A new Supergirl movie is headed to theaters this Friday, and even though the review embargo hasn't fully lifted, traders have been adjusting their expectations as early reactions trickle in.

The market for Supergirl's Rotten Tomatoes rating currently sits at 62.1%, down sharply from a high of 76% earlier this month. The score would still land the film in "Fresh" territory, but the drop suggests early reactions have been more mixed than DC Studios was hoping for.

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What’s it about?

The film stars Milly Alcock, one of the stars of HBO’s House of the Dragon, as DC Comics’ “Woman of Tomorrow” who first made an appearance in 2025’s Superman movie starring David Corenswet from DC Studios.

Alcock portrayed Kara Zor-El as a misguided party girl still trying to cope with the loss of her home planet as she goes from planet to planet and party after party. The new film expands on her character from there. The film is directed by Craig Gillespie who also helmed the Oscar-nominated 2017 film I, Tonya and the 2007 indie hit Lars and the Real Girl.

Entertainment Weekly explained some of the plot of the newest Supergirl adventure. Kara seems to be living a listless life without as much purpose as her younger cousin on Earth. She flies from planet to planet with red suns, the only places where her powers allow her to get drunk and party.

During her galactic journeys, she meets a young warrior named Ruthye Marye Knoll, played by Eve Ridley, hellbent on seeking revenge for the death of her father and destruction of her home. The stakes get even higher for Kara in the trailer.

Kara’s beloved super pet Krypto is severely injured by the marauders who destroyed Ruthye’s family, and she only has a limited amount of time to retrieve the antidote from his attackers. Along the way, she runs into another legendary DC anti-hero Lobo, played by Jason Momoa.

What’s different about this Supergirl?

Variety published an interview with Alcock about how she landed the role and the choices she made to portray the DC superheroine.

This version of Supergirl is based on the 2021-22 Tom King comic series Supergirl: Woman of Tomorrow. Alcock describes her as more of a punk rock party girl who is “super tough” and has “been through some s---.”

Alcock says she found some connection to the role in the audition process. Even though she’s a successful actress on a highly acclaimed hit TV show, she still had to do an in-person audition, a process she says she found frightening. She brought some energy to the role of Supergirl who is clearly running from her past and afraid to face her own fate.

“I looked at myself in the mirror, and I was like, ‘Who am I to turn down this opportunity?’ I knew that it was what I needed to do, because it scared me,” she said.

The "Fresh" reviews

It's still a little early for full reviews, but entertainment writers and critics have been sharing their thoughts on previews of the movie on social media.

Den of Geek's David Crow wrote on X that the new Supergirl is the kind of superhero movie he's been hoping to see in the theater, calling it "a straightforward, poignant story with lots of emotion, especially when we see Kara through little Ruthye's eyes. Luckily that's every action scene. Milly Alcock absolutely owns the role and will change our idea of Supergirl forever."

Peter Gray of the AU Review said the film "channels the energy of [James] Gunn's Superman while carving out its own identity. Surprisingly dark themes, Mad Max vibes and a John Wick-style motivation drive the story."

Next Best Picture editor-in-chief Matt Neglia says Alcock's performance "brings an edgy attitude to Kara that matches Supergirl's punk rock, grimy, industrial aesthetic. It's a smart casting decision."

The "Rotten" reviews

Critics who came away less impressed pointed to a thin script, an underwritten villain, and action that doesn't always land.

Nick Spake wrote that "Milly Alcock is a dynamite lead, doing the heavy-lifting in a DCU follow-up with underwhelming action, an underdeveloped villain, and an underutilized Lobo."

TheHoloFiles was harsher, calling it a "below average Guardians of the Galaxy movie" weighed down by "Mad Max: Fury Road rip offs, dull visuals, and thin plot."

Critic Tessa Smith of Mama's Geeky landed in the middle, calling it "a mixed bag" where "some adaptation choices and a bland villain keep it from greatness," adding that it's "simply put, just fine."

The split reactions appear to mirror the market itself, with traders still expecting the film to land in Fresh territory — but with less certainty than they had two weeks ago.

The takeaway:

Kalshi markets now predict:

  • Supergirl's Rotten Tomatoes score: 62.1%

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Follow Kalshi on X: @Kalshi | Image Source: SuperGirlMovie

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