Additive manufacturing has grown from an initial prototyping application into a core production technology. The increasing applicability of additive manufacturing in sectors such as aviation and health care has created an attractive market for emergent and established firms alike. One can also identify a plurality of business models among these equipment suppliers. A business model articulates the customer value proposition, how value is created, the means of value capture and the partners in the value network – the four Vs. The business models of these equipment supplier firms include equipment sales, equipment as a service, the sale of supplies and platform-based integrated solutions, among others. The emergent firms presented here are Stratasys and 3D Systems; similarly, the established firms considered here are Hewlett-Packard and General Electric. The chapter employs the four Vs framework to analyse how their business models have evolved. It provides an overview of additive manufacturing businesses, compares the business models in the four firms, discusses the different business models in four other nascent firms, and discusses implications for managers.