Fielder’s Holmes Documentary Premieres With the Phones Locked

A24 premiered You Can See Everything, Nathan Fielder and Lance Oppenheim’s 174-minute Elizabeth Holmes documentary, as Telluride’s secret Sunday screening. Security bagged phones, watches, ear pods and smart glasses in Yondr pouches before anyone sat down at the Werner Herzog Theatre on September 6, 2026.

The studio says the film opens in theaters in October, with no day on its own site. Holmes invited the crew 34 days before she reported to federal prison, then kept them around for what the logline calls a three-year journey into the abyss.

A 174-Minute Secret at the Herzog

The 53rd Telluride Film Festival, running September 4 through 7, 2026, held a true TBA at 6:15 p.m. in its largest house. Festival director Julie Huntsinger had spent the week telling pass holders the surprise would put jaws on the floor. The film was named only in the introduction. A Q&A with the filmmakers followed.

Telluride’s own Sunday TBA listing for the Herzog called it a special security screening and posted the 174-minute runtime in public before the title was. Audience members kept the locked bags in their laps. Staff unlocked them on the way out.

WHAT LEFT THE ROOM

• Phones: Bagged and locked in the Yondr system before entry.
• Wearables: Smart watches, ear pods and smart glasses went in with the phones.
• The bag: Each viewer held it during the film; it opened only after the credits.
• The slot: 6:15 p.m. on September 6, plus a filmmaker Q&A, in the Werner Herzog Theatre.

A film named You Can See Everything arriving behind a lock pouch is the joke the marketing did not have to write. Festival-goer video from the line showed Fielder walking into that theater with Emma Stone. The title card still had to wait until the devices were gone.

WHAT WE KNOW

• The premiere: World premiere on September 6, 2026, as Telluride’s secret screening.
• The length: 174 minutes, matching the festival’s TBA card.
• The release window: Theaters in October 2026, date still listed as TBD on A24’s film page.

WHAT IS UNCONFIRMED

• An opening day: No calendar date has been posted by the studio.
• How much of prison is on camera: The logline promises three years; the cut’s prison chapters have not been described in detail by the filmmakers.

A24 dropped the first teaser the same night. The studio’s post is the official record of the title, the directors and the October plan.

YOU CAN SEE EVERYTHING, a documentary by Nathan Fielder and Lance Oppenheim. Featuring Elizabeth Holmes. Only in theaters this October. pic.twitter.com/b3Pcx0Se2o

— A24 (@A24) September 7, 2026

Holmes Opened the Door 34 Days Before Prison

A24’s official logline for the film is blunt about who asked. “Thirty-four days before she’s sent to prison, notorious Silicon Valley founder Elizabeth Holmes invites a skeptical film crew to document her every move.” The next sentence is the turn: an intimate portrait of an enigmatic felon becomes a mind-bending three-year journey into the abyss.

Holmes reported to Federal Prison Camp Bryan on May 30, 2023. Count back 34 days and the invitation lands on April 26, 2023. Judge Edward J. Davila had first ordered her to surrender on April 27, then pushed the date to May 30 so she could have more time with her children. The cameras, on the film’s own math, showed up in that last window.

Will Mavity, who sat through the Telluride screening, wrote that Holmes lets Fielder move in with her for a month and film everything, and then it gets weird. Daniel Howat, also in the room, said Fielder is embedded right inside the family. Partner Billy Evans is credited in the premiere notes alongside Holmes and Fielder. Their children, William and Invicta, were toddlers when she walked in.

Holmes had gone quiet in the press after the verdict. The access Fielder and Oppenheim got is the whole wager. She is a convicted felon who spent years selling a machine that could not do what she said. Then she asked a comedian famous for staging reality to watch her pack for prison.

I’m Always Being Real

The 1-minute-17-second teaser is not a plot dump. It is a close-up argument. Holmes holds the frame and works the denial while Fielder sits in the shot and waits. Viewers keep describing it as a horror clip, a staring contest, a cortisol spike. The first look does that work before any review does.

I’m not that person. I can promise you that. I don’t have anything to deceive you on. Of course, I’m not deceiving you. I’m engaging with you as a human being. Why would I deceive you? There’s no reason for me to do that. … You’re being real right now? I’m always being real.

Elizabeth Holmes, You Can See Everything official teaser, A24

Fielder’s side of the exchange is the deadpan that made Nathan for You and The Rehearsal. “Okay. All right. Okay. Good chat.” Then the question about whether she is being real. She does not blink on the answer. Comments on the upload keep returning to a baby in the frame, the deep voice, the eyes. One of the easier jokes is that her whole career already looked like a rehearsal. The clip makes that joke expensive.

An account in Holmes’s name, whose bio says others post her words, replied to A24 after the teaser went up. “Might as well tag me.” She is still in camp in Texas. The public performance did not stop at the gate.

FPC Bryan Stays in the Picture

The three-year journey in the logline is not a metaphor for editing. Reports in March 2025 put Fielder at FPC Bryan, the minimum-security women’s camp at 1100 Ursuline Avenue in Bryan, Texas, on multiple visits. Jeff Sneider described the work then as a top-secret documentary or experimental project. Eighteen months later the title is public and the visits are the middle of the movie.

The camp sits on 37 acres. The FPC Bryan inmate admission handbook is the dull prose version of the life the film is chasing: 6 a.m. wake-up, made beds, a radio or MP3 player, a plain wedding band. Holmes’s register number is 24965-111. Billy Evans moved the children from California to Texas so they could visit on weekends.

