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After the Mahapralaya all jIvAtma's are given what is called as a kalpAnta mokSha. Then the new Creation Cycle starts. It is almost a rerun (which means in broad essentials) though there may be differences in how things will shape up. The details may be different in each of the new creation kalpa. Like for instance in this kalpa if Panini was the final enduring Grammarian, may be someone else would be in the next. But the "evolution" of jIvAtma's will start from the beginning.
In this there is however one difference as seen by "some" seers say Jain seers or say all the dwaitis who hold that jIvAtma's are eternally "different". In that case those who could not attain mokSha by kalpAnta will restart their jouney in the next kalps. Since jIvatmas are infinite the sR^ShTi chakra will go on for ever...