Keanu Reeves might be heading back into the Matrix before he returns to the world of bulletproof suits and impossible headshots. Both The Matrix 5 and John Wick 5 are moving forward, but the two sequels have reached different stages of development. One now has a potential release year on the table, while the other is still working out where its story goes next.
The latest clue comes from Deadline, which included The Matrix 5 in its report on the upcoming film slate following the combination of Paramount and Warner Bros. Discovery under Skydance. The project appears on the list with a simple status update:
“Drew Goddard is writing, with 2029 identified as a release candidate.”
That is the clearest indication yet of when Neo might return, although moviegoers should hold off on marking their calendars. A release candidate is not a confirmed date, and plenty can change before a film makes it to theaters.
Goddard, who wrote and directed The Cabin in the Woods and directed Bad Times at the El Royale, was announced as the writer and director of the fifth Matrix film in 2024. Earlier this year, he confirmed that he was still working on the screenplay. The project has been surrounded by questions ever since its announcement, including which familiar faces might return. No returning cast has been officially confirmed.
The question now is whether Goddard can get the next chapter of the franchise ready for that potential 2029 window.
John Wick Has a Story Idea, but No Timeline
Things are a little different for John Wick 5. Lionsgate confirmed that the fifth mainline installment was in development, with Keanu Reeves returning as the legendary assassin and Chad Stahelski back in the director’s chair. But after John Wick: Chapter 4 appeared to bring John’s story to a close, the filmmakers needed a compelling reason to bring him back.
According to Lionsgate Motion Picture Group chairman Adam Fogelson, Reeves and Stahelski have now found a concept they are excited about. Speaking to Business Insider in April 2026, Fogelson said the pair appeared to have landed on a promising core idea, while cautioning that there were still plenty of steps ahead. He declined to put a timeline on the project.
That is encouraging news for fans who wondered whether John Wick 5 would ever get beyond the discussion stage. It is not the same as a production start, however, and Lionsgate has yet to announce a release date.
The studio is also expanding the franchise elsewhere. A Caine spinoff starring Donnie Yen is in the works, with Yen returning to the role he played in John Wick: Chapter 4. An animated prequel has also been discussed as part of the franchise’s expansion. Those projects could arrive before the fifth mainline film, meaning audiences may get more of the John Wick universe before Reeves puts on the suit again.
For now, the central challenge is finding a way to continue John’s story without simply undoing the impact of Chapter 4. Stahelski and Reeves have a concept they like, but the details remain under wraps.
Neo vs. John Wick: The Race Is On
Based on the information available, The Matrix 5 appears to have the more concrete target. Goddard is writing the screenplay, and Deadline has placed the film among the potential 2029 releases. John Wick 5 has its returning star and director, along with a story idea that has reportedly excited both of them, but no comparable release window has been announced.
That gives Neo the early advantage, at least on paper. A prospective year on a studio slate is useful information, but it is hardly a finish line. The film still needs to move through development and production before 2029 becomes a realistic arrival date.
There is another Keanu Reeves sequel worth keeping an eye on, too. Constantine 2 also appeared among the projects in the broader studio conversation, giving Reeves yet another potential return to a fan-favorite role. Its inclusion is not a guarantee of when the supernatural sequel will happen, but it adds another wrinkle to the actor’s increasingly crowded sequel watchlist.
So, will we see Neo bend reality again before John Wick returns from the dead? Right now, The Matrix 5 has the more visible path toward theaters, thanks to that possible 2029 target. But until either movie has a firm production schedule and an official release date, this race is far from settled.
If Reeves does end up returning as both characters in quick succession, audiences will have plenty to celebrate. The real question is whether Neo or John Wick will make the first move.
