Ultra-high dynamic range (UHDR) scenes exhibit significant exposure disparities between bright and dark regions. Such conditions are commonly encountered in nighttime scenes with light sources. Even with standard exposure settings, a bimodal intensity distribution with boundary peaks often emerges, making it difficult to preserve both highlight and shadow details simultaneously. RGB-based bracketing methods can capture details at both ends using short-long exposure pairs, but are susceptible to misalignment and ghosting artifacts. We found that a short-exposure image already retains sufficient highlight detail. The main challenge of UHDR reconstruction lies in denoising and recovering information in dark regions. In comparison to the RGB images, RAW images, thanks to their higher bit depth and more predictable noise characteristics, offer greater potential for addressing this challenge. This raises a key question: can we learn to see everything in UHDR scenes using only a single short-exposure RAW image? In this study, we rely solely on a single short-exposure frame, which inherently avoids ghosting and motion blur, making it particularly robust in dynamic scenes. To achieve that, we introduce UltraLED, a two-stage framework that performs exposure correction via a ratio map to balance dynamic range, followed by a brightness-aware RAW denoiser to enhance detail recovery in dark regions. To support this setting, we design a 9-stop bracketing pipeline to synthesize realistic UHDR images and contribute a corresponding dataset based on diverse scenes, using only the shortest exposure as input for reconstruction. Extensive experiments show that UltraLED significantly outperforms existing single-frame approaches. Our code and dataset are made publicly available at https://srameo.github.io/projects/ultraled.