Both books. Third one hasn't been announced yet.

When will the third book in the Fourth Wing by Rebecca Yarros series come out?

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This is a hard question. The announcement of the third book will be a couple weeks after Iron Flame comes out on Nov. 7th, and the release of the third book will be sooner than we think.

I believe the third book will come out in May like when the first book came out.

Red Towers released two books of this series this year, and this schedule was already put into place well before the book became popular. With this scheduling and if Red Towers does the same schedule, two books should be released in 2024. One in the spring (May) and one in the fall (November).

The other option:

Or Red Towers will only release one per year to increase the hype even more for this series. This is a possibility too, but I don’t think they will do this option. I think they want to get the book to the reader quickly, so they’ll want to release two books in one year.

Update: It looks like Red Towers is leaning toward the second option. Rebecca needs rest because last year was insane, so she’ll only produce one Fourth Wing book for 2024. The release date is TBD, but it will probably be sometime in July or it’s looking like early fall time…