Hi Marek Mazur,
For Windows Server Standard, after licensing all physical cores of the server (with a minimum of 16 cores per server), you are granted rights to run either one physical instance of Windows Server or up to two virtual instances (VMs). This entitlement applies regardless of the hypervisor you choose to use, whether it is Hyper-V, VMware, Proxmox, or another supported platform. If you wish to run more than two VMs, you would need to license additional sets of cores for each pair of virtual instances.
It is important to note that the licensing model is consistent across Windows Server 2019, 2022, and 2025 Standard editions. The key requirement is that all physical cores must be licensed, and then you can choose between one physical instance or two virtual instances per license set.
In summary, yes. Once you license all physical cores, you can run one physical instance or two VMs, independent of the hypervisor.
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Jason.