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Nathan Fielder would rather you not read this article. At least not until you’ve seen his new movie.

He has a point.

Now in theaters, “You Can See Everything,” the nearly three-hour documentary Fielder co-directed with filmmaker Lance Oppenheim about convicted Theranos founder Elizabeth Holmes, is full of head-spinning twists and turns best left unspoiled, and the filmmakers have gone to extreme lengths to keep them that way. At its secret premiere at the Telluride Film Festival last month, audience members were required to lock their phones in pouches and warned that security guards with night-vision goggles would be watching for anyone trying to record the screening. Afterward, Fielder pleaded with the crowd to keep the film’s biggest surprises to themselves.

Holmes was convicted in 2022 of defrauding investors in her failed blood-testing company and sentenced to more than 11 years in federal prison. Fielder and Oppenheim began filming her and longtime partner Billy Evans, an MIT graduate and heir to a family-owned San Diego hotel business, shortly before she reported to prison in 2023, gaining extraordinary access to the couple and their two young children.

Holmes and Evans welcomed the cameras, hoping they would help vindicate her. But the closer Fielder and Oppenheim got to the couple, the harder it became to distinguish candor from calculated performance. Fielder, whose series “Nathan for You” and “The Rehearsal” put real people through elaborate, often uncomfortable experiments, began to wonder whether the tables had been turned.

“I really am struggling to this day to understand exactly what I experienced in this,” Fielder admitted during a post-screening Q&A at Telluride. “I don’t quite know what I went through.” He said he hoped audiences might help him make sense of the “glitchy feeling” it left in his head.

Having seen the film twice, we’re not entirely sure we can help him.

In deference to Fielder’s wishes, this is your last chance to turn back: Major spoilers follow. For those still with us, here are 10 of the film’s strangest moments — by no means the only ones — along with a few clues from Fielder himself about how they came to be.

Evans takes ’radical transparency’ too far

Evans has a theory about why the world sees his partner as a monster: Nobody really knows her. “In the absence of knowing somebody, it’s really easy to make them feel other and scary,” he tells the filmmakers. His proposed solution is “radical transparency” — a familiar Silicon Valley mantra with an ironic resonance given Theranos’ notorious culture of secrecy. The filmmakers are allowed virtually unlimited access to the family’s life, with Fielder even invited to move into their rented house in Del Mar, near San Diego. In one scene, Evans stands completely naked in the shower, brushing his teeth with the bathroom door wide open and the cameras rolling, as Fielder stands awkwardly nearby. At Telluride, Fielder, who had initially planned to stay behind the scenes, admitted he was still perplexed by the couple’s openness. “I’m a weird guy — why do they want me there?” he said. “That messed with my head a little bit.”

Fielder observes Holmes and her family in a scene from the documentary “You Can See Everything”

(A24)

Theranos, the sequel

A federal fraud conviction apparently hasn’t ended Holmes’ ambitions to revolutionize medical testing. Before heading to prison, she and Evans begin laying plans for a new venture involving lasers and artificial intelligence that Evans describes as “2.0” — a chance, he says, “to put the band back together and do it all again.” Holmes declares, “From wherever I am, I’m going to continue to work inventing, even if it’s inventing from a cage.”

Holmes claims she’s never told a lie

For someone convicted of defrauding investors, Holmes has a remarkably uncomplicated view of her own honesty. Asked by Fielder whether she’s ever told a lie in her life, she replies, “I don’t think so.” Pressed — surely she’s pretended to be sick to get out of a party? — she concedes she has, explaining that she thought he meant the criminal case against her. In a scene that became the centerpiece of the film’s teaser trailer, Holmes fixes Fielder with an unwavering stare. “Why would I deceive you?” she asks. “There’s no reason for me to do that.” When Fielder asks whether she’s being real with him, she doesn’t miss a beat: “I’m always being real.”

The Theranos device gets a second look

Holmes hauls out of storage the infamous Theranos device, the machine that helped bring down her company. “So this is the famous scam device,” Fielder says. “It is not a scam device,” Holmes replies. When she insists the machine can perform any medical test, Fielder finds himself drawn into an absurd debate over the meaning of the word “can.” Did she mean it could actually perform those tests, or that it theoretically would once the necessary chemistry had been developed? The man who has made a career out of baffling other people seems genuinely baffled himself, reduced to explaining the word “can” to the founder of Theranos.

Holmes and Evans enter federal court in 2022.

