IBM mainframes and Power servers have “partitions” (LPARs). My understanding of how they work, is they actually are software-based virtualisation, but the hypervisor is in the system firmware, not the OS. And some of the firmware is loaded from disk at boot-up, making it even closer to something like Xen-labelling it as “hardware” not “software” is more about marketing (and which internal teams own it within IBM) than than technical reality. Their mainframe partitioning system, PR/SM, apparently began life as a stripped-down version of VM/CMS, although I’m not sure how close the relationship between PR/SM and z/VM is in current releases.
This sounds like running multiple kernels in a shared security domain, which reduces the performance cost of transitions and sharing, but you lose the reliability and security advantages that a proper VM gives you. It reminds me of coLinux (essentially, a Linux kernel as a Windows NT device driver)
Does anyone have more details on how OpenVMS Galaxy was actually implemented? I believe it was available for both Alpha and Itanium, but not yet x86-64 (and probably never…)