We present the analysis of TESS optical photometry of WASP-121b, which reveals the phase curve of this transiting ultra-hot Jupiter. Its hotspot is located at the sub-stellar point, showing inefficient heat transport from the dayside (2870 ± 50 K) to the nightside (<2500 K at 3σ) at the altitudes probed by TESS. The TESS eclipse depth, measured at the shortest wavelength to date for WASP-121b, confirms the strong deviation from blackbody planetary emission. Our atmospheric retrieval on the complete emission spectrum supports the presence of a temperature inversion, which can be explained by the presence of VO and possibly TiO and FeH. The strong planetary emission at short wavelengths could arise from an H− continuum.