This paper proposes to analyze Deleuze’s interpretation of Spinoza. More than anything, it is defined by a simple, yet powerful gesture: What happens if we ? situated in the present ? read Spinoza after Nietzsche? Or, how can we interpret Spinoza’s philosophy without the absolute substance? The resulting interpretation emphasizes two dimensions: first, an ontological or speculative theory of multiplicity, which emphasizes the multiplicity of attributes over and against the substance; and, second, an ethical or practical theory of encounter, affect, and self-cultivation, which emphasizes transformation of oneself through various practices of the self. Undoubtedly, both the ontological and the practical theories have played important roles in Deleuze’s subsequent thinking. More importantly, however, Deleuze’s interpretation of Spinoza is a paradigmatic instance of a new “creative” form of interpretation. It seeks neither to “restore” a deep layer of meaning in the text, nor to “demystify” the systemic distortions of the text. Instead, it seeks to displace in a creative manner the central problem or the central axis of interpretation. This is an important feature of what we might call the “Hermeneutics of Becoming.”