Act I

At a Russian weapons facility in 1957, Agent Curt Mega has been captured and is being tortured for information. Agent Owen Carvour, a British agent, is undercover as one of the Russian operatives, and he and Curt escape the compound, communicating with Cynthia Houston, director of the American Secret Service (A.S.S.), and Barbara Larvernor, a medical scientist. Curt decides to blow up the weapons facility instead of giving Barb the plans he has stolen. He drops a banana peel and, when criticized by Owen, claims that it doesn't matter since the whole place will be garbage in a few minutes. He sets the bomb's timer for three minutes, trying to beat his and Owen's record for their fastest getaway. As Curt and Owen flee the facility, they are surrounded by Russian operatives. ("Spies are Forever"). They manage to get away when the Russians are distracted by the blast and go to make their escape, but Owen slips on the banana peel and falls, too injured to escape ("The Coldest Goodbye"). Curt leaves Owen for dead.^[6]

Curt goes on leave and grieves for Owen. During this time, he grows a beard and becomes a self-loathing alcoholic. After four years, he decides that it is time for him to get back into the Secret Service. Curt goes to a bar in Budapest to speak with The Informant. After repeating the code "I hear the salty fish from down under is simply to die for," to several clueless bar patrons, Curt finally finds him. They discuss Curt's mission, and Curt, angered by The Informant's flippant attitude, implies the Informant's carelessness. The Informant responds by doubting Curt's competence, referring to the mysterious death of his partner. The Informant clears the bar and Curt is left uncertain as to whether he should become a spy again, as he is still haunted by Owen's death. However, he ultimately makes the decision to return to spying ("Spy Again").^[7]

Meanwhile, on a nearby loading dock, a deadly arms deal is going down between The Deadliest Man Alive and Company, and Sergio Santos, a family man ("Somebody's Gotta Do It"). Curt and Tatiana Slozhno, a Russian spy, stop the deal from being made, but The Deadliest Man Alive and Sergio escape. Tatiana and Curt fight for possession of the bomb. Tatiana overcomes Curt and escapes as well. Before she flees, Curt grabs a business card from her, which states the name of the hotel she is staying at.^[8]

A few days later at the American Secret Service headquarters, Curt meets with Cynthia, where she expresses her displeasure at the failure of the mission. She tells Curt more about The Deadliest Man Alive and harshly reprimands him, ordering him to get his act together. She then informs him that there is a World Peace Gala later in the week, which will be a "coming out party" for the New Democratic Republic of Old Socialist Prussian Sloviskia. She tells Curt in confidence that all the world leaders feel that the prince of the country is completely incompetent, but that the USA must try to win his alliance so as to "fuck the Russians". She lectures Curt about the implications of his incompetence, then sends him away ("Keep Your Eyes On The Prize I"). Curt goes to the A.S.S. technology lab to gear up for his mission where he sees Barb again. Barb and the scientists show Curt their latest gadgets and forcibly shave off his beard ("Pay Attention!"). Once she gives Curt everything he needs and sends him on his way, Barb professes her romantic feelings for Curt ("Barb's Lament").^[9]

At the Richman's Casino in Monte Carlo the following evening, Curt goes undercover to retrieve the bomb Tatiana has stolen ("Eyes On The Prize II"). Curt embarrasses himself in front of Tatiana along with the unwanted help of Richard "Dick" Big, a brash Texas businessman. Tatiana leads Curt up to her room where the Deadliest Man Alive is waiting to capture him.^[10] In Tatiana's hotel room, Dr. Baron Von Nazi, The Deadliest Man Alive's employer, appears and reveals his plan for Nazi world domination ("Not So Bad"). He then betrays Tatiana, telling her that she must continue to work for him and hinting that she may never pay off her debt. He orders The Deadliest Man Alive to kill Curt and leaves. The Deadliest Man Alive tells Curt that he will torture him until he dies. As Curt is being tortured, Tatiana considers helping him, though she is still unsure about whether to trust him. Conflicted, she decides to aid Curt in his escape and knocks the Deadliest Man Alive unconscious. She and Curt fight about her motives and while he is reminded of Owen, the Deadliest Man Alive shoots Curt ("Torture Tango").^[11]

