Full spoilers follow.
The film opens by killing Jane Archer's husband, a state trooper, during a routine traffic stop on a rural Kansas road. Archer, a highway patrol officer herself and pregnant, sets out to find the man responsible. The early investigation plays as grounded procedural revenge: a widow working a case she should not be working.
The first major reveal is that the murderer is not a random roadside killer but a serial murderer known as the Satanic Slasher, and that his depravity has a structure. He is not accumulating victims out of compulsion alone; he is working toward a culminating act. The second reveal widens the frame further: he is connected to an organized Satanic apparatus, embodied by Malcolm McDowell's High Priest, who recruits believers by planting coded messages in newspaper classified sections. What looked like one man is revealed as a network with a recruitment pipeline and a doctrine.
The third-act turn is the film's most contested move. The Slasher's 'masterpiece' — the mass murder meant to guarantee him a triumphant entry into hell — is an engineered catastrophe at a nuclear power plant, and the story escalates into a scenario involving the facility, political extremists and a larger conspiracy. The intimate manhunt becomes a race against a regional-scale disaster, effectively swapping genres from revenge thriller to high-concept disaster picture.
The ending: Archer, still pregnant, faces the Slasher in a tense standoff at the plant. She wounds him and prevents the meltdown, stopping the blast and surviving. The film closes on her survival rather than on the dismantling of the cult around him.
What the ending clarifies in retrospect: the title's 'psycho killer' is a smaller entity than the film's actual subject. The Slasher is a delivery mechanism for a belief system; his murders were never the plan, only preparation for it. The coded classifieds seeded earlier stop being atmosphere and become the load-bearing explanation for how a private pathology acquired the resources to threaten a reactor. And Archer's pregnancy, treated early as vulnerability, resolves as the film's thematic counterweight: the woman who stops an annihilation is the one literally carrying continuation. Notably, the resolution neutralizes the individual and the immediate blast but leaves the priest's recruitment apparatus unaddressed — which is part of why many viewers found the conclusion unsatisfying as well as improbable.