Graphene aerogels (GAs) possess workable deformation and sensing properties at extreme temperatures. However, their poor tensile properties have restricted their applications in stretchable electronic devices, smart soft robots, and aerospace. Herein, an ultra-stretchable and elastic graphene aerogel with record elongation from -95% to 400% was achieved by constructing a highly crimped and crosslinked graphene network using a microbubble-filled GA precursor by a simple compress-annealing process. This conductive aerogel with near zero Poisson's ratio showed rubber-like but temperature-invariant elasticity from 196.5 °C to 300 °C, and special strain insensitivity from 50% to 400% tensile strain and high sensitivity below 50% tensile strain. Therefore, it can be used as a highly stretchable but strain-insensitive conductor under extreme environments, in which these polymer-based stretchable conductive materials are not workable. Moreover, this work provides new thoughts on constructing inorganic ultra-stretchable materials.