vm_core.c — kernel port of the core interpreter loop.
vm_runtime.c — kernel VM runtime support.
vm_bootstrap.c — kernel VM bootstrap (distinct from bootstrap/sk_vm_bootstrap.c, which owns the higher-level subsystem wiring called from kernel_main.c).
arena.c — capsule arena allocator (fixed-region allocation for capsule payload data).
parity.c — birth/execution parity logging (VM ID + capsule hash + dictionary hash), enabling offline determinism verification.
alloc_kernel.c — the kernel-side implementation of the VM's allocator interface actually referenced by Makefile.starkernel's build (see src/platform/README.md for a note on a second, unwired copy).
q48_stubs.c — deliberate no-op stubs for q48_from_double()/ q48_to_double() in the freestanding kernel build, where floating point is unavailable; always returns zero, safe because shared VM code only uses these results for logging/diagnostic paths that are inactive in the kernel build.
vm_internal.h — internal-only declarations shared across this directory's files.

Subdirectories:

bootstrap/sk_vm_bootstrap.c — owns VM init + capsule loading wiring, called from kernel_main.c; kernel_main.c itself only owns hardware milestones.
host/shim.c — host-service shim bridging the kernel VM to src/starkernel/hal/host_services.c.