I've reached the cavern a couple times and never made it to the Giant because of how annoyingly difficult it is to get there, but I do know Giant reveals that Beheaded is actually the King and he was actually there when he "died" and he knows everything.
He hates HotK but they both hate the Alchemist more, but HotK accused Giant for his death and locked him into the Prisoners' Quarters until HotK was defeated for the first time where he wakes up