Synopsis
There's trouble in Alchemax HQ. When Captain America 2099 ordered power cut off to the restraints holding Hulk 2099 and Silver Surfer last issue she didn't realise she also released Martin Hargood, grandson of Baron Mordo. Now the mage breaks into the virtual unreality lab where scientists have constructed a portal they believe will give them access to other domains (of Battleworld?). He uses it to go much further and summon the Dweller In Darkness (depicted as a Cthulhu-like giant monster).
Cap, Hulk, Surfer with Hercules and Roman the 2099 Sub-Mariner have joined the female Strange 2099 and Valkyrie in Strange's Sanctum. But last issue Captain America reverted to her civilian id Roberta Mendez, who doesn't know she's Cap. Herc, the only other member of Avengers 2099 present (the rest are Defenders 2099) explains that Roberta's husband Harold gave her the super-soldier serum that put her in this dual state.
But just then Alchemax boss Miguel Stone transmits a message to (an implant in?) Roberta's brain. It's a code phrase that triggers her transformation to Cap. To the Defenders' astonishment Roberta's body muscles-up to fill her super-suit. And Cap is back.
Stone wants Cap and Herc to come back to help fight the new menace. And bring the Defenders. This time he *promises* he won't try to have them arrested as unlicensed superheroes. Cap presumably tells the Defenders what's going on.
Strange uses her powers to view the scene, and recognises the Dweller. He's a demon who generates and feeds on fear. Roman leaves to fetch an ally. Cap sends Hulk and Surfer to attack the monster directly while the rest of them deal with Hargood.
Iron Man 2099 is currently battling the Dweller, who uncovers Sonny Frisco's fear of being ridiculed for his short stature. His oversized Iron Man armour is a protection/compensation measure. The hero falls in defeat. Silver Surfer attacks with light, and Hulk with his fists.
Miguel is taking his wheelchair-bound father Tyler to a panic room. But Tyler Stone continues to needle his son. He knew that Captain America would be a liability, and admits/boasts that *he* sent the Specialist to kill her in #1. Miguel has had enough, and throws his dad out of a skyscraper window.
Cap, Herc, Strange and Valkyrie have reached Hargood. The sorceror holds them back with magical force. Herc tries to bulldoze his way through as usual, but it isn't until Valkyrie adds her might that they make headway. But meanwhile Cap walks round behind Hargood and knocks him out.
The Dweller has by now found Hulk and Surfer's fears. John Eisenhart fears losing the Hulk's power, and Norrin Radd fears his maker Galactus. But then Sub-Mariner shows up with the undersea monster Giganto, who he claims *has* no fear (maybe because he's big, but possibly because he's a monster of very little brain). It turns out that the Fear Lord fears foes without fear.
But the Dweller isn't defeated. So Strange sends him back through the portal, and Herc smashes it.
The assembled heroes reunite with the other 2099 Avengers Black Widow and Hawkeye, who have been 5th-wheels in this confrontation. Miguel Stone says he's going to relax his late father's law that compelled all superheroes to work for Alchemax. The Defenders can continue to operate independantly. (As long as they don't interfere with Alchemax business.)
In an epilogue Tania/Black Widow returns to the guy she was flirting with in #1. After they have sex she sinks her fangs into his arm. She accuses him of killing his previous girlfriend. And then executes him by starting to eat him. (She obviously emulates her namesake spider much more than the current Black Widow does.) But a call to action interrupts her again.