Her life appears to be ideal until a glitch renders the eggs empty

In the 1950s, Jack and Alice Chambers are a young, in-love couple living in a lovely area of Victory, California, a company town built and financed by the enigmatic Victory Company, for which Jack works. The ladies of the men (Alice, her friend Bunny, the pregnant Peg, newcomer Violet, and Margaret) stay at home to clean, unwind, and cook dinner for their husbands while the men go to work at Victory Headquarters out in the adjacent desert.

The women are advised not to visit Headquarters because the "dangerous materials" the corporation uses prevent them from asking inquiries about their husbands' jobs: After taking her kid into the desert and his apparent death, Margaret has lost the respect of the other wives. The others deny Margaret's allegations that Victory took her son away from her as punishment and characterize them as psychosis brought on by emotional trauma.

Alice notices Margaret's husband attempting to administer her medication when she is at a party held by Victory's mysterious creator and leader, Frank. Later, Alice notices Frank is watching her and Jack as they have sex in secret in Frank's bedroom, but he says nothing.

One morning, Alice saw a red biplane crash in the middle of the desert as she traveled across town on the trolley. In her haste to assist after disembarking, Alice stumbles onto Victory Headquarters, a modest structure with windows that resemble mirrors. She touches a window and begins to have bizarre hallucinations.

Later that night, she wakes up at home to find Jack preparing their meal. In the days that follow, Alice starts to encounter more weird occurrences: she nearly gets crushed between a moving wall and a window, and she discovers a box of eggs that is empty inside. Margaret calls her and claims to have witnessed the same event as Alice did.

Alice later has a vision of Margaret brutally hitting her skull against a mirror. She runs back to their neighborhood in time to witness Margaret slice her neck and fall from the top of her house. Shelley, Frank's wife, is teaching a dancing class at the time. Before Alice gets get to Margaret's body, two mysterious men wearing red jumpsuits pull her away.

Jack rejects Alice's attempt to explain the circumstances, saying that Margaret merely slipped while washing the windows and is now recovering in a hospital with her husband, who was compelled to leave the Victory project to care for her. Dr. Collins, the local doctor, who asserts to have treated Margaret and tries to give Alice the same prescription medications, provides more support for this account.

Alice later raids Dr. Collins' briefcase and destroys a medical record for Margaret that has been substantially redacted out of rage. Alice feels as though Frank is monitoring her at all times, which causes her to grow increasingly confused and paranoid.

Alice had a breakdown in the restroom during a special Victory ceremony where Frank grants Jack a special promotion, and Bunny consoles her. Alice tries to explain everything to Bunny, but Bunny snaps at her violently, calling her a selfish jerk who wants to screw everyone over and saying she sounds "just like Margaret."

Later, Alice and Jack host a dinner party with Frank and Shelley as special guests, inviting the whole of the neighborhood (except for Bunny and her husband Bill). In a private conversation with Alice in the kitchen, Frank suggests that she is correct in her suspicions and admits that he has been waiting for someone to confront him who is similar to her.

As a result of Frank's admission, Alice tries to confront him and Victory's contradictions over dinner. Instead, Frank deceives her, giving the other guests the impression that she is insane. After that, Alice pleads with Jack to remove them both from Victory. Jack first concurs, but after Alice is in the car, he permits Frank's men to take her away.

Alice is made to receive electroshock therapy by Dr. Collins. Throughout the treatment, Alice experiences flashbacks in which she is a modern-day surgeon called Alice Warren, struggling to make ends meet while residing with the jobless Jack.

With her "hysteria" seemingly under control, Alice returns to Victory and meets up with Jack and Bunny. However, Alice's hallucinations and memories continue as she returns to her regular life. When Jack kidnaps Alice and forces her into the simulation in the hopes that they might have the ideal relationship, she later remembers the whole truth: that Victory is a fake world that Frank constructed.

When Jack learns that Alice is aware of the reality, he justifies doing this for her by saying that she was unhappy in her real life. Alice, however, is furious because Jack violated her autonomy. A glass tumbler is used by Alice to kill Jack in self-defense after Jack attempts to crush her while hugging her and pleading with her to forgive him. Alice also kills Jack in the real world.

When Frank learns of Jack's passing, he sends his men to seize her. Bunny discovers Alice with Jack's body and informs her that she has known all along that Victory is a simulation but has chosen to remain to be with her children, who are dead. In addition to directing Alice to Victory Headquarters, which serves as a doorway out of the simulation, Bunny deters Bill from attacking Alice for killing Jack.

As their husbands begin to panic, the other wives eventually come to terms with the fact. Dr. Collins and Frank's men are on the lookout for Alice as she steals Jack's car and heads for Victory Headquarters. She manipulates Dr. Collins into crashing his automobile, killing him along with several other people.

Shelley kills Frank with a knife at their home, saying it's "her turn" now. After arriving at Victory Headquarters, Alice sees a vision of Jack pleading with her to stay. Before Frank's men catch up with her, Alice hurries to the window while ignoring the vision. The sound of Alice gasping for oxygen is heard over a black screen, indicating that she managed to get away.