How does it mean to be alive? This is the fundamental question that resonates all throughout Schelling’s thinking from his early writings to his last work on the philosophy of revelation. Life as such is not understood as a biological determinant which can be incorporated within the regime of sovereign powers, nor is it understood as an entity present-at-hand, the knowledge of which can be conceptually expressed in the propositional structure of metaphysics. Beyond the measure of the concept and outside the measure of the law, the exuberance of life is the event of revelation itself as pure donation. This calls forth an infinite abandonment of all attributes of worldly sovereignty, leaving off metaphysics to itself, and mortification of the operation based on a why to which all world-sovereign powers appeal for their legitimacy. Taking Schelling’s work as point of departure, this chapter sketches in broad strokes such a political theology of life where life is understood as donation, or even as loan, whose measure lies in the un-prethinkable measurelessness: Such being is its exuberance that its energeia, now freed from its anchorage in potentiality, exceeds all totalization.