Audiences can’t get enough of Elizabeth Holmes.
Eight years after Theranos, her blood-testing startup collapsed in spectacular fashion, “You Can See Everything,” a gonzo documentary about Holmes, opened to a staggering $15 million from 855 screens. That ranks as the second-best opening for a non-music documentary in history, just behind 2004’s “Fahrenheit 9/11,” which debuted to $23.9 million. Remember, however, that Michael Moore’s takedown of Bushism was released in the hothouse atmosphere of an election year. “You Can See Everything” comes after Holmes has been everywhere for nearly a decade, popping up in podcasts, in documentaries from the likes of Alex Gibney, in best-sellers, and on TV, where she was memorably portrayed by Amanda Seyfried.
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Yet A24 was able to maintain interest in the convicted fraudster, teasing out the secrets that Nathan Fielder and Lance Oppenheim‘s documentary promised to disclose without ever revealing its surprises. Audiences intent on not having the whole thing spoiled snapped up tickets, with A24 reporting that there were more than 2,000 sellouts.
The film‘s success is a testament to a clever marketing campaign that by revealing next to nothing, somehow made “You Can See Everything” even more of an event. It’s also a credit to Nathan Fielder, the film’s co-director, who has cultivated a strong following through shows like Comedy Central’s “Nathan for You” and HBO’s “The Rehearsal,” that push meta to the breaking point. His awkward energy seemed perfectly matched for whatever Holmes is serving up through those unblinking eyes. Fielder’s co-director, Lance Oppenheim, is also riding high, having recently directed another A24 hit, the Robert Pattinson drama “Primetime.” That look at “To Catch a Predator” host Chris Hansen has grossed nearly $45 million on a $14.5 million budget. “You Can See Everything” carries a $7 million budget, setting itself up for a very, very profitable run.
Last year at this time, A24 was in rough shape. It had raised $75 million in 2024 from Thrive Capital which valued the company at a massive $3.5 billion. Then it used that money to invest in some real duds, including “The Smashing Machine,” which cost $50 million and was supposed to score Dwayne Johnson an Oscar until it sunk like a rock at the box office, grossing a measly $21.1 million. Other costly flops included Ari Aster “Eddington,” which offered a return to the COVID era that audiences roundly rejected.
But since “Marty Supreme” opened in December of 2025, A24 has been on an epic hot streak. The drama about a ping-pong player became A24’s highest-grossing release ever, earning $192.4 million on a $70 million budget. But that record didn’t last long. “Backrooms” premiered in the summer, grossing more than $400 million on a $10 million budget. There have still been flops (justice for “Mother Mary”), but A24 hits like “Tony” and “The Drama” have outnumbered its misses. With major studios like Warner Bros. and Fox getting sold off or disappearing, A24 and its $3.5 billion valuation stand out like a beacon of hope to auteurs like Fielder and Oppenheim, promising them both artistic freedom and a chance to reach a wider audience than they otherwise might have dreamed of attracting.
Of course, it helps to have a killer marketing hook. In Holmes, an erstwhile entrepreneur who hoodwinked Beltway power brokers and captains of industry before lighting billions of dollars on fire, “You Can See Everything” demonstrates once again that nothing is as fascinating as a fall from grace.