One of the expected key outcomes of the Horizon 2020 BAMB (Buildings As Material Banks) project is new business models for material circularity. The team has interviewed four “frontrunner” cases which have pioneered in incorporating elements of building circularity. The study included well-known cases such as the new Venlo city hall (the Netherlands), PROgroup (Luxembourg), Rotor DC (Belgium) and Karlstad hospital (Sweden), while taking a fresh focus on business aspects such as value propositions, stakeholders, financials and operations. Preliminary analysis suggests that successful circular building projects are devised with a holistic view on various sustainability elements and ecosystem stakeholders. In comparison to more developed building sustainability elements such as energy, material circularity is still rather new in many aspects. Related business models vary significantly in maturity depending on product/material category, overall with ample room for growth. Supplier buyback agreements and product-service systems are being developed, though how to put retrieved items back into the economy, as well as how to establish solid financial cases for involved stakeholders, are among the topics which still need further substantiation. Encouraging advance has been made in deconstruction business models, while more attention is needed to developing second-hand market demand. The potentials of public procurement and regulatory incentives as additional key drivers are also to be further investigated.