Chic, seductive, and brimming with espionage—these are just a few ways to describe Peacock’s latest sensation, Ponies.

This gripping new spy thriller stars Emilia Clarke, famed for her role in Game of Thrones, alongside Haley Lu Richardson from The White Lotus Season 2. They portray two women whose lives are upended when their husbands, both C.I.A. operatives stationed at the U.S. Embassy in Russia, perish in a mysterious plane crash near Moscow.

While devastated by their loss, Bea (Clarke) and Twila (Richardson) are resolute in uncovering the truth behind that fateful night. What ensues is a whirlwind of misadventures, humor, and surprises as they don disguises and infiltrate Russian circles, inching closer to the reality of their husbands’ deaths.

With meticulous attention to historical details—from the wardrobe to the Cold War jargon and C.I.A. operations—one might wonder if there’s a factual basis to the show’s narrative. The answer, however, is not straightforward.

Here’s a deep dive into the origins and inspiration behind Ponies…

Is Ponies on Peacock Based on a True Story?

No, Ponies is not based on a real story about two women who become CIA spies in Russia after their husbands — who were also spies in Russia — died mysteriously. Rather, the series, whose name comes from the CIA acronym for “person of no interest,” is a work of historical fiction, merely inspired by the unique opportunities for observation and surveillance taken by the U.S. during the time the series is set.

“The nugget of this idea came out in the earliest conversations that Susanna [Fogel] and I ever had about wanting to write together,” said co-creator David Iserson in an interview with Town & Country, who added that he first felt the seed of inspiration while exploring cities that were under the Iron Curtain in the 1970s.

According to the writer and creator, while history has often portrayed cities like Prague, Budapest, and Berlin to have been “drab” during the Cold War era, it was his own experience visiting and reading up on these places that gave him the idea for a colorful series with a colorful storyline.

Additionally, Iverson and Fogel — who also worked together on The Spy Who Dumped Me — said that they loved exploring the idea of spy operations in Russia’s capital city, given that it was “next to impossible” at the time to be an American living in Moscow.

“If you were an American and you left the embassy, you were followed. They couldn’t do anything, so they were very willing to get unconventional,” he explained. “Susanna pitched the idea of a story about two very different women who become part of the CIA, and from there the idea developed and the characters blossomed. We were off to the races.”

Long story short: No, Ponies, while rooted in history and truth regarding the time period and the US-Russia relationship in the 70s, is not based on a true story. Sorry to burst your bubble.

All eight episodes of Ponies Season 1 are now streaming on Peacock.

Peacock currently offers two subscription types: Premium with ads and Premium Plus ad-free. Peacock Premium costs $10.99/month, while Premium Plus costs $16.99/month.

You can save a bit by subscribing to one of Peacock’s annual plans, which give you 12 months for the price of 10. These cost either $109.99 with ads or $169.99 without ads.

Peacock Premium Plus is also available to subscribe to via Prime Video with a seven-day free trial that you can’t get by subscribing directly on Peacock.