to the Sanctum Santorum with Ned, MJ, Happy and May.

>Strange appears in his astral form and tells Peter that there is a multiversal threat he’s dealing with, with individuals being taken from their home worlds. He states that he brought Peter and his friends to the Sanctum for safety from “great threats” from these worlds. When Strange leaves, Peter, Ned and MJ explore the Sanctum and come across a door which leads to a multiversal holding in which Strange is keeping multiverse stowaways (the CGI is unfinished here but the script details “multiple beings from across the marvel multiverse” are among those shown), including Molina as Octavius and Foxx as Electro. Ned engages with them, and they recount their deaths from their respective movies and claim to want fresh starts in the MCU. This resonates with Peter, who rashly decides to let them go. He is then attacked by Ock, when Dr Strange appears to protect Peter. Electro attacks Strange who holds back a continuous blast of lightning while Otto escapes. Electro redirects the lightning to the ceiling and follows Otto while Strange protects Ned and MJ from debris.

>Peter leaves the Santorum suited up and attempts to chase them, when Paul Giamatti’s Rhino attacks, rampaging down the street. He attempts to take him down in a sequence that can only be described as a destructive bull-ride and is almost at Rhino’s mercy until a manhole cover crashes into him, knocking him over. Andrew Garfield’s Spider-Man enters the fight and banters with Rhino and Peter before the two decide to use the “Empire Strikes Back” method together to take him down.

>End of Act 1

>MCU Peter and Andrew’s Peter regroup and introduce themselves to each other. They have an instant connection, and start to geek out about each other’s webshooters and express confusion about why Andrew is here until Strange transports them back to the Sanctum and sends Rhino to the multiversal prison. He explains the multiverse to the two Peters and says he brought Andrew’s Peter in to help MCU Peter track down the escaped villains, as Strange is too busy with a greater threat to hunt them back down. The scene ends with May, Ned and MJ walking in on the two Peter’s and expressing confusion. Tom’s Peter asks where they should start looking.

>Ock and Electro are shown entering an abandoned Oscorp facility, and are met by Willem Dafoe’s Norman Osborn. Osborn claims to be one of many who hold a grudge against Spider-Man for “killing him”. He recounts his death from Spider-Man (2002), and offers the villains not only a way to get revenge on their Spiders, but a chance to stay in the MCU forever. Here it’s revealed that “Otto” is actually the tentacles taking control of Ock’s consciousness while he was at the brink of death. Electro and Ock agree to Norman’s plan and join forces with him.

>The two Peter’s talk about constants on their universes in an attempt to figure out where Electro went, and have a conversation which mentions Andrew’s Gwen Stacy and Uncle Ben, while Peter mentions Tony and his Ben before quickly moving off the topic. When Andrew claims that there’s no Tony Stark on his world, and that Oscorp is the industrial giant of his world, MJ brings up the existence of Oscorp in the MCU and shows the Peters an article stating Oscorp Industries has purchased Avengers Tower and is the first non-Stark company to have access to Arc Reactor power. When Peter explains to Andrew what an arc reactor is, they both assume Electro is going after the reactor and head to the tower.

>They are proven right when they encounter Electro attempting to break into the tower. A brief fight commences between the Peters and Electro before they’re interrupted by the presence of Rhys Ifans’ Lizard. MCU Peter chases after Electro, who has entered the tower’s power supply to find the reactor while Andrew has a rematch with Lizard. MCU Peter chases Electro to the river where the arc reactor sits, Peter watches as he absorbs the arc reactor energy and is blasted by a mega charged Electro. Ock is seen removing the arc with his tentacle arms before both he and Electro escape. Andrew is struggling to fight Lizard, who he remarks is “a lot stronger than last time”, when Peter rejoins the fight. Ultimately, Lizard escapes and the Peters quip about not being used to fighting so many super villains at once.

>Ock brings the reactor back to the Oscorp facility, and Electro remarks on the power it generates. Osborn tells Electro to overpower it, which creates a brief rift in reality. Lizard returns and informs Osborn that the Peters are defeated but not dead. Upon hearing this, Osborn tells Ock that it’s time to get to work and they begin finishing a device Norman created to channel the arc energy into creating rifts that let them travel the multiverse at will.

>Peter and Andrew sit at a rooftop and talk about their failings as Spidey. Peter brings up the ferry incident, Tony’s death and Mysterio’s victory in relation to his freeing of the villains and how he keeps making mistakes that cost him. Andrew speaks about Captain Stacy, Connors, Harry and Gwen and how being Spider-Man comes with a cost, but they have to keep doing the right thing with their abilities regardless. The conversation takes a lighter turn as the heroes discuss the ways they’ve used their powers for everyday stuff (Andrew’s Peter makes a comment about web swinging to beat the traffic to work).

>The two are interrupted by an earthquake, as Osborn is testing the multiversal rift device. He sends Thomas Hayden Church’s Sandman through the rift, claiming that he’s “going home”. Sandman steps through, but before the others can enter the rift, the two Spideys show up to stop them. They engage in a fight with Ock and Lizard while Electro struggles to contain the arc energy. The rifts become chaotic and drag in the two Spideys along with Lizard. The Spideys are flung into the street while Lizard isn’t seen landing as the rift closes. Osborn, Ock and Electro watch the rift close on their end, the facility in ruins. Osborn comments they need a larger conductor as his eye is drawn to a poster of the new Statue of Liberty.

>The Two Peters come to and check in on each other before they’re attacked by Sandman, who is largely in human form here using sand weapons. They struggle to fight him as he manages to slip through every grasp until he’s knocked down by a large blast of water. He melts into the drains on the street, with the Peters watching until they look towards a nearby fire hydrant which appears to have been bent towards Sandman with brute strength, they approach and a find note attached to it by a web. I can’t remember it exactly but it was an address in Forest Hills labelled “Home”.

>The Peters arrive at a house in Queens wearing civilian clothing. They discuss possibilities of who the note could be from, including alternate earth “SHIELD Agents” from MCU Peter, to which Andrew responds with a shudder. They knock on the door which opens to Kirsten Dunst as Mary Jane Watson, who invites them in. She hands them cocoa in the living room while a Raimiverse J. Jonah Jameson rants on the TV about “Quest Aerospace merging with Stark International”. Mary Jane remarks that “he’ll be down in a second”. The Peters share a look before a man enters the room and sits on a chair in front of them. Tobey Maguire’s Peter Parker. He remarks, “so, who are you guys?”.