The present paper revisits the debate between realists about gravitational energy in GR and anti-realists/eliminativists. I re-assess the arguments underpinning Hoefer’s seminal eliminativist stance, and those of their realist detractors’ responses. A more circumspect reading of the former is proffered that discloses where the so far not fully appreciated, real challenges lie for realism about gravitational energy. I subsequently turn to Lam and Read’s recent proposals for such a realism. Their arguments are critically examined. Special attention is devoted to the (...) adequacy of Read’s appeals to functionalism, imported from the philosophy of mind. (shrink)