A polynomial time ultrapower is a structure given by the set of polynomial time computable functions modulo some ultrafilter. They model the universal theory \ of all polynomial time functions. Generalizing a theorem of Hirschfeld :111–126, 1975), we show that every countable model of \ is isomorphic to an existentially closed substructure of a polynomial time ultrapower. Moreover, one can take a substructure of a special form, namely a limit polynomial time ultrapower in the classical sense of Keisler Ultrafilters across (...) mathematics, contemporary mathematics vol 530, pp 163–179. AMS, New York, 1963). Using a polynomial time ultrapower over a nonstandard Herbrand saturated model of \ we show that \ is consistent with a formal statement of a polynomial size circuit lower bound for a polynomial time computable function. This improves upon a recent result of Krajíček and Oliveira, 2017). (shrink)