Holmes Hired Fielder to Film Her Last Days

You Can See Everything, Nathan Fielder and Lance Oppenheim’s 174-minute documentary, begins 34 days before Elizabeth Holmes reported to federal prison. She invited the pair into a rented San Diego house to put her last stretch of freedom on camera, and A24 will open the film on October 16.

They wanted a chronicler who thought like they did. They got the filmmaker whose work waits until a performance slips.

They Asked for Radical Transparency and Got Fielder

Telluride’s 53rd festival, running September 4 through 7, 2026, saved Sunday night in the Werner Herzog Theatre for a TBA. Phones went into locked pouches. Guards with night-vision goggles watched the aisles. Festival director Julie Huntsinger told the room, “What happens in Telluride stays in Telluride,” then brought out Fielder, the deadpan comic behind Nathan for You, The Rehearsal, and The Curse, with Oppenheim, whose Some Kind of Heaven had already made him a nonfiction name.

“For those of you who don’t know who we are and are disappointed, I apologize,” Fielder said. “But hopefully by the end of the film, you’ll be slightly less disappointed.”

The project started as a parlor trick. Oppenheim said he and Fielder were at the Magic Castle in Los Angeles when a magician asked for a celebrity and someone shouted Holmes. After the show, Oppenheim passed along a rumor from a friend of a friend: Holmes was hunting for someone to document her life. Fielder had read John Carreyrou’s Bad Blood and figured that story was finished. Then he sat across from her.

He found her “sort of honest and charming,” he told the Telluride crowd, while his head said, “No, don’t trust.” Holmes and her partner, Billy Evans, called the arrangement radical transparency. They opened the house, the kids, and the run-up to a prison report in the hope that Fielder, and later an audience, would decide the public had misunderstood her. A24, Fielder said, gave them no deadline. If the footage went nowhere, “you can just throw everything away.”

HOW THE FILM GOT MADE

1. Magic Castle, Los Angeles: A volunteer names Holmes during a trick; Oppenheim tells Fielder she is looking for a documentarian.
2. April 26, 2023: Thirty-four days before her report date, cameras enter the rented San Diego house.
3. Two weeks before the report: Fielder moves into the house for stretches many subjects would wall off.
4. May 30, 2023: Holmes reports to Federal Prison Camp Bryan in Bryan, Texas; access to her collapses.
5. 2023 to 2026: The crew stays with Evans in Austin and keeps working, in secret, for three years.
6. September 6, 2026: The finished film premieres as Telluride’s phone-free Sunday TBA.

Oppenheim told the post-screening crowd that Fielder was never supposed to step in front of the lens. The couple had gone looking for an unconventional thinker. They found one who could not stay in the hallway.

Who’s on First Still Does Not Land

The first stretch is a family film with the sound on too loud. Holmes is about to leave a young son, William, born in 2021, and a daughter, Invicta, born in 2023, whose name is Latin for invincible. She spends the days in the beach house trying to look like a mother running out of hours. Even with the cameras rolling for long takes, she reads as off, anxious, or both, and Fielder cannot decide which.

A month out, she had sat for her first long interview in nearly a decade, a profile titled “Liz Holmes Wants You to Forget About Elizabeth.” Evans and Holmes seethe over a line they say she did not speak, about screen versions of her life including Hulu’s Emmy-winning The Dropout. The line, as published, is “They are not playing me. They are playing a character I created.” Fielder later reached the writer, Amy Chozick, who stood by it. Inside the film, the sentence keeps landing because Fielder is now the person in the room with that character.

