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Based on a recently introduced model of non-linear propagation, we propose analytical formulas for the capacity limit of polarization-multiplexed ultra-dense WDM uncompensated coherent optical systems at the Nyquist limit, assuming both lumped and ideally distributed amplification. According to these formulas, capacity fundamentally depends on the transmitted power spectral density and on the total optical WDM bandwidth, whereas it does not depend on symbol-rate. Also, capacity approximately decreases by 2 [bit/s/Hz] for every doubling of link length. We show examples of capacity calculations for specific ultra-long-haul links with different polarization-multiplexed (PM) constellations, i.e. ideal PM-Gaussian, PM-QPSK (quadrature-phase shift keying) and PM-QAM (quadrature amplitude modulation). We show that the launch power maximizing capacity is independent of link length and modulation format. We …