Is that a technical or a contractual limitation?

edit: I fucked around and found out:

The number of virtual machines exceeds the limit. The maximum supported number of active virtual machines has been reached.

Use a better hypervisor like ESXi (but I don’t think a different hyoervisor is available for Apple silicon).

Workarounds or not, the MacOS license agreement only allows two concurrent MacOS VMs on a single physical machine.

I’m sure you could patch qemu to use Hypervisor.Framework as a virtualization backend and then you could run more than two, but you’d still be violating their license agreement.

Apple are very weird about MacOS virtual machines.