Drake officially announced that “Iceman: Episode 3” would go live on Thursday night, September 4, at 9 p.m. ET on his YouTube channel . Shot during his four‑show stint in Milan, which concluded Tuesday, September 2, the installment arrives as Drake takes a few days off ahead of his next performances in Paris this coming Sunday .

The third episode follows the pattern set by the first two chapters of the Iceman livestream series, each imbued with a distinct color-coded theme that advances the narrative. Episode 1, the “blue” phase, culminated with the surprise debut of “What Did I Miss?” during a dramatic drive around Toronto . Episode 2, the “green” phase, took place in a drained pool in Manchester, introducing “Which One” featuring Central Cee amid lush green visuals and symbolic imagery .

Episode 3 ushers in the “red” phase—marked by ominous visuals like a red “STOP” light in an elevator, Drake crossing a red line, and a hint in the music: “We gotta light up the tower for this” . Fans speculate this could signal a major thematic turn or even the unveiling of a new song or reveal tied to the intense narrative arc Drake’s constructed.

Some theories float online that this episode might deliver the long‑teased “red button” moment—whether that be a diss track, revelations related to his legal battle with UMG, or deeper personal revelations. Yet commentary grounded in strategy suggests a more measured approach: a tease of power and control rather than explicit confrontation . Theories range from dramatic rollout to subtle leverage—some envision it as a show of narrative control rather than a destructive reveal.

To recap, “Iceman: Episode 3” is scheduled for September 4, 2025, at 9 p.m. ET on YouTube, entering the red phase of Drake’s cinematic campaign.