The rise of QAnon presents a number of important questions to researchers. While emerging literature provides insight into how QAnon exists online, there is a dearth of theoretical engagement with why QAnon exists and the conditions for its being. This paper seeks to address this gap by contextualising QAnon as an ontological phenomenon underpinned by anxiety and inquiring the identity formation strategies employed by the movement. Applying basic precepts of Discourse Theory and discourse analysis to a representative canon of QAnon content, it finds that like other formations of collective identity, QAnon is premised on interconnected dynamics of ontological fulfilment that cannot be explained away by pointing to ‘the algorithm’ or ‘madness’. Nor can it be effectively tackled by currently-employed strategies of content takedowns and de-platforming. The paper concludes with a call to explore more empathetic engagement with conspiracy adherents, arguing that until we (re)discover a more inclusive, agonistic politics, QAnon and other fantastical conspiracy movements will continue to arise and some may metastasise into violent action. New forms of resilience to (online) polarisation can be built on this principle.