As businesses progress along the archetypal hierarchy of sustainability—shifting from sustainable and circular economy models to regenerative and net-positive approaches—new challenges and demands emerge. While the ecosystems literature has explored and conceptualized circular ecosystems, our understanding of regenerative ecosystems remains limited. To address this gap, this study adopts a systemic perspective on regenerative business, drawing from regenerative business model literature and ecosystems theory to illuminate the principles and structural formation of regenerative ecosystems. A systemic view of regenerative business is articulated through core principles of regeneration, including interconnectedness, process orientation, collaboration and interdependence, transformation, and adaptive capacity. The study identifies key dimensions of regenerative ecosystems, such as purpose, actors, value, activities, governance systems, relationships, and learning and reflexivity. Seeking to expand traditional perspectives on sustainability and circularity, this chapter offers a novel theoretical perspective on how businesses can foster systemic regeneration beyond circularity.