They say no ads (https://www.thekeyword.co/news/bluesky-says-it-has-no-plans-...). Seems like they will pivot to subscriptions (https://www.theverge.com/2024/10/24/24278666/bluesky-working...). I remember reading somewhere they also wanted to add payments from user to user, so they could take a cut from that. If that is enough to cover their expenses is left to be seen.