The second season of the HBO mega-hit TV show Euphoria premiered in January 2022, more than two years ago. Production on the highly anticipated season 3 has been repeatedly delayed, but HBO maintains it will be ready in 2025:

‘Euphoria’ Season 3 Shoot Delayed, HBO Series Still Targeting 2025 Return.

With creator Sam Levinson still working on scripts for the upcoming third season of HBO‘s Euphoria, filming plans have been temporarily put on hold, with the cast given permission to take other acting jobs in the interim. (Deadline)

In the meantime, the actors playing these teens continue to age. Zendaya stars as the 17 year old Rue Bennett [1]. Zendaya was born on September 1st 1996, and thus she turns 29 on September 1st, 2025.

This market resolves YES if the season 3 premiere of Euphoria is before September 1st, 2025.

If we get extremely clear official confirmation that the season will premiere well after September 1st, 2025 (i.e. it's pushed to 2026, cancelled entirely, or etc, not a close call), I will resolve it early as NO.

[1]. So says the internet for S1/S2. There may well be a time jump for S3.