You Can See Everything explained: where Elizabeth Holmes is now

A nearly three-hour documentary about a convicted fraudster has taken in about $45 million in North America in 10 days. You Can See Everything, directed by Nathan Fielder and Lance Oppenheim for A24, follows Theranos founder Elizabeth Holmes in the weeks before she entered prison in 2023.

Quick answer: You Can See Everything is a real documentary about real people. Holmes was convicted in 2022 of defrauding Theranos investors, is still in a federal prison camp in Bryan, Texas, and is due for release on Feb. 22, 2030. The film is only in cinemas for now.

Many answers online are out of date: plenty of articles still give a 2032 release date. That changed in March 2026, when the judge who sentenced her cut a year off her term, for a reason that says a lot about who lost money in the Theranos fraud. She is now due to move to a halfway house near Austin, Texas, in August 2027.

What Nathan Fielder’s Holmes film is, and why it caught on

Fielder made his name with deadpan comedy series, Nathan for You and The Rehearsal. Here he works with documentary maker Lance Oppenheim and appears on camera himself, interviewing Holmes and her partner, Billy Evans, at their home in Del Mar, California. The crew filmed the couple in 2023, shortly before Holmes reported to prison, and kept the project secret for years. CNN called the result “genre-bending.” It was unveiled at a surprise screening at the Telluride Film Festival in Colorado in September 2026.

A24 opened it in the United States and Canada on Oct. 16. It runs 2 hours and 54 minutes, and 98% of about 170 critics’ reviews counted by Rotten Tomatoes were positive as of Oct. 25.

That debut came in only 855 theaters, and the film still finished second, behind the video game film Street Fighter. CNN reported it was the biggest opening for a non-music documentary since Michael Moore’s Fahrenheit 9/11 in 2004. When A24 tripled the number of theaters for the second weekend, takings went up instead of down.

Weekend	Theaters	Weekend gross (US$)	Chart position
Oct. 16 to 18	855	about $15 million	No. 2
Oct. 23 to 25	2,655	$19.5 million	No. 2
Total to Oct. 25		$45.1 million

Source: Box Office Mojo, AP and CNN. Figures are Sunday studio estimates; final numbers can shift slightly.

A24’s reported investment was about $7 million, according to AP and Decider, so the film has already grossed more than six times that.

Is You Can See Everything a true story?

Yes. Everyone on screen is real, and the core footage of Holmes was shot in 2023, before she went to prison. In it, Holmes maintains that she did nothing wrong, as ABC News and CNN have reported.

That is her account, and the film gives it a lot of room. Tyler Shultz, a former Theranos employee who became one of the company’s whistleblowers, has publicly criticized how much. The other account is the court record, built from two jury trials that each lasted nearly four months, and it is far less forgiving. The rest of this article draws on that record.

Evans has his own link to the business. Forbes has reported that he now runs Haemanthus, an Austin start-up working on blood testing.

What Theranos promised, and what the evidence showed

Holmes founded Theranos in 2003, at 19, and left Stanford University the next year. The pitch was simple: fast, cheap and accurate lab tests from a few drops of blood drawn by a finger prick, run on the company’s own small analyzer. Walgreens agreed to put Theranos testing in its pharmacies. Between late 2013 and 2015 the company raised more than $700 million, according to the US Securities and Exchange Commission (SEC), and at its peak it was valued at $9 billion.

The Ninth Circuit’s opinion, written by Judge Jacqueline Nguyen and filed on Feb. 24, 2025, summarizes what the trials showed. Its own phrase for the company’s claims was “half-truths and outright lies.”

Theranos developed about 300 small-sample tests, but only 12 were ever run on its Edison device. Most patient tests ran on machines made by other companies, some of them modified. When investors and other “VIP” guests watched demonstrations, the device in the room was sometimes running a “null protocol” while their blood was quietly tested on third-party equipment.

The money story was no better. The company’s controller testified that Theranos had no revenue in 2012 or 2013 and lost $57 million and $92 million in those years. In November 2013, Balwani told Holmes the company was down to $15 million in cash while spending up to $2 million a week.

Two claims did particular damage at trial. Investors were told the military used Theranos devices in the field; former Defense Secretary James Mattis, a Theranos board member, testified that the device was never deployed or installed on a medevac helicopter. And reports praising the technology carried the logos of Pfizer, GlaxoSmithKline and Schering-Plough. Holmes admitted on the stand in November 2021 that she had added those logos herself, while saying she had not meant to deceive. The drug companies’ representatives testified they never validated the technology.

How the story came apart, 2015 to 2018

• Oct. 2015: The Wall Street Journal, in reporting by John Carreyrou, questions Theranos’s testing methods and what its technology could do.
• Jan. 2016: The Centers for Medicare and Medicaid Services (CMS), the US regulator of clinical labs, says the company’s California lab put patients in “immediate jeopardy.”
• May 2016: Theranos voids all results from its Edison devices for 2014 and 2015.
• July 2016: CMS bars Holmes from owning or operating a blood-testing lab for two years.
• March 14, 2018: The SEC charges Holmes with fraud. Without admitting or denying the claims, she pays a $500,000 penalty and accepts a 10-year ban on serving as an officer or director of a public company.
• June 2018: Holmes and former company president Ramesh “Sunny” Balwani are indicted on federal wire fraud charges. Holmes steps down as CEO.
• Sept. 2018: Theranos announces it will dissolve.

Why the jury convicted her over investors but not patients

Holmes was tried in San Jose, California, before US District Judge Edward Davila, starting in late 2021. Her trial was separated from Balwani’s after she disclosed that he had abused her during their relationship, allegations his lawyers denied. The verdict came on Jan. 3, 2022, and it split cleanly along one line.

