Elizabeth Holmes doc ‘You Can See Everything’ scores the second-biggest documentary opening ever—nearly doubling Tom Cruise’s ‘Digger’

“You Can See Everything” opened to an estimated $15 million domestically in 855 U.S. and Canadian theaters, averaging about $17,544 per theater and nearly doubling projections of $7 million to $8 million. It was the second-biggest documentary opening ever, behind “Fahrenheit 9/11,” and A24 said more than 2,000 screenings sold out. The film’s reported combined production and marketing budget was under $20 million.

Analysis

The useful signal is not that one film opened well; it is that scarcity, unusual subject matter and spoiler-driven conversation can convert a documentary into an event release. If this pattern persists, it favors distributors able to market selectively and keep production exposure contained—not necessarily studios with the widest release footprints. A24 is not publicly traded, so the read-through to listed media companies is indirect.

For Paramount Skydance (PSKY), Street Fighter’s box office provides some theatrical activity but is not enough to infer title profitability: gross receipts are shared with exhibitors, and the article gives no budget, marketing spend or participation terms. For Warner Bros. Discovery (WBD), Digger’s weak performance raises slate-level downside only if further holds and later windows fail to recover costs; the reported loss projection is not an audited outcome and should not be treated as one.

The contrarian risk is front-loading: sellouts, novelty and spoiler chatter may pull demand into opening weekend, while awards attention is a months-long, uncertain catalyst. The broader structural implication is a wider gap between event titles and routine releases, not a dependable documentary-box-office growth trend. No clean directional trade in PSKY or WBD follows from this single weekend.

Key Decisions for Investors

• Do not trade PSKY on the headline gross alone. Verify Street Fighter’s week-two/week-three audience retention and any studio commentary on production, marketing and distribution economics before upgrading the earnings read-through.
• Keep WBD on watch, not an automatic short: track Digger’s remaining theatrical trajectory and subsequent-window performance, and look for any company guidance or impairment disclosure that turns the reported downside estimate into a confirmed financial hit.
• Monitor You Can See Everything’s second- and third-weekend retention, theater count and awards-season momentum. A sharp drop after the event opening would support the front-loading thesis; sustained demand would strengthen the case for eventized, lower-exposure theatrical releases.
• No direct listed-equity expression is compelling yet. A24 is not a listed proxy, and the article lacks title-level net receipts and cost data needed to establish whether the box-office outperformance changes PSKY or WBD earnings.