WHAT THE CAMERAS WERE ALLOWED TO SEE

• The joke test: Fielder plays Holmes the Abbott and Costello routine “Who’s on First?”; she says she has never seen it, cannot explain the gag, and still looks blank after he walks her through it.
• The husband’s gloss: Evans, with Holmes in the frame, calls his partner “weird” and says she does not compute things the way other people do, then adds that this is why he loves her and thinks she is brilliant.
• The Dropout screening: After saying she had never watched it, Holmes sits through scenes, bristles at a blood-testing machine failing in front of staff, and comes apart when Ramesh “Sunny” Balwani gives her a pep talk before investors.
• The parents: Holmes’s mother and father still argue she is innocent; her father’s face tightens when Evans tries to steer the talk.
• The side hustle: Across those weeks the couple keep taking calls to raise money for a new biotech company that would test for disease with existing tools, a pitch that sounds, to anyone who sat through Theranos, painfully familiar.

Fielder asks, on camera, whether the Theranos machine ever worked. Holmes will bless the patent and will not say the box in the room did the job. It is a word game that leaves him stuck, and it is the same move she has been making since 2003, when she founded the company that once sold itself as a $9 billion blood-testing revolution.

An 11-Year Term Still Carries $452 Million

U.S. District Judge Edward J. Davila sentenced Holmes to 11 years and 3 months in prison on November 18, 2022, for defrauding Theranos investors. A jury on January 3, 2022, had convicted her of one count of conspiracy to commit investor fraud and three counts of wire fraud on individual investors, on transfers totaling more than $140 million. It acquitted her of the patient-fraud conspiracy and of fraud against individual patients. Davila added three years of supervised release and no fine. He first told her to surrender on April 27, 2023, then moved the report to May 30 after her second child was born.

Balwani, her former business and romantic partner, was sentenced on December 7, 2022, to 12 years and 11 months, with the same three years of supervision after release, and was ordered to report on March 15, 2023. The pair remain jointly on the hook for the victims.

THE THERANOS SENTENCES

A later restitution order, recorded in an joint restitution of $452 million, holds them jointly and severally liable. The Ninth Circuit affirmed the convictions, the sentences, and that order on December 22, 2025. The film, as one early viewer noted, never quite walks a general audience through that bill. The people who lost the money are the ones who will watch a 174-minute portrait of the woman who still will not say the machine failed.

The Blood Lily Company Wants $50 Million

Evans is not only the partner at the prison gate. He is the chief executive of Haemanthus, a Delaware company he incorporated in February 2024, named for a flower also called the blood lily, with offices in Austin’s South Lamar neighborhood, where he lives with the two children. Investor materials describe “the future of diagnostics” and “a radically new approach to health testing,” and they aim at “human health optimization.”

The plan, as pitched, is to start on pets, then move to people. A laser would scan blood, saliva, or urine and, in seconds, flag glucose, hormones, cancer, and infection with deep-learning models. The science named in the materials is Raman spectroscopy, a light method that has been Raman spectroscopy used to diagnose ALS and some cancers in research settings, and that has also been used to find explosives. A patent issued in January 2025 covers testing “biological material,” including sweat, urine, saliva, and a small blood sample. About a dozen people are on the file, several of them from Luminar Technologies, the lidar firm where Evans worked after MIT, where he studied economics from 2010 to 2015.

HAEMANTHUS ON THE PAGE

• Friends-and-family: The company raised $3.5 million from people close to Evans.
• The next ask: Materials from spring 2025 sought another $15 million from well-off backers in Austin and the Bay Area.
• The ceiling: Those papers point to a raise of more than $50 million, and to a small rectangular box with a door and a screen.
• The Holmes problem: People familiar with the company have said she has advised Evans from prison; Haemanthus says she has zero involvement.

On X, the company met the obvious headline head-on. “Yes, our CEO, Billy Evans, is Elizabeth Holmes’ partner. Skepticism is rational. We must clear a higher bar,” the account wrote. “This is not Theranos 2.0. Theranos attempted to miniaturize existing tests. Our approach is fundamentally different.” It added that Holmes has no role “now or future,” and that it would rather build than talk. A March 2018 SEC settlement already bars her from serving as an officer or director of a public company for a decade; it does not stop advice to a private one. She has said from prison that she is writing patents and means to return to health care when she gets out.