Act II

The Geneva World Peace Gala is thrown to celebrate Prince Toygle Feurgin, ruler of the New Democratic Republic of Old Socialist Prussian Sloviskia. Everyone in attendance publicly praises the prince and gives him their full support, but secretly say he is incompetent and unqualified ("We Love the Prince!"). Cynthia is in attendance, and Curt, badly injured, sneaks into the gala and finds her. He recounts his escape from Monte Carlo and the Nazis' plan to capture the prince. However, Cynthia orders him to abort his mission. Curt goes rogue and reveals the Nazis' plan to the entire gala. Overhearing this, Von Nazi and the Deadliest Man Alive change their plan, shooting and killing the prince instead.^[12]

Tatiana and Curt flee to Curt's mother's safehouse in Guadeloupe. Alone, Tatiana tells Curt her story—at four years old, she was taken from her family by the KGB and trained as an assassin. She escaped the organization and fled Russia, but had to abandon her family. She is not able to contact them out of fear that if they knew her whereabouts, the Soviets would hurt them ("Prisoner of My Past"). In return, Curt reveals his fears about his future and his reputation, as well as what happened to Owen. As the two grow closer, they acknowledge the stereotypical romantic relationship that seems to be unfolding between the leading man and woman, and although neither is romantically attracted to the other, they flirt anyway. After they share a kiss, Tatiana rejects Curt, and they clear up the confusion about mixed signals, also leading to Curt revealing his homosexuality to her, and agree to be friends ("Doing This"). Mrs. Mega, oblivious to what is really going on, observes the couple from another room and begins to plan their wedding ("Pay Attention! (Reprise)").^[13]

Back in Prussia, Curt and Tatiana meet up with the Informant and Barb to prepare for the battle ahead. They drink together in celebration of their friendship ("One More Shot").^[14] Von Nazi and the Deadliest Man Alive meet with members of the Prussian government to influence them to elect a new leader, and they agree to put the Nazis in power ("Not So Bad (Reprise)"). Curt and Tatiana arrive and the Prussian officials escape, but the Deadliest Man Alive stabs and kills Von Nazi and is revealed to be Owen in disguise.^[15] Owen tells Curt that he felt betrayed by Curt the night he fell and believed that Curt was unqualified to be a spy. He became involved with Chimera, an organization that was funding and developing a surveillance network. Killing Von Nazi allowed Owen access to materials (namely, the large silicon deposits on the land that was intended to hold the "Nazi Castle") to develop the technology and distribute it globally, invading the privacy of civilians around the world. After Owen reveals the location of the computer system housing the network he shoots and kills the Informant.^[16]

Tatiana and Curt agree to split up—Tatiana will destroy the computer system using the bomb Von Nazi made her steal, and Curt will go after Owen. At the International Weapons Museum, Curt and Owen fight until they are eventually locked in a stalemate with loaded pistols aimed at each other ("One Step Ahead"). Curt tells Owen that his facility is being destroyed, but Owen reveals that the single facility he originally mentioned is not the only one, and the network will render all government intelligence services obsolete. Curt attempts to reason with Owen, asking him to remember the good they've done as spies, and it is revealed that Curt and Owen were lovers. Owen, however, insists that those times are over and advises Curt to move on. Finally, despite the knowledge that harming Owen won't take the system offline, Curt decides to take the advice and shoots Owen in the head, killing him.^[17]

Curt returns to the A.S.S. headquarters and resigns. By destroying the computer system, Tatiana has also destroyed evidence of involvement with the KGB, and Curt gives her passports that will allow her and her family to go back to Russia. Curt tells Tatiana he plans to go off the grid, but, in a phone conversation with his mother, he reveals his new plan to take Chimera down. To the audience, Curt expresses hope about the future, and how man's trust, love, and willpower makes them stronger than any machine ("Spy Again (Reprise)").

After the cast take their bows, they dance along to one last number ("Spy Dance").