ulimit only changes the resource limits for the current shell and its children;
sudo ulimit creates a root shell, adjusts its limits, and then exits (thus having, as far as I can see, no real effect). To exceed 12288, you need to adjust the kernel's kern.maxfiles and kern.maxfilesperproc parameters, and also (at least according to this blog entry, which is a summary of this discussion) a launchd limit. You can use
launchctl limit to adjust all of these at once:
sudo launchctl limit maxfiles 1000000 1000000
To make this permanent (i.e not reset when you reboot), create /etc/launchd.conf containing:
limit maxfiles 1000000 1000000
Then you can use
ulimit (but without the
sudo) to adjust your process limit.
BTW, if this doesn't do it, you may be running into size limits in the kernel. If your model supports it, booting the kernel in 64-bit mode may help.