Quantum squeezed states enable precision measurements beyond the standard quantum limit, but conventional solid-state media fundamentally limit pump intensities to the ionization threshold. We demonstrate that plasma waves can mediate ultra-strong two-mode squeezing through stimulated Raman scattering, achieving up to ultrastrong squeezing using 1016Wcm−2 pump lasers. Employing two copropagating pump beams with frequency difference matching twice the plasma frequency, we generate quantum-correlated photon pairs through phonon-mediated four-wave mixing. The process exhibits remarkable thermal noise tolerance, allowing strong squeezing even with large thermal phonon numbers. This plasma-based approach produces squeezed states with ultrahigh photon numbers, opening new possibilities for strong-field applications across optical to X-ray wavelengths.