Raman spectroscopy is a real technique, and it does not use the antibody chemistry that sank Theranos at tiny volumes. No Raman blood test of this kind has routine clearance for everyday clinical use. The film does not have to prove the box works. It only has to show a couple, one of them a convicted founder, raising on a story that rhymes.

Prison Cuts the Access and Hands It to Evans

Once Holmes walks into Bryan, the movie loses its first subject and gains a louder one. Prison limits her to two-minute calls that cannot be recorded without risking her term. In-person taping is off the table. Letters move through censors, and through Evans. He takes over her public feed and holds power of attorney over her decisions, which makes him the filmmakers’ pipe and, for long stretches, their star.

Fielder said that relationship frayed as Evans tried to take more control of the project. Evans comes from San Diego hotel money. His grandparents, William D. and Anne Evans, founded Evans Hotels in 1953; the group still runs the Bahia Resort Hotel, the Catamaran Resort Hotel and Spa, and the Lodge at Torrey Pines in La Jolla. He can fund a life in Austin and a company in stealth without looking, on paper, like a man in need of a mark. The film still finds him working the new raise, living near the prison, and filling every quiet the cameras leave.

Holmes’s parents, on the goodbye days, do not look sold on him. The rhyme with Balwani is sitting there whether Fielder underlines it or not: another older operator, another closed loop, another business that needs her myth more than her lab. The second half, early viewers say, belongs to Evans in a way he will not enjoy. Holmes is the reason anyone bought a ticket. He is the person who kept talking.

On September 7, 2026, when A24 posted the first public teaser, the Holmes account replied, “Might as well tag me.” The same account’s bio now reads, “Mostly my words, posted by others.” The film has already shown who has the password.

Why Fielder Could Not Stay Off Camera

Emma Stone, who starred with Fielder in The Curse, moderated the Telluride Q&A and backed his plea to keep the last turns unspoiled. He joked that leaks would not upset him. “You’ll be upsetting Oscar-winning actress Emma Stone.” Those turns include Fielder’s usual nonfiction restagings and the arrival of a Hollywood actress the directors have asked critics not to name. The method is the same one that made The Rehearsal feel like a trap built out of kindness: stay in the room, copy the scene, wait.

I really am struggling to this day to understand exactly what I experienced in this. I don’t quite know what I went through.

Nathan Fielder, co-director, Telluride Q&A

He said the crew was working “at the top of our intelligence” and still could not parse the house. “Why can’t we make sense of what’s happening in this house?” He also said he does not know why he is in the movie at all, that he kept offering to switch the cameras off, and that he wants the finished film out so other people can tell him what he lived through. That confusion is not a bug in the edit. It is the cut.

The discomfort people carried out of the Herzog is the same one Fielder cannot shake on stage. Charm and the court file refuse to become one person, and a live fundraise makes that split expensive. Holmes has spent a decade insisting the turtleneck, the low voice, and the Jobs stare were a costume. The documentary she greenlit is now the longest record of the next costume, the one that has to work on investors who have already seen the first show.

https://x.com/A24/status/2096757842435084301

October 16 Arrives Before They See the Cut

A24 is taking You Can See Everything straight into theaters on October 16. Fielder and Oppenheim shot it through Blow Out Productions and To Be Formed Productions, with David Bolen on camera. Neither Holmes nor Evans has seen the finished film. Prison still holds her to those two-minute calls. He still has the children, the Austin address, and the company that swears it is not Theranos, only a blood flower by another name.

Holmes, even from Bryan, gets something like a last word, if you believe a monitored letter is a word. Fielder and Oppenheim are not sure they do. The couple picked a filmmaker because he seemed, to them, like an outsider who would understand outsiders. He stayed long enough to film the sequel pitch, then walked the 174 minutes into a mountain theater that had locked every phone, and he still could not tell the room what he had seen.