There&#x27;s power bottleneck in AI infrastructure, so Elon bought an energy company himself. From APR Energy, behind-the-meter generation, and nuclear, everyone is trying to secure electricity for data centers. We also cover rising DRAM, HBM, and NAND prices, and wonder if energy may be the next major AI infrastructure trade. ------ 🌌 LIMITLESS HQ ⬇️ NEWSLETTER: https://limitlessft.substack.com/ FOLLOW ON X: https://x.com/LimitlessFT SPOTIFY: https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ APPLE: https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890 RSS FEED: https://limitlessft.substack.com/ ------ TIMESTAMPS 0:00 AI Power Bottleneck 2:44 Energy Demand Explodes 4:12 Elon’s Permitting Loophole 7:23 Memory Trade Rotation 10:08 Korea’s Memory Shock 12:27 Electricity Becomes the Trade 14:51 Power Stack Layers 16:15 Bloom’s Portable Fix 17:35 GE Vernova Leads 19:29 Nuclear Gets Interesting 21:44 The Power Trade Thesis 22:44 Bullish on Electricity 24:09 Model Agnostic Demand 25:15 Short-Term and Space Power 26:00 Closing ------ RESOURCES Josh: https://x.com/JoshKale Ejaaz: https://x.com/cryptopunk7213 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Elon Will Handle the Energy Bottleneck Himself: Buys APR Energy for $1B 

Limitless: An AI Podcast

Elon Musk just spent over a billion dollars of his own money to buy a company that no one's ever heard of. It's called APR. And the strangest thing about this company is it doesn't make AI chips, it doesn't make rockets, it doesn't make any sort of AI model. It makes gas turbines that sit on a trailer, get wheeled into your data center campus and powers it on all your GPUs in a matter of days. Now, this is coming from the guy that spent two decades philosophizing about solar energy. But when you unpack why it's not going to be a big deal, it's not going to be a big deal.

Why he made this purchase, it reveals a new trade in the AI space, which explains why memory stocks are crashing currently. Energy is explicitly abundant in the US, but bringing that energy online to power the billions of dollars worth of GPUs that are going online this year is an incredibly hard feat. And there's a small category of companies that are helping do this in 2026. Yeah, there's a company called APR Energy, which is the name of the company which he purchased, and it has a pretty funny backstory. It was founded in Jacksonville,

in 2004, then listed on the London Stock Exchange in 2011. And in 2013, it bought GE's energy rental business to become the largest mobile gas turbine leaser in the world. And then ever since then, it's been passed around and taken private to private equity. And due to some investigative work, and searching through filings, we were able to see that Elon Musk bought it for about a billion dollars. So what did he get for a billion dollars? The answer is about a gigawatt of power.

Elon Will Handle the Energy Bottleneck Himself: Buys APR Energy for $1B

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Elon Will Handle the Energy Bottleneck Himself: Buys APR Energy for $1B

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.