The open source project ACRN defines a device hypervisor reference stack and an architecture for running multiple software subsystems, managed securely, on a consolidated system by means of a virtual machine manager. It also defines a reference framework implementation for virtual device emulation, called the "ACRN Device Model". The ACRN Hypervisor is a Type 1 reference hypervisor stack, running directly on the bare-metal hardware, and is suitable for a variety of IoT and embedded device solutions. The ACRN hypervisor addresses the gap that currently exists between datacenter hypervisors, and hard partitioning hypervisors. The ACRN hypervisor architecture partitions the system into different functional domains, with carefully selected guest OS sharing optimizations for IoT and embedded devices.