Honestly, walking into a theater for a three-hour Paul Thomas Anderson flick is always a bit of a commitment. You've got to be in the right headspace. But when the lights dimmed for One Battle After Another, the vibe was different. This wasn't just another prestige piece for the mantle. It felt like a collision. Leonardo DiCaprio, playing a character named Bob Ferguson who looks like he’s lived ten lives and regretted eleven of them, hasn’t been this raw since The Revenant. Maybe ever.
The movie hit theaters in late 2025, and by now, the dust has settled—sorta. People are calling it a "flop" because of the box office numbers, which is kind of a lazy take. Yeah, it cost a fortune (somewhere north of $150 million) and didn’t exactly set the world on fire in ticket sales. But that misses the point of what’s actually happening on screen.
Why One Battle After Another Is More Than Just a Box Office Number
If you’ve been following the trades, you know the narrative. It’s the "expensive art film that couldn't." But have you actually looked at the performance? Leonardo DiCaprio’s One Battle After Another is basically a fever dream about a collapsing America. It’s loosely based on Thomas Pynchon’s Vineland, but PTA (Paul Thomas Anderson) took that stoner-detective DNA and turned it into a high-octane political chase.
DiCaprio plays "Ghetto" Pat Calhoun (aka Bob Ferguson), an ex-revolutionary who’s basically a human bruise. He’s an explosives expert hiding out in the fringes of society with his daughter, Willa, played by newcomer Chase Infiniti. When his past catches up in the form of a terrifyingly cold Sean Penn, the movie shifts gears from an intimate family drama into something that looks like an 80s action movie directed by a philosopher.
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The VistaVision Experience
Most people don't care about technical specs. I get it. But you can't talk about this film without mentioning that it was shot in VistaVision. It’s the first time we’ve seen that since the 60s for a whole feature. The colors pop in a way that feels almost hyper-real, which makes the violence feel heavier.
- The Cast: You’ve got Teyana Taylor as Perfidia, who is basically the emotional anchor of the whole chaotic mess.
- The Conflict: It’s a fight against a white supremacist cabal called the Christmas Adventurers Club.
- The Scale: It’s a sprawling 162 minutes that covers decades of political disillusionment.
It’s a lot. Maybe too much for the average popcorn-muncher, which explains why the $206 million global gross feels like a letdown against that massive budget. But since the 2026 Golden Globes, where it scooped up Best Picture (Comedy/Musical), the conversation has shifted. It’s not a flop; it’s a future cult classic.
What’s Next for Leo and Scorsese in 2026?
If you think DiCaprio is taking a break after the grueling shoot for PTA, you're wrong. The man doesn't stop. The big news right now—and what everyone is actually searching for—is the status of his next collaboration with Martin Scorsese.
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There’s been a lot of back-and-forth about the Frank Sinatra biopic. For a minute there, it looked like it was dead in the water. Rumor was the Sinatra estate wasn't happy with Scorsese wanting to show the "hard-hitting" side of Frank—the booze, the mob ties, the volatility. But as of January 2026, the gears are moving again.
The most concrete thing on the horizon? A project titled What Happens at Night.
This isn't just a rumor. Filming is reportedly set to begin in February 2026. It reunites Leo with Jennifer Lawrence (they haven't worked together since Don't Look Up). It’s based on Peter Cameron’s novel, and the plot is weirdly haunting: a couple goes to a snowy European town to adopt a baby and ends up in a deserted hotel with a bunch of eccentric, possibly dangerous people. It sounds like Shutter Island meets The Grand Budapest Hotel, which is a wild combo.
The Movies That Might Never Happen
We have to be real here. Scorsese and DiCaprio are famous for attaching themselves to about twenty things at once. Remember The Wager? The shipwreck story? That one seems to be on the back burner. Scorsese admitted he wasn’t sure if he had the physicality left for a massive shoot at sea.
Then there’s the Hawaii-set crime movie starring Dwayne "The Rock" Johnson and Leo. That one has been floating around with a $200 million price tag. While some sources say it’s a priority, others think What Happens at Night has jumped the line because it’s a more contained, psychological piece.
Reality Check: The 2026 Oscar Race
As we sit here in early 2026, the big question is whether Leo can grab his second Oscar for One Battle After Another. He didn't win the Golden Globe (the film did, but he didn't), but the Academy loves a transformation. His performance as Bob Ferguson is the kind of "weathered man" role that voters eat up.
It’s a divisive film, though. Some critics, like Manohla Dargis, called it a "carnivalesque epic." Others found the 162-minute runtime a test of patience. But DiCaprio is the glue. Even when the plot goes off the rails into Pynchon-esque conspiracies about the French 75 revolutionary group, you can't take your eyes off him.
How to Actually Watch These Films
If you missed the theatrical run of One Battle After Another, you’re in luck. The 4K Blu-ray and digital release are hitting shelves right now (January 20, 2026). Honestly, this is one of those movies you need to watch twice. The first time, you’re just trying to figure out what Sean Penn’s character is even doing. The second time, you start to see the father-daughter heart at the center of it.
For the upcoming stuff, keep an eye on Apple Original Films. They’ve basically become the home for the Scorsese-DiCaprio partnership.
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Actionable Insights for the Leo Fan:
- Watch the PTA Film Now: Grab the 4K release of One Battle After Another. The VistaVision transfer is stunning on a good OLED screen.
- Follow "What Happens at Night": Production starts in February. Expect leaked set photos from Europe shortly after.
- Manage Expectations: Don't hold your breath for the Sinatra biopic until you see a trailer. Rights issues are a nightmare, and Scorsese's schedule is packed.
The "latest film" isn't just a movie; it’s a statement. Leo is at a point where he doesn't need to do blockbusters. He’s choosing the weird, the difficult, and the expensive. Whether they make money or not seems secondary to the fact that they’re being made at all.