This post describes upgrade path to latest Exadata software (12.1.2.1) from 11.2.2.3.5, I have done successful upgrade on customer site on Exadata X2-2, below is the details.
Initial Versions: Exadata software (11.2.2.3.5), Clusterware & RDBMS (11.2.0.2.11), Infinband Switch (1.3.3-2)
Upgraded to Latest Version: Exadata Software (12.1.2.1.2), Clusterware & RDBMS (12.1.0.2.4), Infiniband Switch (2.1.5-1)