There seems to be conflicting information online about this, and as it is new, I cannot ascertain yet the right information. I've opening this question to be a resource for us to vote on the best approach to running a Ubuntu Virtual Machine on a Apple Silicon (M1) macOS host machine.
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Canonical's Multipass is a VM+Ubuntu_Guest application for Windows and MacOS and Linux.
As of October 2021, M1 Support is currently in Beta.

Jacques
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user535733
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I also found this to add a desktop GUI. I am still in the process of testing it. https://discourse.ubuntu.com/t/graphical-desktop-in-multipass/16229 – Samantha Garcia Feb 10 '22 at 14:48
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VMware Fusion 13 Player for Apple Silicon enables users to run Ubuntu Desktop (and Ubuntu Server) in a virtual machine that uses all the capability of the Apple M series processors' powerful integrated GPU to deliver near native performance on Apple silicon.
You can install an Ubuntu Server guest OS on an Apple silicon computer, and then install the complete ubuntu-desktop task in Ubuntu Server by running the following command:
sudo apt install 'ubuntu-desktop^'
Here are some additional tips for installing an Ubuntu desktop using VMware Fusion 13 player for macOS.
- Use the Ubuntu Server 22.04.2 LTS ARM64 ISO to install an Ubuntu 22.04 virtual machine.
- After the installation of Ubuntu 22.04 is finished convert the Ubuntu Server using the tasksel program which can be installed by
sudo apt install tasksel
. Install the Ubuntu desktop task by selecting it with the space key in tasksel and remove every server task that you don't want to keep. - Install the open-vm-tools-desktop package in Ubuntu with
sudo apt install open-vm-tools-desktop
. - You may need to disable kernel updates in Ubuntu.
- You may need to adjust the VM's settings to improve performance, especially the graphics performance which is great in macOS but in Ubuntu YMMV.

karel
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«VirtualBox now runs natively on Apple Silicon ARM processors, including the M1 and M2.» — it’s unusable for any actual Ubuntu. — https://forums.virtualbox.org/viewtopic.php?f=8&t=107344 – adasiko Dec 11 '22 at 17:37
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@adasiko Thanks for the comment. It does appear that VirtualBox is currently more of a junky toy than a solution to the task of running Linux on Apple's M1 and M2 processors. – karel Dec 12 '22 at 05:50