'Ponies' Review: Peacock’s Cold War Spy Thriller Is Smart, Stylish, and Sneakily Emotional

There’s something deeply satisfying about a spy story that knows how to sharpen its heels before stepping into dangerous territory. Ponies, Peacock’s glossy new Cold War thriller, arrives with an irresistible hook: two overlooked American women in 1970s Moscow, dismissed as background players, quietly turning the tables on global intelligence agencies. In an era crowded with grim prestige dramas and nostalgia-heavy espionage tales, Ponies manages to feel both classic and refreshingly self-aware and yes, it’s absolutely worth your time.

Set against the frosty paranoia of 1977 Moscow, Ponies follows Beatrice “Bea” Grant (Emilia Clarke) and Twila Hasbeck (Haley Lu Richardson), embassy wives whose lives are shattered when their CIA-connected husbands die under suspicious circumstances. What begins as grief quickly turns into curiosity, then suspicion and finally full-blown espionage. The hook is baked into the title itself: “PONIES” stands for “Persons of No Interest,” a term used for people so seemingly harmless they slip beneath the radar of agencies like the KGB. Naturally, that’s where the fun begins.

Let's start where the show shines brightest: its leads. Emilia Clarke is quietly excellent as Bea, a character who initially presents as reserved and cerebral but slowly reveals a spine of steel. Clarke resists the urge to oversell Bea’s transformation, allowing it to unfold through small, smart choices and a growing sense of resolve. Haley Lu Richardson, meanwhile, steals scenes with ease. Her Twila is impulsive, brash and emotionally raw, a live wire who balances Bea’s restraint with chaotic energy. Together, they create the kind of on-screen chemistry that can’t be manufactured, only trusted.

Tonally, Ponies walks a tricky line and mostly sticks the landing. The series blends Cold War tension with wry humor, never tipping fully into satire but refusing to drown in self-seriousness. The scripts understand that espionage, especially at this level, can be both terrifying and absurd. A well-placed sarcastic aside or awkward embassy interaction often says more about power and politics than a lengthy exposition dump ever could.

Visually, the show commits hard to its period setting. The production design is rich with Soviet-era austerity, muted color palettes, imposing architecture and an ever-present sense of surveillance. Even quieter scenes hum with unease, as though the walls themselves might be listening. That attention to detail gives Ponies its immersive edge, making Moscow feel less like a backdrop and more like an active participant in the story.

That said, the overarching conspiracy, while engaging, occasionally leans on familiar genre beats. Veteran spy-thriller fans may spot certain twists coming a mile away. A few secondary characters also feel underdeveloped, existing more as plot devices than fully realized players. Still, these are minor quibbles in a series that understands its priorities and sticks to them.

“NIght Moves” Episode 106 — Pictured: (l-r) Haley Lu Richardson as Twila, Lili Walters as Ivanna -- (Photo by: Katalin Vermes/PEACOCK)

What elevates Ponies above standard spy fare is its emotional core. Beneath the coded messages and double-crosses lies a story about grief, agency and female friendship forged under extreme pressure. The show doesn’t rush these themes or treat them as garnish; it lets them simmer, giving the espionage stakes real personal weight. When Bea and Twila make risky choices, it’s not just about international intrigue, it’s about survival, autonomy and refusing to remain invisible.

Peacock has quietly built a reputation for smart genre programming, and Ponies fits neatly into that lane. It’s polished without feeling sterile, clever without being smug and confident enough to let its characters lead the charge. For viewers craving a spy series that values character as much as plot and isn’t afraid to crack a smile along the way, this one earns its place on the watchlist.

The verdict is clear: this is a stylish, character-driven espionage drama that understands the power of being underestimated. It may play with familiar spy tools, but it wields them with confidence and charm. If Peacock was aiming to deliver a Cold War thriller with bite, heart, and fun then mission accomplished.

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