Podemos has been the object of extensive attention since its foundation in 2014. However, most of the academic works focus on its initial rise, which prevents a broader analysis of the evolution of its populist discourse after they reached the Spanish government in 2020. Covering this gap, this paper argues that Podemos' populism operates as a discursive logic aimed at constructing the political by spreading antagonisms. Following the post-Marxist theories of Ernesto Laclau and Chantal Mouffe, Podemos' leaders understand politics as a cultural exercise whose essential component is a permanent redefinition of the people and anti-people categories according to context. Based on this framework, the paper develops a qualitative analysis of Podemos' discourse in the period 2014-2021. By focusing on the discursive manifestations of its main leaders, the paper shows the rhetorical turns that try to reconcile the contradictions between an initial street-level populism and a subsequent populism in power. Thus, the original people/caste antagonism is replaced by the classical left/right divide, which shows the difficult coexistence of two different approaches to populism within Podemos. Once in government, the reframing of the left/right dichotomy as democracy/fascism will lend continuity to a populist understanding of politics.