We got a customer that runs into this issue recently, it's a known issue (not public) for versions 11.0.0, 10.2.3, 10.2.2-h1 (and also to us 10.2.3-h2, 10.2.2-2).
When you run into this, means that there's a hardware issue, please go to TAC in order to find the root cause.
VM-series fails to boot on Hyper V with older Intel Xeon CPUs.
This is happening with Hyper V.
The solutions that we used to fix it are two:
Revert to the previous version in maintenance mode:
Enter maintenance mode
Disk image
Revert to the previous
Deactivate the Vm and deploy a new one, in this case they use credits VM:
Deactivate the VM license: Deactivate License (Software NGFW Credits) (paloaltonetworks.com)
Deploy a new one.
I post this since it happened to me twice and couldn't find more info, or more relevant info regarding it.
Best wishes!
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