On the investor side, the jury convicted her of conspiracy to defraud investors and three counts of wire fraud against individual investors. On the patient side, it acquitted her of conspiracy and three counts of wire fraud. Prosecutors had already dropped one patient count during the trial. On three remaining investor counts, covering investors who bought shares in late 2013, the jury could not agree, and the judge declared a mistrial on those.

Balwani’s jury convicted him on all 12 counts, patient counts included. The appeals court’s account of the evidence points to one difference. Patients testified about wrong results, including a false positive HIV test and an incorrect result on a pregnancy test, and the court wrote that the evidence linked Balwani to the transmission of those results and to the purchase of advertising for Theranos wellness centers in Arizona. Holmes was CEO, but the patient-facing lab was his to run.

The sentencing math then treated them almost identically. Davila found the fraud caused a loss of $120 million and involved 10 or more victims. Those findings put both defendants in a guidelines range of 135 to 168 months. On Nov. 18, 2022, Holmes got 135 months, the bottom of the range. Balwani got 155.

The appeal, the $452 million and the people who lost it

In May 2023 the court ordered Holmes and Balwani to pay $452,047,268 in restitution, jointly, to 12 investors. The two largest awards went to Rupert Murdoch, about $125 million, and the DeVos family’s RDV Corp., about $100 million, according to TechCrunch and The Hollywood Reporter. Walgreens and Safeway were also on the list.

Holmes reported to the Federal Prison Camp in Bryan, Texas, on May 30, 2023.

The appeal failed on every point. The three-judge panel (Mary Schroeder, Jacqueline Nguyen and Ryan Nelson) accepted that some testimony from former Theranos employees, who appeared as ordinary witnesses rather than experts, “veered into expert territory,” in the words of the court’s summary, but found any error harmless. It also said the restitution figure should, in principle, have credited investors for whatever their shares were still worth after the fraud came out. That error was harmless too, the court held, because the trial judge’s findings showed the investors’ actual losses equaled everything they had put in.

Why wealthy victims helped cut her sentence

In November 2023 the US Sentencing Commission added a new guideline, Section 4C1.1, and made it retroactive. It lowers the offense level by two for defendants with zero criminal history points, unless they fall into excluded groups. One exclusion covers defendants who “personally cause substantial financial hardship” to a victim. Two levels moved Holmes’s range from 135 to 168 months down to 108 to 135 months, so everything hinged on that phrase.

Prosecutors said $452 million lost by 12 investors was obviously substantial hardship. They pointed to a 2025 Sixth Circuit case, United States v. Hanson, where a court denied the reduction to a defendant who took more than $1.2 million from 30 people, relying partly on the number of victims and the size of the loss.

Davila disagreed. He held that “there must be some individualized finding that a victim’s loss substantially harmed that victim,” and that the Probation Office had found no victim statement showing such hardship. His most quoted line: “Losing one million dollars may not even register as a loss for certain victims.” On March 26, 2026, he resentenced her to 123 months, the middle of the new range, while writing that the cut “does not diminish the enormity of Holmes’s crimes.”

The result is counterintuitive. Put the two cases side by side: a $1.2 million fraud on 30 people in Hanson blocked the reduction, while a $452 million fraud whose two largest victims were a media billionaire and a wealthy family’s investment company did not. The test Davila applied looks at what the loss did to each victim, not at its size. He noted that the Ninth Circuit has not yet said what “substantial financial hardship” means in this guideline, so the question is still open in the courts that cover California.

Where is Elizabeth Holmes now, and why her dates look so early

She is still at the federal prison camp in Bryan. A Justice Department victim notification issued in September 2026 says she will move to the Austin Transitional Center in Del Valle, Texas, on Aug. 23, 2027, and gives her release date as Feb. 22, 2030, ABC News reported.

Counted from May 30, 2023, a full 123-month term would run to the end of August 2033. The projected release comes about three and a half years sooner. ABC News reported that the date reflects earned time under the First Step Act, a 2018 prison reform law. Federal prisoners can also earn up to 54 days of good conduct credit per year of their sentence. First Step Act credits run at 10 to 15 days for every 30 days of approved programs, and the Bureau of Prisons can put them toward an earlier move to a halfway house or home confinement, or toward starting supervised release up to 12 months early.

Federal law normally allows up to 12 months in prerelease custody before release. Her move is scheduled about 30 months before her release date. The notice did not explain the gap, and the Bureau of Prisons told ABC News it does not discuss individual release plans. First Step Act credits, which can be put toward an earlier transfer, are one possible explanation, but officials have not confirmed it.

Holmes asked the Trump administration for clemency in 2025, and the Justice Department’s Office of the Pardon Attorney listed the request as pending, ABC News reported in January 2026. No decision has been made public.

What happens next: Holmes is due to leave prison for the Austin halfway house on Aug. 23, 2027, and to finish her sentence on Feb. 22, 2030. A clemency decision could change either date.

Where can I watch You Can See Everything?

For now, only in cinemas in the United States and Canada. As of Oct. 25, A24 had not announced a date for digital rental or streaming. A24’s films usually stream on HBO Max after their digital release, under a deal with Warner Bros. Discovery. Our guide to how streaming release windows work explains the usual timings.

The film is also part of the awards conversation. Some critics have tipped it for best picture, and AP noted it would be the first documentary ever nominated in that category. Our explainer on how film awards season works, from festivals to the Oscars covers how that race is decided.