Truthmaker theorists often express their core commitment by saying that truth is grounded in being, and grounding theorists often take truthmaking to be a paradigm case of grounding. But I will argue that truthmaking is not a case of grounding. What is crucial for understanding truthmaking is not grounding but rather meaning (in a broad sense including reference). Truth is still constrained by how things are, so even if (socalled) truthmakers don't play a role in grounding truths, the methodological program of truthmaker theory survives. Here I lay out my understanding of truth and truthmaking, and distinguish two conceptions of grounding. I argue that truthmaking is not plausibly seen as a case of grounding on either conception. I argue further that treating truthmaking as grounding threatens to violate a plausible irreflexivity principle, and makes trouble for the view that grounding is transitive. I then suggest that there is no genuine relation of truthmaking (which there would have to be if it were a true case of grounding). Finally, I show how the core insights of truthmaker theory are preserved by the understanding of truthmaking that I favor.