The thermodynamics of Bi incorporation into bulk and epitaxial GaAs was studied using density functional theory (DFT) and anharmonic elasticity calculations. The equilibrium concentration of Bi was determined as a function of epitaxial strain state, temperature, and growth conditions. For a bulk, unstrained system, Bi in GaAs under typical growth conditions (Ga-rich and Bi-metal-rich at 400° C) has a dilute heat of solution of 572 meV/Bi and a solubility of , representing approximately a hundred times increase in solubility over the unstrained bulk case. Despite these potentially large increases in solubility, the equilibrium solubility is still very low compared to values that have been achieved experimentally through non-equilibrium growth. These values of solubility are also sensitive to choice of the Bi reference state. If the primary route for phase separation is the formation of GaBi within the same structure, rather than Bi metal, GaBi would serve as the source/sink for Bi. If GaBi is used as the Bi reference state, the epitaxial formation energy on a bulk unstrained GaAs substrate is reduced dramatically to 144 meV/Bi, yielding a Bi solubility of 0.083 x = in GaAs 1-x Bi x . These calculations suggest that Bi solubility could be greatly enhanced if Bi metal formation is inhibited and the system is forced to remain constrained to the GaAs 1-x Bi x structure. Although GaBi is not a naturally stable compound, it could potentially be stabilized through a combination of kinetic limitations and alloying.