(Nic Coury / Associated Press)

Elizabeth Holmes meets Abbott and Costello

Still trying to make his point, Fielder turns to Abbott and Costello. He plays Holmes the classic “Who’s on First?” comedy routine — two people hopelessly talking past each other. Holmes watches politely and says she finds it funny. But she seems to have missed the central joke: The first baseman’s name is actually Who. “I didn’t pick it up,” she admits. Fielder’s attempts to explain the joke and why he showed it to her get him nowhere. Evans, watching the exchange, regards his wife’s difficulty following the joke as further evidence that her mind simply works differently from everyone else’s.

Fielder gives Holmes an escape kit

On the morning Holmes is due to report to prison, Fielder arrives with a parting gag gift: hair dye and glasses, in case she’d prefer to disguise herself and flee the country. Fielder is famous for excruciatingly awkward deadpan comedy, but Holmes’ parents are there, the family is preparing for an emotional goodbye and he seems to realize almost immediately that he has misjudged the situation. “I didn’t know your parents would be here,” he says, assuring everyone that it’s “just kind of like a joke.” The more he tries to explain himself, the more uncomfortable things become. “Maybe not appropriate for the moment,” he concedes.

Amanda Seyfried becomes a surprise co-star

Seyfried won an Emmy for playing Holmes in Hulu’s “The Dropout,” which Holmes had avoided watching for fear it would be too emotionally disturbing. Fielder persuades Holmes to watch it for the first time, on a laptop in the couple’s bed. She soon breaks down in tears and asks him to turn it off. Later, Fielder visits Seyfried at her apartment and shows her footage of Holmes watching her performance. So we watch Seyfried watch Holmes watch Seyfried playing Holmes as Fielder watches her. And things only get weirder from there.

At Telluride, Fielder said the filmmakers initially doubted Seyfried would want to participate. But after a brief phone call, she invited them over and agreed to be filmed. Neither side knew where things would lead. “It just actually evolved in that organic way, which was really exciting,” Fielder said.

Seyfried as Holmes in a scene from Hulu’s “The Dropout.”

( Beth Dubber / Hulu)

Seyfried plays detective

Seyfried soon finds herself reenacting Holmes’ conversations with Fielder as he tries to make sense of their encounters. She becomes so invested that she joins Fielder on a visit to Evans’ home, hoping she might get him to open up in ways Fielder can’t. “I feel like an undercover cop right now,” she says, clearly getting a rush. There, after meeting the couple’s children, she unexpectedly winds up on a prison phone call with Holmes herself. With only two minutes for the family to talk, Seyfried suddenly seems mortified to be intruding. “I’m so sorry — I don’t want to ruin your two minutes with your beautiful family,” she says. Fielder, naturally, has a camera running.

Evans takes control of the narrative

With Holmes behind bars, Evans seems determined to manage her public image himself. Armed with power of attorney, he takes over her verified X account, posting messages in her name, some of which sound nothing like the carefully controlled Holmes, including one telling another user to “f— off.” “There’s just so much trust that most things I don’t really consult her on,” Evans says at one point. “I know what she’d want.”

Evans’ attempts to steer the documentary itself begin even before Holmes reports to prison. In a meeting later reenacted in the film, after Holmes leaves the room, he raises the subject of money with Fielder, Oppenheim and executives from A24, the studio behind the film, demanding a share of the profits. Fielder says A24 reluctantly agreed, leaving him worried that the integrity of the project may have been compromised. When Holmes later insists she has no financial interest in the film, Fielder is taken aback. Either she’s “fully sincere,” he tells Seyfried, or “she honestly might be the most manipulative person that’s ever lived.” (The film notes at the end that Evans later changed his mind and decided not to accept payment.)

On Oct. 5, Holmes’ X account promoted the documentary with a tantalizing warning: “I really don’t think you are ready for this doc.” Whether that was Holmes speaking or Evans speaking for her is anyone’s guess.

Seyfried confronts Evans

Things turn ugly during that same visit to Evans’ home. A conversation about conjugal visits and Evans’ sex life gives way to a heated argument over his use of Holmes’ X account. Evans brings up the social media backlash Seyfried faced for criticizing Charlie Kirk after his shooting death, then attacks her portrayal of his partner in “The Dropout.” Soon he’s threatening vengeance against people he believes have wronged Holmes. “I’m going to ruin their lives,” he declares. Asked whose lives he means, Evans replies, “F—ing everyone. I’ve got vengeance in my heart.”

Later, away from Evans, Seyfried offers her own assessment: “He is bat— crazy.”