(This post contains some huge spoilers for "Spider-Man: Far From Home," including the full details of the post-credits scene)
"Spider-Man: Far From Home" serves sort of as a bridge Between the Marvel Cinematic Universe and existed with Iron Man and Captain America at its center and the MCU as it will exist with Spider-Man as the de facto of Tony Stark's legacy. But it's not just about young Peter Parker (Tom Holland) taking that into the uncertain future – it's also about Nick Fury trying to figure out his place in a post-Avengers world.
While, sure, there are still some key superfigures presumably hanging around (coughcoughScarletWitchcoughcough) but it seems that Fury hasn't been angry with the way he did before. So, through "Far From Home," he and Maria Hill (Cobie Smulders) are all about trying to deal with the apparent threat of the elementals, turning to Mysterio (Jake Gyllenhaal) and Spider-Man to deal with them.
Obviously, trusting mysterio doesn't go well, and it's pretty interesting that Nick Fury would be fooled by a man like that. But the "Far From Home" post-credits scene sheds some light on how things could have happened: that wasn't actually Nick Fury. Instead, it was the shapeshifting Skrull Talos (Ben Mendolsohn) from "Captain Marvel" disguised as Fury, with another Skrull disguised as Hill. And the real fury was actually on a space or station with a bunch of other Skrulls the whole time.
That's one hell of a twist, and it potentially has some big ramifications for all of the Marvel Cinematic Universe. Though we should probably not get ahead of ourselves on that front
So what does this mean? Well, in the context of "Spider-Man: Far From Home," it almost certainly means we didn't see the real Nick Fury in this movie until the post-credits scene ̵
The bigger question is where even is the real Fury. The ship or station is hanging out on a look like Mar-Vell's secret lab from "Captain Marvel," so it's pretty much impossible to find where it is or generally what's going on there. There is a good chance, however, that he's in Earth orbit rather than some of the universe – Earth should still be his main concern, after all.
But that's just a guess, since in the letter glimpse we get out of the window of the ship we just see stars. Anything is possible, and it's likely that this post-credits scene is setting up "Captain Marvel 2" or some other upcoming movie. Since Marvel has not announced its upcoming slate of movies for the MCU, we just have to wait and see. We might get a better idea of what this scene is all about later this month at Comic-Con – see the complete schedule for that here.
If you want to get real big in your thinking about this, you could reasonably speculate that maybe Talos has been secretly Fury for a bunch of other MCU movies, with the real Fury hanging out in space for decades. But that's a tough idea to prove, given that if Fury had a secret space station with a bunch of alien buddies on his beck and call it would have come up sooner. Plus, we all saw him in Thanos' snap, and he didn't revert to a scroll before dusting out. More likely is that after Captain Marvel returned to Earth in "Avengers: Endgame" she brought some of her friends to her friends.
It was heavily implied that Captain Marvel had not been back to Earth since 1995, so this arrangement with Fury is a recent one. But anything is possible, I guess. This scene has so little context to help parse the big picture from it. And that's probably on purpose – I mean, they put this scene in a "Spider-Man" movie, which is a pretty surprising spot to jump into the cosmic stuff.
But this being the Marvel Cinematic Universe, we're surely going to the bottom of this whole thing eventually. It just might not be, because another "Captain Marvel" movie is probably at least two years away.