THE HOLMES CLOCK

1. 2003: Holmes founds Theranos and serves as chief executive through 2018.
2. January 2022: A jury convicts her on three counts of wire fraud and one count of conspiracy to commit wire fraud, and acquits her on the patient-related charges.
3. January 10, 2023: The district court sentences her to 135 months, which is 11 years and 3 months, plus restitution.
4. April 26, 2023: Thirty-four days before she reports, the film’s clock starts.
5. May 30, 2023: She reports to FPC Bryan after the April 27 surrender date is pushed back.
6. February 24, 2025: The Ninth Circuit affirms the conviction, the sentence and the restitution order.
7. March 2025: Fielder’s prison visits become public as a rumored secret project.
8. January 2026: Holmes asks President Donald Trump to commute the sentence.
9. March 26, 2026: Judge Davila cuts the term by 12 months, from 135 to 123, under revised first-offender guidelines.
10. September 6, 2026: You Can See Everything premieres in secret at Telluride.

The restitution in the Health and Human Services record is listed as $322,747,200 to entities and $129,299,900 to individuals, about $452 million in all. The same file affirms a 90-year exclusion from federal health programs. The government case in that decision is the old one: she told investors the blood tests worked, that the Defense Department had them on the battlefield, and that Walgreens was about to put them in stores. Theranos never perfected the device.

THE LEDGER SHE CANNOT LEAVE

• 123 months: The prison term after the March 26, 2026 reduction, down from 135.
• About $452 million: Restitution split between business entities and individual investors.
• 90 years: The HHS exclusion from federal health care programs, on top of the criminal sentence.
• 174 minutes: The cut that played behind locked pouches in Colorado.

A commutation is still a request, not a fact. The movie is already in the world. Those two clocks now run at the same time.

What Fielder’s Camera Does With a Convicted Founder

Fielder’s method is to build a situation so complete that the subject has to live inside it. The Rehearsal turned ordinary people into actors in copies of their own lives. Nathan for You sold real small businesses on plans that were technically sincere and socially feral. The Curse, with Emma Stone and Benny Safdie, made that discomfort narrative. Holmes is not a store owner who agreed to a stunt. She is a felon who asked to be recorded.

Oppenheim is the other half of the byline. He made Some Kind of Heaven, a documentary about a Florida retirement community, and just premiered Primetime at Venice, a narrative feature with Robert Pattinson as To Catch a Predator host Chris Hansen. Pairing him with Fielder is a tell. One director has spent a career watching closed worlds. The other builds them.

Critic J Don Birnam, writing after the premiere, scored the film 8 out of 10 and called it a quasi-documentary that is uncomfortably funny and profoundly disturbing. He argued the first act struggles to justify another pass at a case two juries already decided, then said the later acts find a thicker knot of greed, deceit and family damage. He also flagged what the film does not center: the investors who lost the money, and the cost to Holmes’s children. Awards writer Clayton Davis called the result an Elizabeth Holmes examination that becomes a caper and then something else entirely.

That caper turn is why the pouches were not just premiere theater. If the movie stays a 34-day home visit, there is nothing to leak but sad packing. If it becomes a three-year construction, every phone in the Herzog is a spoiler machine. Fielder has spent a decade proving that the camera is never a neutral guest. Holmes spent a decade proving she could look into one and sell a test that was not there. They are a terrible match on paper and, on the evidence of the teaser, a perfect one in a room.

Two Earlier Holmes Films Did Not Need Her

This is the third major screen version of the Theranos collapse, and the first that depends on Holmes sitting for it as herself, after the verdict, with a baby in the shot and a prison date on the calendar.

HOLMES ON SCREEN

Gibney’s film is the rise-and-bust cut, built from the reporting that cracked the company. The Dropout is the prestige dramatization, with Seyfried doing the voice and the black turtleneck. Fielder and Oppenheim start when those two stories are over. The jury has spoken. The sentence is on the books. The only new material is whatever Holmes will still perform, and whatever Fielder will do with the performance.

Pre-premiere chatter had Seyfried turning up in character inside Fielder’s film. The first reviews from Colorado do not confirm that. What they confirm is stranger: the real woman, the real partner, the real children, and a director who will not get out of the shot.

Telluride Walked Out Calling It a Caper

Matt Neglia came out of the Herzog asking what he had just watched, then called it one of the best documentaries he had ever seen, a 174-minute psychological excavation of truth, performance and self-deception that never lags. Mark Johnson called it transfixing and told people to know as little as possible. Howat called it hysterical, shocking and insane. Those are festival-night words, written before sleep. They also agree on a shape: not a recap of the trial, a live-in that turns.

A24 is betting that shape can sell tickets in October on a 174-minute documentary about a woman already covered by a series, a Gibney film, a book pile and a criminal docket. The studio picked the title up after what people close to the deal described as a late bidding war. Primetime, Oppenheim’s other 2026 film, is already in the same coming-soon stack. Fielder’s name is the other half of the ad.

Holmes still calls herself an inventor on the account that tagged the teaser. The HHS decision calls her someone who falsely told investors the tests were accurate, fast, cheap and already in the field. The teaser lets both versions talk in the same close-up. You can see everything, the title says, if you check the phone at the door and sit for almost three hours. She promised the same thing with a drop of blood. The difference is that this machine is a movie, and it actually runs.