Who knew we could all get this excited about a third Thor movie? Thank director Taika Waititi for that.

New Zealand's auteur of the moment has jumped off recent indie hit Hunt for the Wilderpeople to the blockbuster leagues without, seemingly, having to compromise much of his distinctive, comedic vision.

Having long promised Thor: Ragnarok will be Marvel's most "out there" film - a fairly ambitious feat considering all the movies about talking raccoons and tiny bug men - the first trailer for the film does actually hint Waititi is living up to his word: this film looks like wicked fun.

It also seems to have revealed a surprising amount about the upcoming threequel, considering Marvel has so far been pretty tight-lipped about the film's actual plot, outside of confirmation the film would take inspiration from the famous Planet Hulk storyline by placing both Thor and Hulk in the gladiatorial ring for an epic brawl.

Here's our shot-by-shot breakdown of the trailer, alongside a few revelations of what's in store.

Thor: Ragnarok: A shot-by-shot breakdown Show all 20 1 /20 Thor: Ragnarok: A shot-by-shot breakdown Thor: Ragnarok: A shot-by-shot breakdown Thor's in Trouble A tone-setting moment right at the outset here, as Thor breaks the fourth wall like the plucky protagonist of an '80s teen movie. "Now, I know what you're thinking. How did this happen? Well, its a long story." Thor: Ragnarok: A shot-by-shot breakdown Introducing Hela Thor's trouble is all thanks to Hela (Cate Blanchett), the Asgardian death goddess. Thor: Ragnarok: A shot-by-shot breakdown A Powerful Foe A woman who can not only seemingly lift Mjolnir (is she worthy?)... Thor: Ragnarok: A shot-by-shot breakdown Bye Bye Mjolnir ... but also crush it to pieces. Thor: Ragnarok: A shot-by-shot breakdown The Death Goddess Here's Hela in her traditional antler-like headdress familiar from the comics. Thor: Ragnarok: A shot-by-shot breakdown "Asgard is Dead" Hela's powers are so formidable, in fact, that it looks like she's able to conquer (and if the film is staying true to its Ragnarok name, destroy) Asgard single-handedly. Thor: Ragnarok: A shot-by-shot breakdown Lost in Space Thor is seemingly ejected to some junk-filled planet... Thor: Ragnarok: A shot-by-shot breakdown Valkyrie's Prize ... where he's promptly captured by Tessa Thompson's Valkyrie. Thor: Ragnarok: A shot-by-shot breakdown Hela's Attack In the comics, Valkyrie is an Asgardian who leads the Valkyries; warrior women tasked by Odin to lead the souls of slain heroes to Valhalla. Hela seems to have had other plans, though. Thor: Ragnarok: A shot-by-shot breakdown Valkyrie's Descent Hela's attack is devastating, and it's presumably why Valkyrie has fled to space's back alley. Thor: Ragnarok: A shot-by-shot breakdown The Grandmaster And particularly why she's joined forces with the Grandmaster (Jeff Goldblum), who oversees the gladiatorial arena, which is where the film takes inspiration from the comics' Planet Hulk storyline. Thor: Ragnarok: A shot-by-shot breakdown Skurge A brief shot of Karl Urban's Skurge the Executioner. In the comics, Skurge is originally an Asgardian supervillain who conducted Loki's dirty work with his magic double-bladed battle axe, turned good guy when he joins in the fight to delay Ragnarok. It's hard to tell exactly which side he's fighting for here. Thor: Ragnarok: A shot-by-shot breakdown Loki's Back The same goes for Loki, though shots of both Chris Hemsworth and Tom Hiddleston filming together in New York suggests the pair may be on good terms for the moment. Thor: Ragnarok: A shot-by-shot breakdown Thor's Haircut Yes, the Norse god has had a pretty dramatic makeover for the franchise's third installment; his new haircut fit for the bloody arena. Thor: Ragnarok: A shot-by-shot breakdown Thor's New Weapons With no Mjolnir to help him, Thor must rely on a new arsenal of weapons. Thor: Ragnarok: A shot-by-shot breakdown Planet Hulk Taken straight from the Planet Hulk storyline, here's the green giant in his gladiator gear ready to face off against Thor. Thor: Ragnarok: A shot-by-shot breakdown The Grandmaster and Loki Wait, do these two know each other? Thor: Ragnarok: A shot-by-shot breakdown "He's a friend from work!" Thor's relieved to see the Hulk emerge into the arena... Thor: Ragnarok: A shot-by-shot breakdown The Hulk is Displeased ... but the Hulk doesn't return the friendly welcome. Thor: Ragnarok: A shot-by-shot breakdown Thor vs. Hulk Fight!