Optical multiplexing technologies, by utilizing various dimensions of light, can effectively expand the information capacity and density for holography but may also lead to multiplexing cross talk. Here, we propose and demonstrate a novel, to our knowledge, multiplicative-noise-multiplexing holography by utilizing the orthogonality between multiplicative noises as a multiplexing dimension. The results prove that this holography can provide a new multiplexing dimension, significantly enhancing information capacity and effectively lowering cross talk. This promising scheme for ultrahigh-capacity holography has the potential to address the limitations of traditional holographic multiplexing technologies.