Elon Musk has quietly bought APR Energy, a Jacksonville-based company that operates a fleet of mobile gas and diesel turbines totaling more than 1 GW of generation capacity.
The self-styled champion of a “solar electric economy” now owns a fossil fuel power company — and he’s buying it to feed the electricity-hungry data centers running xAI’s Grok.
A billion-dollar deal with no announcement
There was no press release. The acquisition surfaced through a Federal Trade Commission early termination notice — transaction number 20261350, dated May 14, 2026 — which cleared the deal without further antitrust review.
The implied value clears $1 billion, backed out from disclosures showing a minority stakeholder received roughly $50.4 million for a 5% stake. Fortress Investment Group had picked up APR’s assets in late 2024 and rebranded the business as New APR Energy LLC before flipping it to Musk.
