--- a/src/app/virtualbox/src/VBox/VMM/VMMR3/VM.cpp
+++ b/src/app/virtualbox/src/VBox/VMM/VMMR3/VM.cpp
@@ -605,7 +605,7 @@
     rc = SUPR3CallVMMR0Ex(NIL_RTR0PTR, NIL_VMCPUID, VMMR0_DO_GVMM_CREATE_VM, 0, &CreateVMReq.Hdr);
     if (RT_SUCCESS(rc))
     {
-        PVM pVM = pUVM->pVM = CreateVMReq.pVMR3;
+        PVM pVM = CreateVMReq.pVMR3;
         AssertRelease(VALID_PTR(pVM));
         AssertRelease(pVM->pVMR0 == CreateVMReq.pVMR0);
         AssertRelease(pVM->pSession == pUVM->vm.s.pSession);
@@ -635,6 +635,14 @@
             pUVM->aCpus[i].pVM              = pVM;
         }
 
+        /*
+         * vmR3EmulationThreadWithId checks (from within another thread) for
+         * !pUVM->pVM. If not null the function also expects
+         * pUVM->aCpus[i].pVCpu to be not null. So, make the assignment after
+         * pUVM->aCpus[i] are actually initialized.
+         */
+        ASMCompilerBarrier();
+        pUVM->pVM = pVM;
 
         /*
          * Init the configuration.